Condensed Consolidated Financial Statements Details (Tables)
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9 Months Ended |
Sep. 30, 2025 |
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| Condensed Consolidated Financial Statements 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 September 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 September 30, 2025 |
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|
|
|
|
|
|
|
|
Pulmokine - Seralutinib IP (Note 6) |
|
$ |
26,115 |
|
$ |
1,838 |
|
$ |
24,277 |
BioInvent - Contract-based Intangible Asset (Note 5) |
|
|
20,724 |
|
|
445 |
|
|
20,279 |
Total intangible assets |
|
$ |
46,839 |
|
$ |
2,283 |
|
$ |
44,556 |
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 6) |
|
$ |
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 11.2 years to 15.2 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 nine months ended September 30, 2025) |
|
$ |
879 |
2026 |
|
|
3,513 |
2027 |
|
|
3,513 |
2028 |
|
|
3,513 |
2029 |
|
|
3,513 |
Thereafter |
|
|
29,625 |
Total |
|
$ |
44,556 |
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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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|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Numerator |
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|
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|
|
|
|
|
|
|
Net income (loss) |
|
$ |
14,051 |
|
$ |
(17,243) |
|
$ |
25,609 |
|
$ |
(9,853) |
Less: Series A accumulated dividends |
|
|
(530) |
|
|
(530) |
|
|
(1,591) |
|
|
(1,591) |
Less: Series B accumulated dividends |
|
|
(838) |
|
|
(838) |
|
|
(2,513) |
|
|
(2,513) |
Less: Allocation of undistributed earnings to participating securities |
|
|
(3,702) |
|
|
— |
|
|
(6,313) |
|
|
— |
Net income (loss) available to (attributable to) common stockholders, basic |
|
$ |
8,981 |
|
$ |
(18,611) |
|
$ |
15,192 |
|
$ |
(13,957) |
Add: Adjustments to undistributed earnings allocated to participating securities |
|
|
3,702 |
|
|
— |
|
|
6,313 |
|
|
— |
Net income (loss) available to (attributable to) common stockholders, diluted |
|
$ |
12,683 |
|
$ |
(18,611) |
|
$ |
21,505 |
|
$ |
(13,957) |
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|
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Denominator |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used in computing net income (loss) per share available to (attributable to) common stockholders, basic |
|
|
12,137 |
|
|
11,712 |
|
|
12,038 |
|
|
11,645 |
Effect of dilutive Series X preferred stock |
|
|
5,003 |
|
|
— |
|
|
5,003 |
|
|
— |
Effect of dilutive warrants for common stock |
|
|
4 |
|
|
— |
|
|
3 |
|
|
— |
Effect of dilutive PSUs |
|
|
234 |
|
|
— |
|
|
268 |
|
|
— |
Effect of dilutive RSUs |
|
|
11 |
|
|
— |
|
|
11 |
|
|
— |
Effect of dilutive common stock options |
|
|
752 |
|
|
— |
|
|
609 |
|
|
— |
Weighted-average shares used in computing net income (loss) per share available to (attributable to) common stockholders, diluted |
|
|
18,141 |
|
|
11,712 |
|
|
17,932 |
|
|
11,645 |
Net income (loss) per share available to (attributable to) common stockholders, basic |
|
$ |
0.74 |
|
$ |
(1.59) |
|
$ |
1.26 |
|
$ |
(1.20) |
Net income (loss) per share available to (attributable to) common stockholders, diluted |
|
$ |
0.70 |
|
$ |
(1.59) |
|
$ |
1.20 |
|
$ |
(1.20) |
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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 (loss) per share available to common stockholders (in thousands):
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|
|
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|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Convertible Preferred Stock |
|
— |
|
5,003 |
|
— |
|
5,003 |
Common stock options |
|
506 |
|
1,473 |
|
732 |
|
1,775 |
Warrants for common stock |
|
120 |
|
131 |
|
120 |
|
131 |
Total |
|
626 |
|
6,607 |
|
852 |
|
6,909 |
|
| Schedule of accrued and other liabilities |
Accrued and other liabilities consisted of the following (in thousands):
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|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
2025 |
|
2024 |
Accrued legal and accounting fees |
|
$ |
2,201 |
|
$ |
251 |
Accrued incentive compensation |
|
|
1,085 |
|
|
1,555 |
Accrued payroll and benefits |
|
|
392 |
|
|
170 |
Accrued short-term interest payable |
|
|
— |
|
|
3,039 |
Accrued clinical liabilities |
|
|
— |
|
|
306 |
Income taxes payable in connection with Pulmokine acquisition |
|
|
— |
|
|
280 |
Other accrued liabilities |
|
|
456 |
|
|
151 |
Total |
|
$ |
4,134 |
|
$ |
5,752 |
|
| Schedule of other income, net |
Other income, net for the three and nine months ended September 30, 2025 and 2024 was as follows (in thousands):
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|
|
|
|
|
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|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Other income, net |
|
|
|
|
|
|
|
|
|
|
Investment income |
|
$ |
866 |
|
$ |
1,698 |
|
$ |
2,637 |
|
$ |
5,088 |
Unrealized (loss) gain from change in fair value of equity securities |
|
|
(3,944) |
|
|
89 |
|
|
1,230 |
|
|
624 |
Gain on sale of equity securities |
|
|
3,663 |
|
|
— |
|
|
3,663 |
|
|
— |
Sublease income |
|
|
156 |
|
|
103 |
|
|
362 |
|
|
170 |
Other miscellaneous (expense) income, net |
|
|
(14) |
|
|
— |
|
|
564 |
|
|
18 |
Total other income, net |
|
$ |
727 |
|
$ |
1,890 |
|
$ |
8,456 |
|
$ |
5,900 |
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