Condensed Consolidated Financial Statements Details (Tables)
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3 Months Ended |
Mar. 31, 2025 |
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| Condensed Consolidated Financial Statement Details |
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| Schedule of cost, accumulated amortization, impairment charge and net carrying value of intangible assets |
The following table summarizes the cost, accumulated amortization, and net carrying value of the Company’s intangible assets as of March 31, 2025 (in thousands):
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Accumulated |
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Net Carrying |
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Cost |
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Amortization |
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Value |
As of March 31, 2025 |
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|
|
|
|
|
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Pulmokine - Seralutinib IP (Note 4) |
|
$ |
26,115 |
|
$ |
750 |
|
$ |
25,365 |
Total intangible assets |
|
$ |
26,115 |
|
$ |
750 |
|
$ |
25,365 |
The following table summarizes the cost, accumulated amortization, impairment charge, and net carrying value of the Company’s intangible assets as of December 31, 2024 (in thousands):
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Accumulated |
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Net Carrying |
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|
Cost |
|
Amortization |
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Value |
As of December 31, 2024 |
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|
|
|
|
|
|
|
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Pulmokine - Seralutinib IP (Note 4) |
|
$ |
26,115 |
|
$ |
206 |
|
$ |
25,909 |
Total intangible assets |
|
$ |
26,115 |
|
$ |
206 |
|
$ |
25,909 |
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| Schedule of projected amortization expense for next five years |
The estimated remaining life of the intangible assets is 11.7 years. The following table presents the projected amortization expense for the next five years (in thousands):
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Intangible Asset |
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Amortization |
2025 (excluding the three months ended March 31, 2025) |
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$ |
1,632 |
2026 |
|
|
2,176 |
2027 |
|
|
2,176 |
2028 |
|
|
2,176 |
2029 |
|
|
2,176 |
Total |
|
$ |
10,336 |
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| Schedule of reconciliation of numerator and denominator used in calculation of basic and diluted net loss per share attributable to common stockholders |
The following table includes the computation of basic and diluted net income (loss) per share available to (attributable to) common stockholders (in thousands, except per share amounts):
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|
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Three Months Ended March 31, |
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|
2025 |
|
2024 |
Numerator |
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|
|
|
|
|
Net income (loss) |
|
$ |
2,367 |
|
$ |
(8,595) |
Less: Series A accumulated dividends |
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|
(530) |
|
|
(530) |
Less: Series B accumulated dividends |
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|
(838) |
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|
(838) |
Less: Allocation of undistributed earnings to participating securities |
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|
(294) |
|
|
— |
Net income (loss) available to (attributable to) common stockholders, basic |
|
$ |
705 |
|
$ |
(9,963) |
Add: Adjustments to undistributed earnings allocated to participating securities |
|
|
294 |
|
|
— |
Net income (loss) available to (attributable to) common stockholders, diluted |
|
$ |
999 |
|
$ |
(9,963) |
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|
|
|
|
|
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Denominator |
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|
|
|
|
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Weighted-average shares used in computing net income (loss) per share available to (attributable to) common stockholders, basic |
|
|
11,969 |
|
|
11,580 |
Effect of dilutive Series X Preferred Stock |
|
|
5,003 |
|
|
— |
Effect of dilutive warrants for common stock |
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|
2 |
|
|
|
Effect of dilutive PSUs |
|
|
273 |
|
|
— |
Effect of dilutive common stock options |
|
|
534 |
|
|
— |
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted |
|
|
17,781 |
|
|
11,580 |
Net income (loss) per share available to (attributable to) common stockholders, basic |
|
$ |
0.06 |
|
$ |
(0.86) |
Net income (loss) per share available to (attributable to) common stockholders, diluted |
|
$ |
0.06 |
|
$ |
(0.86) |
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| Schedule of outstanding securities considered anti-dilutive |
The following table shows the weighted-average shares from outstanding securities considered anti-dilutive and therefore excluded from the computation of diluted net income (loss) per share available to (attributable to) common stockholders (in thousands):
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|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2025 |
|
2024 |
Convertible preferred stock |
|
— |
|
5,003 |
Common stock options |
|
1,094 |
|
1,372 |
Contingently issuable PSUs |
|
— |
|
— |
Warrants for common stock |
|
120 |
|
131 |
Total |
|
1,214 |
|
6,506 |
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| Schedule of accrued and other liabilities |
Accrued and other liabilities consisted of the following (in thousands):
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March 31, |
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December 31, |
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2025 |
|
2024 |
Accrued short-term interest payable |
|
$ |
— |
|
$ |
3,039 |
Accrued incentive compensation |
|
|
434 |
|
|
1,555 |
Accrued clinical liabilities |
|
|
26 |
|
|
306 |
Income taxes payable in connection with Pulmokine acquisition |
|
|
— |
|
|
280 |
Accrued legal and accounting fees |
|
|
482 |
|
|
251 |
Accrued payroll and benefits |
|
|
149 |
|
|
170 |
Other accrued liabilities |
|
|
130 |
|
|
151 |
Total |
|
$ |
1,221 |
|
$ |
5,752 |
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