XML 61 R24.htm IDEA: XBRL DOCUMENT v3.26.1
Aardwolf Spinoff
12 Months Ended
Dec. 31, 2025
Aardwolf Spinoff [Abstract]  
Aardwolf Spinoff
12.
Aardwolf Therapeutics, Inc.

In May 2022, through a series of transactions, the Company spun off certain assets of the Company ("the Spinoff") to Aardwolf Therapeutics, Inc. (“Aardwolf”). In accordance with authoritative guidance, the Company has determined that it holds a variable interest in Aardwolf and Aardwolf meets the definition of a variable interest entity (“VIE”) as Aardwolf does not have the ability to finance its activities without additional subordinated financial support and its equity investors will not absorb their proportionate share of expected losses. However, as the Company does not have both (i) the power to direct the economically significant activities of Aardwolf and (ii) the obligation to absorb losses of, or the right to receive benefits from, Aardwolf, the Company is not considered the primary beneficiary of Aardwolf and has not consolidated the financial position or results of operations of Aardwolf in the accompanying consolidated financial statements, although Aardwolf is considered a related party of the Company. The Company will continuously perform this assessment, as changes to existing relationships or future transactions may result in the consolidation or deconsolidation of a VIE. At December 31, 2025 and 2024, the maximum exposure to loss was zero.