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Related Party Transactions
 6 Months Ended
Jun. 30, 2026
Related Party Transactions  
Related Party Transactions

16. Related Party Transactions

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As part of the January 2026 follow-on public offering, 30,000 shares of common stock, at the public offering price of $22.15 per share, were sold to Puissance Capital Management, a related party. Ted Wang, Ph.D., a Co-Founder, General Manager and Director of Angel Pharmaceuticals, of which the Company holds a 49% ownership interest, is the founder of Puissance Capital Management.

On May 6, 2024, the Company closed a registered direct offering which resulted in gross proceeds of approximately $30.6 million. The financing consisted of the sale of 13,512,699 shares of common stock and accompanying common stock warrants to purchase 13,078,509 shares of common stock (or pre-funded warrants in lieu thereof) at a combined offering price of $1.7312 per share, and the sale of pre-funded warrants to purchase 4,144,085 shares of common stock and accompanying common warrants to purchase 4,010,927 shares of common stock (or pre-funded warrants in lieu thereof) at a combined offering price of $1.7311 per share. The common warrants had an exercise price of $3.50 per share of common stock (or $3.4999 per pre-funded warrant in lieu thereof), are exercisable at any time after the date of issuance, subject to certain ownership limitations, and expired on June 30, 2025. The pre-funded warrants have an exercise price of $0.0001 and are exercisable anytime after the date of the issuance, subject to certain ownership limitations.

As part of the registered direct offering, the following number of shares of common stock, pre-funded warrants and common warrants were sold to related parties:

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Number of

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Number of

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Number of

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Aggregate

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Shares of

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Pre-Funded

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Common

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Purchase

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  ​ ​ ​

Common Stock

  ​ ​ ​

Warrants

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Warrants

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Price

OrbiMed Advisors LLC (1)

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—

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1,444,085

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​

1,397,684

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$

2,499,856

Puissance Capital Management (2)

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866,451

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—

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838,610

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​

1,500,000

Richard A. Miller, M.D. (3)

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577,634

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—

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559,073

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1,000,000

William B. Jones, Ph.D. (4)

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20,001

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—

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19,357

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34,624

(1)Peter Thompson, M.D., a member of the Company’s Board of Directors since November 2014, is a Private Equity Partner at OrbiMed Advisors, LLC.
(2)Ted Wang, Ph.D., a Co-Founder, General Manager and Director of Angel Pharmaceuticals, of which the Company holds a 49% ownership interest, is the founder of Puissance Capital Management.
(3)Richard A. Miller, M.D. is the Company’s President, Chief Executive Officer and Chairman of the Board of Directors.
(4)William B. Jones, Ph.D. is the Company’s Senior Vice President, Pharmaceutical Development.

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During the three months ended June 30, 2025, all of the common warrants sold to related parties as part of the Company’s May 2024 registered direct offering were exercised. The details of these exercises are as follows:

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  ​ ​ ​

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Number of

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Number of

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Common Shares

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Aggregate

​

​

Common Warrants

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Issued Upon

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Proceeds Received

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  ​ ​ ​

Exercised

  ​ ​ ​

Exercise

  ​ ​ ​

Upon Exercise

OrbiMed Advisors LLC (1)

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1,397,684

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221,352

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$

—

Puissance Capital Management

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838,610

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838,610

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2,935,135

Richard A. Miller, M.D.

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559,073

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559,073

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1,956,756

William B. Jones, Ph.D.

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19,357

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19,357

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67,750

(1)OrbiMed Advisors LLC paid the exercise price of $3.50 per common stock warrant on a cashless basis, resulting in the Company withholding 1,176,332 of the warrant shares to pay the exercise price and issuing to OrbiMed Advisors LLC the remaining 221,352 shares. This transaction is considered a non-cash financing activity.

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In July 2021, Linda S. Grais, M.D., J.D., a member of the Company’s Board of Directors, was appointed as a non-executive member of the Board of Directors of ICON plc (“ICON”), effective upon completion of ICON’s acquisition of PRA Health Sciences, Inc. ICON is a clinical research organization and provides services to support the Company’s clinical trials. During the three months ended June 30, 2026 and 2025, the Company recorded approximately $118,000 and $137,000, respectively, in clinical trial expenses under its agreements with ICON.