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Consolidated Financial Statements Details | 3 Months Ended
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Mar. 31, 2025
Condensed Consolidated Financial Statement Details |
Consolidated Financial Statement Details | 3. Condensed Consolidated Financial Statements Details Equity Securities As of March 31, 2025 and December 31, 2024, investment in equity securities was $2.4 million and $3.5 million, respectively. For the three months ended March 31, 2025 and 2024, the Company recognized a loss of $1.1 million and a gain of $0.3 million, respectively, due to the change in fair value of its investment in equity securities in the other income (expense), net line item of the condensed consolidated statements of operations. Intangible Assets, Net The following table summarizes the cost, accumulated amortization, and net carrying value of the Company’s intangible assets as of March 31, 2025 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Accumulated | ​ | Net Carrying
​ | ​ | Cost | ​ | Amortization | ​ | Value
As of March 31, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pulmokine - Seralutinib IP (Note 4) | ​ | $ | 26,115 | ​ | $ | 750 | ​ | $ | 25,365
Total intangible assets | ​ | $ | 26,115 | ​ | $ | 750 | ​ | $ | 25,365
​ 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):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Accumulated | ​ | Net Carrying
​ | ​ | Cost | ​ | Amortization | ​ | Value
As of December 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pulmokine - Seralutinib IP (Note 4) | ​ | $ | 26,115 | ​ | $ | 206 | ​ | $ | 25,909
Total intangible assets | ​ | $ | 26,115 | ​ | $ | 206 | ​ | $ | 25,909
​ The estimated remaining life of the intangible assets is 11.7 years. The following table presents the projected amortization expense for the next five years (in thousands):
​ | ​ | ​ | ​
​ | ​ | Intangible Asset
​ |  | Amortization
2025 (excluding the three months ended March 31, 2025) | ​ | $ | 1,632
2026 | ​ |  | 2,176
2027 | ​ | ​ | 2,176
2028 | ​ | ​ | 2,176
2029 | ​ | ​ | 2,176
Total | ​ | $ | 10,336
​ Net Income (Loss) Per Share Available to (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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ | ​ | 2025 | ​ | 2024
Numerator | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) | ​ | $ | 2,367 | ​ | $ | (8,595)
Less: Series A accumulated dividends | ​ |  | (530) | ​ |  | (530)
Less: Series B accumulated dividends | ​ | ​ | (838) | ​ | ​ | (838)
Less: Allocation of undistributed earnings to participating securities | ​ | ​ | (294) | ​ | ​ | —
Net income (loss) available to (attributable to) common stockholders, basic | ​ | $ | 705 | ​ | $ | (9,963)
Add: Adjustments to undistributed earnings allocated to participating securities | ​ |  | 294 | ​ | ​ | —
Net income (loss) available to (attributable to) common stockholders, diluted | ​ | $ | 999 | ​ | $ | (9,963)
​ | ​ | ​ | ​ | ​ |  | ​
Denominator | ​ |  | ​ | ​ |  | ​
Weighted-average shares used in computing net income (loss) per share available to (attributable to) common stockholders, basic | ​ |  | 11,969 | ​ |  | 11,580
Effect of dilutive Series X Preferred Stock | ​ | ​ | 5,003 | ​ | ​ | —
Effect of dilutive warrants for common stock | ​ | ​ | 2 | ​ | ​ | ​
Effect of dilutive PSUs | ​ |  | 273 | ​ | ​ | —
Effect of dilutive common stock options | ​ |  | 534 | ​ | ​ | —
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted | ​ |  | 17,781 | ​ |  | 11,580
Net income (loss) per share available to (attributable to) common stockholders, basic | ​ | $ | 0.06 | ​ | $ | (0.86)
Net income (loss) per share available to (attributable to) common stockholders, diluted | ​ | $ | 0.06 | ​ | $ | (0.86)
​ Potentially dilutive securities are excluded from the calculation of diluted net income (loss) per share available to (attributable to) common stockholders if their inclusion is anti-dilutive. The following table shows the weighted-average shares from outstanding securities considered anti-dilutive and therefore excluded from the computation of diluted net income (loss) per share available to (attributable to) common stockholders (in thousands): ​
​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ | ​ | 2025 | ​ | 2024
Convertible preferred stock | ​ | — | ​ | 5,003
Common stock options |  | 1,094 | ​ | 1,372
Contingently issuable PSUs | ​ | — | ​ | —
Warrants for common stock |  | 120 | ​ | 131
Total |  | 1,214 |  | 6,506
​ For PSUs with market conditions, if the market conditions have not been satisfied by the end of the reporting period, the number of shares that would be issuable based on the market price at the end of the reporting period, as if the end of the reporting period were the end of the contingency period, will be included in the calculation of diluted earnings per share if the effect is dilutive. For market conditions that have not yet been satisfied, no shares would be issuable based on the market price of $19.93 per share as of March 31, 2025. For PSUs that have satisfied the market conditions but have not satisfied service conditions by the end of the reporting period, the number of shares issuable is included in the calculation of diluted earnings per share if the effect is dilutive. This includes PSUs that achieved the $30.00 price target in November 2024, but still have remaining time-based vesting requirements. Accrued and Other Liabilities Accrued and other liabilities consisted of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
​ |  | 2025 |  | 2024
Accrued short-term interest payable | ​ | $ | — | ​ | $ | 3,039
Accrued incentive compensation | ​ | ​ | 434 | ​ | ​ | 1,555
Accrued clinical liabilities | ​ | ​ | 26 | ​ | ​ | 306
Income taxes payable in connection with Pulmokine acquisition | ​ | ​ | — | ​ | ​ | 280
Accrued legal and accounting fees | ​ | ​ | 482 | ​ | ​ | 251
Accrued payroll and benefits | ​ | ​ | 149 | ​ | ​ | 170
Other accrued liabilities | ​ |  | 130 | ​ |  | 151
Total | ​ | $ | 1,221 | ​ | $ | 5,752
​

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