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Deconsolidation | 12 Months Ended
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Dec. 31, 2025
Deconsolidation |
Deconsolidation | Note 5 – Deconsolidation On November 14, 2024 (the “Deconsolidation Date”), the Company deconsolidated eXoZymes from its financial statements due to its ownership interest falling below 50%, resulting in the loss of a controlling financial interest. This change occurred in connection with eXoZymes’ completion of its initial public offering, which reduced the Company’s ownership stake. The consolidated financial statements as of December 31, 2024 reflect the inclusion of eXoZymes’ financial results through the Deconsolidation Date. For the period from November 15, 2024 through December 31, 2024, the Company accounted for its investment in eXoZymes under the equity method, recognizing its proportionate share of eXoZymes’ net loss in the amount of $420 thousand, based on eXoZymes’ total net loss of $893 thousand for that period. As of December 31, 2024, the Company continues to hold a 47% interest in eXoZymes Class A common stock. While the Company and eXoZymes share certain officers, board members, and accounting personnel, the two entities operate independently. eXoZymes also utilizes professional services provided by PatentVest, a wholly owned subsidiary of the Company The assessment of the potential impairment of the Company’s equity method investments when indicators such as a history of operating losses, a negative earnings and cash flow outlook, and the financial condition and prospects for the investee’s business segment might indicate a loss in value. The Company has not recognized any impairment loss on investment in unconsolidated affiliate to date. The following table represents the consolidated balance sheet of xXoZymes immediately prior to the Deconsolidation Date (in thousands): Schedule of Consolidated Balance Sheet
|  | December 31, 2024 |
Assets |  |  |  |
Cash and cash equivalents |  | $ | 68 |
Grants receivable |  |  | 701 |
Prepaid expenses and other current assets |  |  | 441 |
Deferred IPO Costs |  |  | 550 |
Property and equipment, net |  |  | 710 |
Operating lease right-of-use asset, net |  |  | 1,366 |
Total assets |  | $ | 3,836 |
Liabilities and Deficit |  |  |  |
Accounts payable |  | $ | 851 |
Accrued expenses |  |  | 241 |
Due to affiliates |  |  | 5,479 |
Deferred grant reimbursement |  |  | 130 |
Operating lease liabilities |  |  | 1,417 |
Total liabilities |  | $ | 8,118 |
Deficit: |  |  |  |
Common shares |  |  | - |
Paid-in-capital |  | $ | 4,120 |
Accumulated deficit |  |  | (8,402 | )
Total deficit |  | $ | (4,282 | )
Total liabilities and deficit |  | $ | 3,836 |
At December 31, 2024 eXoZymes had current assets of approximately $10.8 million, total assets of approximately $13.0 million, current liabilities of approximately $1.3 million and total liabilities of approximately $2.6 million. For the year ended December 31, 2024, eXoZymes had revenues of $0 and a net loss of approximately $5.9 million. The following represents the calculation of the gain on deconsolidation of eXoZymes from the consolidated financial statements of the Company (in thousands, except for share price): Schedule of Gain on Deconsolidation
eXoZymes Class A common shares retained on November 14, 2024 |  |  | 3,931 |
Quoted closing price of eXoZymes Class A common shares at November 14, 2024 |  | $ | 10.36 |
Subtotal of quoted closing price of eXoZymes Class A common shares at November 14, 2024 |  | $ | 40,727 |
Fair value of warrants held for eXoZymes at November 14, 2024 |  |  | 1,327 |
Fair value of equity method investment retained by eXoZymes |  |  | 42,054 |
Carrying Value of the NCI |  |  | (921 | )
Carrying value of eXoZymes assets at November 14, 2024 |  |  | 4,282 |
Less carrying value of former investment into eXoZymes at November 14, 2024 |  |  | (5,787 | )
Carrying value of warrants held for eXoZymes at November 14,2024 |  |  | (321 | )
Gain on deconsolidation |  | $ | 39,307 |

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