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Non-controlling Interest

9 Months Ended

Sep. 30, 2025

Noncontrolling Interest [Abstract]

Non-controlling Interest

Note O – Non-controlling Interest

Non-controlling interest recorded in our condensed consolidated financial statements as of September 30, 2025 and December 31, 2024, relates to the following approximate interests in certain consolidated subsidiaries, which we do not own.

		September 30, 2025				December 31, 2024
MiNK Therapeutics, Inc.			0	%			45	%
SaponiQx, Inc.			30	%			30	%

Changes in non-controlling interest for the periods ended September 30, 2025 and December 31, 2024, were as follows (in thousands):

		September 30, 2025				December 31, 2024
Beginning balance		$	19,956			$	11,949
Net loss attributable to non-controlling interest			(3,164	)			(5,059	)
Other items:
Deconsolidation of a subsidiary			(25,037	)			—
Sale of subsidiary shares in private placement			—				10,234
Issuance of subsidiary shares for employee stock purchase plan and exercise of options			1				20
Subsidiary share-based compensation			1,513				2,812
Total other items			(23,523	)			13,066
Ending balance		$	(6,731	)		$	19,956

Deconsolidation of a subsidiary

In the quarter ended September 30, 2025, we deconsolidated MiNK and derecognized the associated non-controlling interest balance.

Sale of subsidiary shares in private placement

In May 2024, MiNK entered into a Stock Purchase Agreement with a certain investor (the “Purchaser”), pursuant to which MiNK issued and sold an aggregate of 464,000 shares of its Common Stock (the “MiNK Common Shares”), at a purchase price of $12.50 per share. The aggregate purchase price paid by the Purchaser for the MiNK Common Shares was approximately $5.8 million, net of offering expenses.

X

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 810
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/810/tableOfContent

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X

- References

No definition available.

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