| Schedule of Carrying Value of Assets and Pretax Loss from Discontinued Operations to After-tax Loss in Discontinued Operations |
The following table represents the carrying value of assets distributed as part of the Spin-Off on April 20, 2026:
|
|
|
|
|
(in thousands) |
|
April 20, 2026 |
|
Assets: |
|
|
|
Cash and cash equivalents |
|
$ |
100,000 |
|
Prepaid expenses and other current assets |
|
|
2,948 |
|
Total current assets |
|
|
102,948 |
|
Property and equipment, net |
|
|
1,174 |
|
Total assets |
|
$ |
104,122 |
|
The following table presents a reconciliation of the carrying amount of assets of First Tracks Biotherapeutics to total assets of the discontinued operations in the consolidated balance sheets as of December 31, 2025 and December 31, 2024:
|
|
|
|
|
|
|
|
|
(in thousands) |
|
December 31, 2025 |
|
|
December 31, 2024 |
|
Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
100,000 |
|
|
$ |
100,000 |
|
Prepaid expenses and other current assets |
|
|
4,762 |
|
|
|
4,560 |
|
Total current assets |
|
|
104,762 |
|
|
|
104,560 |
|
Property and equipment, net |
|
|
1,259 |
|
|
|
1,718 |
|
Total assets |
|
$ |
106,021 |
|
|
$ |
106,278 |
|
The following table presents a reconciliation of the major classes of line items constituting pretax loss from discontinued operations to after-tax loss in discontinued operations for the six months ended June 30, 2026 and the years ended December 31, 2025 and December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, |
|
|
Year Ended
December 31, |
|
|
Year Ended
December 31, |
|
(in thousands) |
|
2026 |
|
|
2025 |
|
|
2024 |
|
Research and development |
|
$ |
39,462 |
|
|
$ |
139,614 |
|
|
$ |
152,345 |
|
General and administrative |
|
|
22,519 |
|
|
|
39,392 |
|
|
|
28,756 |
|
Total operating expenses |
|
|
61,981 |
|
|
|
179,006 |
|
|
|
181,101 |
|
Loss from operations |
|
|
(61,981 |
) |
|
|
(179,006 |
) |
|
|
(181,101 |
) |
Other (expense) income, net: |
|
|
|
|
|
|
|
|
|
Interest income |
|
|
1,074 |
|
|
|
3,686 |
|
|
|
4,720 |
|
Other (expense) income, net |
|
|
(3 |
) |
|
|
(23 |
) |
|
|
14 |
|
Total other expense, net |
|
|
1,071 |
|
|
|
3,663 |
|
|
|
4,734 |
|
Loss from discontinued operations before income taxes |
|
|
(60,910 |
) |
|
|
(175,343 |
) |
|
|
(176,367 |
) |
Benefit for income taxes |
|
|
15,548 |
|
|
|
608 |
|
|
|
155 |
|
Loss from discontinued operations, net of tax |
|
$ |
(45,362 |
) |
|
$ |
(174,735 |
) |
|
$ |
(176,212 |
) |
|