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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured at Fair Value on Recurring Basis

As of December 31, 2025 and 2024, assets measured at fair value on a recurring basis were as follows (in thousands):

 

 

December 31, 2025

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

29,379

 

 

$

29,379

 

 

$

—

 

 

$

—

 

U.S. Treasury bonds

 

 

4,999

 

 

 

—

 

 

 

4,999

 

 

 

—

 

Total cash equivalents

 

$

34,378

 

 

$

29,379

 

 

$

4,999

 

 

$

—

 

Short-term investments

 

 

 

 

 

 

 

 

 

 

 

 

Scilex Holding Company common stock

 

$

30

 

 

$

30

 

 

$

—

 

 

$

—

 

Sorrento Therapeutics, Inc. common stock

 

 

2

 

 

 

2

 

 

 

—

 

 

 

—

 

U.S. Treasury bonds

 

 

62,944

 

 

 

—

 

 

 

62,944

 

 

 

—

 

Total short-term investments

 

$

62,976

 

 

$

32

 

 

$

62,944

 

 

$

—

 

 

 

 

December 31, 2024

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market mutual funds

 

$

43,426

 

 

$

43,426

 

 

$

—

 

 

$

—

 

Total cash equivalents

 

$

43,426

 

 

$

43,426

 

 

$

—

 

 

$

—

 

Short-term investments

 

 

 

 

 

 

 

 

 

 

 

 

Scilex Holding Company common stock

 

$

37

 

 

$

37

 

 

$

—

 

 

$

—

 

Sorrento Therapeutics, Inc. common stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

U.S. Treasury bonds

 

 

11,985

 

 

 

—

 

 

 

11,985

 

 

 

—

 

Total short-term investments

 

$

12,022

 

 

$

37

 

 

$

11,985

 

 

$

—