Summary of Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2025 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of Restricted Cash and Cash Equivalents |
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed balance sheet (in thousands):
|
|
|
|
|
|
|
|
|
|
|
September 30, 2025 |
|
|
December 31, 2024 |
|
Cash and cash equivalents |
|
$ |
37,931 |
|
|
$ |
28,670 |
|
Restricted cash, non-current |
|
|
— |
|
|
|
64 |
|
Total cash, cash equivalents and restricted cash |
|
$ |
37,931 |
|
|
$ |
28,734 |
|
|
| Schedule of Cash and Cash Equivalents |
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed balance sheet (in thousands):
|
|
|
|
|
|
|
|
|
|
|
September 30, 2025 |
|
|
December 31, 2024 |
|
Cash and cash equivalents |
|
$ |
37,931 |
|
|
$ |
28,670 |
|
Restricted cash, non-current |
|
|
— |
|
|
|
64 |
|
Total cash, cash equivalents and restricted cash |
|
$ |
37,931 |
|
|
$ |
28,734 |
|
|
| Schedule of Inventory |
Details of inventory are presented as follows (in thousands):
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|
|
|
|
|
|
|
|
|
|
September 30, 2025 |
|
|
December 31, 2024 |
|
Raw materials |
|
$ |
— |
|
|
$ |
3,533 |
|
Work in process |
|
|
— |
|
|
|
— |
|
Finished goods |
|
|
— |
|
|
|
1,778 |
|
Total |
|
$ |
— |
|
|
$ |
5,311 |
|
|
| Schedule of Property, Plant and Equipment |
Details of property and equipment are presented as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
September 30, 2025 |
|
|
December 31, 2024 |
|
Computers and Software |
|
$ |
341 |
|
|
$ |
470 |
|
Construction in process |
|
|
— |
|
|
|
6,590 |
|
Furniture and fixtures |
|
|
36 |
|
|
|
65 |
|
Lab equipment |
|
|
— |
|
|
|
51 |
|
Leasehold improvements |
|
|
— |
|
|
|
133 |
|
Total |
|
$ |
377 |
|
|
$ |
7,309 |
|
Accumulated depreciation |
|
|
(373 |
) |
|
|
(463 |
) |
Property and equipment, net |
|
$ |
4 |
|
|
$ |
6,846 |
|
|
| Schedule Of Gross-To-Net Sales Adjustments |
The following table sets forth the changes in the accrued revenue allowances (in thousands):
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|
|
|
|
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|
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Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Balance at beginning of period |
|
$ |
— |
|
|
$ |
1,289 |
|
|
$ |
1,411 |
|
|
$ |
1,065 |
|
Provision for current period sales |
|
|
— |
|
|
|
1,710 |
|
|
|
2,085 |
|
|
|
4,695 |
|
Payments |
|
|
— |
|
|
|
(1,894 |
) |
|
|
(1,686 |
) |
|
|
(4,655 |
) |
Allowances transferred in sale of Aadi Subsidiary, Inc. |
|
|
— |
|
|
|
— |
|
|
|
(1,810 |
) |
|
|
— |
|
Balance at end of period |
|
$ |
— |
|
|
$ |
1,105 |
|
|
$ |
— |
|
|
$ |
1,105 |
|
|
| Schedule of Earnings Per Share, Basic and Diluted |
The computations for basic and diluted EPS were as follows (in thousands, except shares and per share amounts):
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|
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Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Net income (loss) for basic and diluted EPS |
|
$ |
(17,746 |
) |
|
$ |
(12,546 |
) |
|
$ |
2,655 |
|
|
$ |
(45,418 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares for basic EPS |
|
|
69,204,899 |
|
|
|
27,041,327 |
|
|
|
59,417,911 |
|
|
|
27,010,791 |
|
Effect of dilutive stock options |
|
|
— |
|
|
|
— |
|
|
|
35,423 |
|
|
|
— |
|
Effect of dilutive restricted stock units |
|
|
— |
|
|
|
— |
|
|
|
604,538 |
|
|
|
— |
|
Weighted-average shares for diluted EPS |
|
|
69,204,899 |
|
|
|
27,041,327 |
|
|
|
60,057,872 |
|
|
|
27,010,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS |
|
$ |
(0.26 |
) |
|
$ |
(0.46 |
) |
|
$ |
0.04 |
|
|
$ |
(1.68 |
) |
Diluted EPS |
|
$ |
(0.26 |
) |
|
$ |
(0.46 |
) |
|
$ |
0.04 |
|
|
$ |
(1.68 |
) |
|