Related Parties |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Parties [Abstract] | |
| Related Parties | 10. Related Parties
Mstone is a controlling shareholder of the Company. In November 2021, the Company and Mstone entered a Service Agreement, pursuant to which Mstone provides certain support and business development-related services to the Company. In March 2026, the Company amended the Service Agreement with Mstone to provide for a fixed fee of $90 thousand per month plus expenses, beginning January 1, 2026. During the three months ended June 30, 2026 and 2025, Mstone provided consulting services to the Company pursuant to the terms of the Service Agreement and the total expenses incurred for the three months ended June 30, 2026 and 2025 were $307 thousand and $400 thousand, respectively. During the six months ended June 30, 2026 and 2025, the total expenses incurred were $621 thousand and $804 thousand, respectively. For the three months ended June 30, 2026, of the $307 thousand incurred, approximately $230 thousand was recorded as research and development expense and approximately $77 thousand was recorded as general and administrative expense. For the six months ended June 30, 2026, of the $621 thousand incurred, approximately $466 thousand was recorded as research and development expense and approximately $155 thousand was recorded as general and administrative expense. For the three months ended June 30, 2025, of the $400 thousand incurred, approximately $300 thousand was recorded as research and development expense and approximately $100 thousand was recorded as general and administrative expense. For the six months ended June 30, 2025, of the $804 thousand incurred, approximately $603 thousand was recorded as research and development expense and approximately $201 thousand was recorded as general and administrative expense. Consulting fees paid to Mstone for the three months ended June 30, 2026 and 2025 were $309 thousand and $399 thousand, respectively. Consulting fees paid to Mstone for the six months ended June 30, 2026 and 2025 were $616 thousand and $804 thousand, respectively As of June 30, 2026 and December 31, 2025, there was $96 thousand and $91 thousand due to Mstone, respectively, which is recorded in due to related party in the balance sheet.
In January 2025, the Company entered into a Share Placement Agreement with Rush and Mstone, pursuant to which the Company issued 277,823 shares to Rush and 3,426,484 shares to Mstone at a price per share of $1.17 in exchange for an exclusive gene therapy patent license (See Note 4 and Note 9).
In April 2025, the Company paid $109 thousand under two statements of work pursuant to the Rush MSA. In January 2026, the Company paid an additional $20 thousand related to one of the forgoing statements of work. In February 2026, the Company paid $50 thousand under a third statement of work. Total expenses incurred for the three months ended June 30, 2026 and 2025 were $28 thousand and $46 thousand, respectively, which is recorded in research and development in the statement of operations and comprehensive loss. Total expenses incurred for the six months ended June 30, 2026 and 2025 were $120 thousand and $46 thousand, respectively, which is recorded in research and development in the statement of operations and comprehensive loss. As of June 30, 2026 and December 31, 2025, there was $73 thousand and $23 thousand due to Rush, respectively, which is recorded in accrued expenses – related party in the balance sheet.
Of the $10.0 million investment related to the May 2026 financing, Mstone and Young Poong Pharmaceutical Co., Ltd., who both have greater than 5% ownership in the Company, invested $360 thousand and $800 thousand, respectively (See Note 4). |