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Investment In Radionetics | 12 Months Ended
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Dec. 31, 2025
Schedule of Investments [Abstract] |
Investment in Radionetics | Investment In Radionetics Investment in Radionetics In October 2021, the Company licensed its radiotherapeutics technology to Radionetics in exchange for 50,500,000 shares of Radionetics common stock, equivalent to a 64% initial stake, and a warrant to maintain up to 22% equity in Radionetics on a fully diluted basis (the “Radionetics Warrant”). In August 2023, the Company participated in a refinancing transaction, exercising the Radionetics Warrant to purchase 3,407,285 shares of Radionetics common stock, exchanging 32,344,371 shares of Radionetics common stock for Radionetics preferred stock, and investing $5.0 million for an additional 14,404,656 shares of Radionetics preferred stock. The Radionetics license was also amended to include up to $15 million in new sales milestones. In June 2024, the license with Radionetics was amended to reduce development targets, reverting certain rights to the Company, and the Company is eligible to receive total potential sales milestones in excess of $300.0 million and single-digit royalties on net sales. In July 2024, Radionetics formed a strategic partnership with Eli Lilly and Company (“Lilly”), receiving a $140.0 million upfront payment and granting Lilly the exclusive right to acquire Radionetics for $1.0 billion. Although Radionetics is a VIE, the Company determined it is not the primary beneficiary and does not consolidate Radionetics’ results due to lack of control over key decisions, which rest with Radionetics’ independent board and management. As of December 31, 2025, the Company owned approximately 25% of Radionetics consisting of common and preferred stock. The investment asset was previously written down to zero. Accordingly, during the year ended December 31, 2025, the Company recorded no equity method losses in the accompanying consolidated statements of operations and comprehensive loss, as a result of the allocation of the Company’s share of Radionetics eligible losses, which is recorded on a quarterly lag. Other Items R. Scott Struthers, Ph.D., the Company’s President and Chief Executive Officer, serves as chairman of the Radionetics board of directors. Pursuant to such arrangement, Dr. Struthers receives consideration in the form of both equity and a $50,000 annual retainer for his service as a board member of Radionetics. As of December 31, 2025, Dr. Struthers has an approximately 1.3% ownership stake in Radionetics consisting of common stock. As of December 31, 2025 and 2024, the Company had no amounts due from Radionetics for reimbursement of certain expenses paid on behalf of Radionetics. Accordingly, no reimbursements were received by the Company during the year ended December 31, 2025. During the years ended December 31, 2024 and 2023, reimbursements from Radionetics were immaterial.

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- Definition The entire disclosure for investment holdings. This includes the long positions of investments for the entity. It contains investments in affiliated and unaffiliated issuers. The investments include securities and non securities (i.e. commodities and futures contracts). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-12 + Details
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