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Condensed Consolidated Financial Statements Details (Tables) | 3 Months Ended
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Mar. 31, 2025
Condensed Consolidated Financial Statement Details |
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 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
Schedule of projected amortization expense for next five years | 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
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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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)
Schedule of outstanding securities considered 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
Schedule of 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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