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Equity Method Investment | 6 Months Ended
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Jun. 30, 2026
Equity Method Investment |
Equity Method Investment | 6. Equity Method Investment Angel Pharmaceuticals Co. Ltd. (“Angel Pharmaceuticals”) is a corporate venture in the People’s Republic of China designed to develop, manufacture, and commercialize soquelitinib, ciforadenant and mupadolimab compounds for distribution within the countries of China, Taiwan, Macao, and Hong Kong based on intellectual property licenses contributed to Angel Pharmaceuticals by the Company. In June 2026, Angel Pharmaceuticals completed an equity financing, raising approximately $13.4 million, including a $5.0 million investment by the Company. Following the financing, the Company's ownership interest in Angel Pharmaceuticals was approximately 49%, excluding 6% of Angel Pharmaceuticals' equity reserved for issuance under the Angel Pharmaceuticals Employee Stock Ownership Plan (“ESOP”). In connection with the financing, the Company concluded that Angel Pharmaceuticals continues to be a variable interest entity and that the Company is not the primary beneficiary. Accordingly, the Company continues to account for its investment in Angel Pharmaceuticals under the equity method of accounting. As of June 30, 2026 and December 31, 2025, the Company’s ownership interest in Angel Pharmaceuticals was approximately 48.6% and 49.7%, respectively, excluding 6.4% and 7.0%, respectively, of Angel Pharmaceuticals’ equity reserved for issuance under the Angel Pharmaceuticals ESOP. The Company recognized its share of loss in Angel Pharmaceuticals for the total amount of $0.7 million and $1.3 million as loss from equity method investment in the condensed consolidated statement of operations for the three and six months ended June 30, 2026, respectively. Summary Financial Information Summary financial information for Angel Pharmaceuticals is as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | As of | ​ | ​ | As of
Balance Sheet Data | ​ ​ ​ | June 30, 2026 | ​ | December 31, 2025
​ |  | (in thousands)
Current assets | ​ | $ | 23,175 | ​ | $ | 11,033
Non-current assets | ​ |  | 695 | ​ |  | 904
Current liabilities | ​ |  | 875 | ​ |  | 1,049
Non-current liabilities | ​ |  | 59 | ​ |  | 229
Stockholders' equity | ​ | ​ | 22,936 | ​ | ​ | 10,659
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | ​ | June 30, | ​ | June 30, | ​
Statement of Operations Data | ​ ​ ​ | ​ | 2026 | ​ | 2025 | ​ | 2026 | ​ | 2025 | ​
​ |  | ​ | (in thousands) | ​
Revenue | ​ | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​
Gross profit | ​ | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​
Net loss | ​ | ​ | ​ | (832) | ​ | ​ | (503) | ​ | ​ | (1,599) | ​ | ​ | (1,189) | ​
Share of loss from investments accounted for using the equity method | ​ | ​ |  | (709) | ​ |  | (389) | ​ |  | (1,308) | ​ |  | (928) | ​
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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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