Condensed Consolidated Financial Statements Details (Tables)
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6 Months Ended |
Jun. 30, 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 June 30, 2025 (in thousands):
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Accumulated |
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Net Carrying |
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|
Cost |
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Amortization |
|
Value |
As of June 30, 2025 |
|
|
|
|
|
|
|
|
|
Pulmokine - Seralutinib IP (Note 4) |
|
$ |
26,115 |
|
$ |
1,294 |
|
$ |
24,821 |
BioInvent - Contract-based Intangible Asset (Note 4) |
|
|
20,724 |
|
|
111 |
|
|
20,613 |
Total intangible assets |
|
$ |
46,839 |
|
$ |
1,405 |
|
$ |
45,434 |
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 |
|
Net Carrying |
|
|
Cost |
|
Amortization |
|
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 |
|
| Schedule of projected amortization expense for next five years |
The estimated remaining life of the intangible assets ranges from 11.4 years to 15.4 years. The following table presents the projected future amortization expense (in thousands):
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|
|
|
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Intangible Asset |
|
|
Amortization |
2025 (excluding the six months ended June 30, 2025) |
|
$ |
1,757 |
2026 |
|
|
3,513 |
2027 |
|
|
3,513 |
2028 |
|
|
3,513 |
2029 |
|
|
3,513 |
Thereafter |
|
|
29,625 |
Total |
|
$ |
45,434 |
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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 per share available to common stockholders (in thousands, except per share amounts):
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|
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Three Months Ended June 30, |
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Six Months Ended June 30, |
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Numerator |
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|
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|
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|
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Net income |
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$ |
9,191 |
|
$ |
15,985 |
|
$ |
11,558 |
|
$ |
7,390 |
Less: Series A accumulated dividends |
|
|
(530) |
|
|
(530) |
|
|
(1,061) |
|
|
(1,061) |
Less: Series B accumulated dividends |
|
|
(838) |
|
|
(838) |
|
|
(1,675) |
|
|
(1,675) |
Less: Allocation of undistributed earnings to participating securities |
|
|
(2,301) |
|
|
(4,393) |
|
|
(2,597) |
|
|
(1,401) |
Net income available to common stockholders, basic |
|
$ |
5,522 |
|
$ |
10,224 |
|
$ |
6,225 |
|
$ |
3,253 |
Add: Adjustments to undistributed earnings allocated to participating securities |
|
|
2,301 |
|
|
4,393 |
|
|
2,597 |
|
|
1,401 |
Net income available to common stockholders, diluted |
|
$ |
7,823 |
|
$ |
14,617 |
|
$ |
8,822 |
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$ |
4,654 |
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|
|
|
|
|
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|
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|
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Denominator |
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|
|
|
|
|
|
|
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|
|
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Weighted-average shares used in computing net income per share available to common stockholders, basic |
|
|
12,007 |
|
|
11,643 |
|
|
11,988 |
|
|
11,611 |
Effect of dilutive Series X preferred stock |
|
|
5,003 |
|
|
5,003 |
|
|
5,003 |
|
|
5,003 |
Effect of dilutive warrants for common stock |
|
|
2 |
|
|
2 |
|
|
2 |
|
|
2 |
Effect of dilutive PSUs |
|
|
208 |
|
|
— |
|
|
241 |
|
|
— |
Effect of dilutive RSUs |
|
|
23 |
|
|
— |
|
|
19 |
|
|
— |
Effect of dilutive common stock options |
|
|
518 |
|
|
673 |
|
|
524 |
|
|
647 |
Weighted-average shares used in computing net income per share available to common stockholders, diluted |
|
|
17,761 |
|
|
17,321 |
|
|
17,777 |
|
|
17,263 |
Net income per share available to common stockholders, basic |
|
$ |
0.46 |
|
$ |
0.88 |
|
$ |
0.52 |
|
$ |
0.28 |
Net income per share available to common stockholders, diluted |
|
$ |
0.44 |
|
$ |
0.84 |
|
$ |
0.50 |
|
$ |
0.27 |
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| Schedule of outstanding securities considered anti-dilutive |
The following table shows the shares from outstanding securities considered anti-dilutive and therefore excluded from the computation of diluted net income per share available to common stockholders (in thousands):
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|
|
|
|
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Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Common stock options |
|
779 |
|
1,107 |
|
785 |
|
1,311 |
Warrants for common stock |
|
120 |
|
120 |
|
120 |
|
120 |
Total |
|
899 |
|
1,227 |
|
905 |
|
1,431 |
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| Schedule of accrued and other liabilities |
Accrued and other liabilities consisted of the following (in thousands):
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|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2025 |
|
2024 |
Accrued short-term interest payable |
|
$ |
2,914 |
|
$ |
3,039 |
Accrued incentive compensation |
|
|
790 |
|
|
1,555 |
Accrued legal and accounting fees |
|
|
719 |
|
|
251 |
Accrued termination benefits |
|
|
281 |
|
|
— |
Accrued payroll and benefits |
|
|
131 |
|
|
170 |
Accrued clinical liabilities |
|
|
— |
|
|
306 |
Income taxes payable in connection with Pulmokine acquisition |
|
|
— |
|
|
280 |
Other accrued liabilities |
|
|
576 |
|
|
151 |
Total |
|
$ |
5,411 |
|
$ |
5,752 |
|
| Schedule of other income, net |
Other income, net for the three and six months ended June 30, 2025 and 2024 was as follows (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Other income, net |
|
|
|
|
|
|
|
|
|
|
Investment income |
|
$ |
843 |
|
$ |
1,682 |
|
$ |
1,771 |
|
$ |
3,390 |
Change in fair value of equity securities |
|
|
6,320 |
|
|
283 |
|
|
5,173 |
|
|
535 |
Sublease income |
|
|
103 |
|
|
67 |
|
|
205 |
|
|
67 |
Other income |
|
|
558 |
|
|
18 |
|
|
580 |
|
|
18 |
Total other income, net |
|
$ |
7,824 |
|
$ |
2,050 |
|
$ |
7,729 |
|
$ |
4,010 |
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