Equity Method Investments |
6 Months Ended | ||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2026 | |||||||||||||||||||||||||||||||
| Equity Method Investments [Abstract] | |||||||||||||||||||||||||||||||
| EQUITY METHOD INVESTMENTS | 6 — EQUITY METHOD INVESTMENTS
The Company held a weighted average of 10.3% of Adovate’s equity during the six months ended March 31, 2026. At June 30, 2026, the Company held 10.3% of Adovate’s outstanding equity.
Activity recorded for the Company’s equity method investment in Adovate during the six months ended June 30, 2026 is summarized in the following table (in thousands):
At June 30, 2026, the Company’s maximum exposure to loss through its equity method investment is limited to the value of its equity.
Consideration for the sale of the assets of Purnovate, Inc. to Adovate also included contingent payments based on the occurrence of certain milestone events and a contingent royalty on future sales. The Company recognized $150,000 in other income for a milestone achieved and payment received during the three months ended March 31, 2025. |