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GRANT INCOME
 12 Months Ended
Dec. 31, 2025
GRANT INCOME  
GRANT INCOME

NOTE 9: GRANT INCOME

Grant Income represents funding under cost reimbursement programs from government agencies and non-profit foundations for qualified research and development activities performed by the Company. Revenue is recognized when the Company incurs expenses related to the grants for the amount the Company is entitled to under the provisions of the contract (see Note 3). If restricted cash is received from grants in advance of incurring qualifying costs, it is recorded as deferred revenue and recognized as revenue when qualifying costs are incurred. The Company had $1.0 million of restricted cash recorded as of December 31, 2025, and none recorded as of December 31, 2024.

The following table summarizes grant income recorded for the years ended December 31, 2025 and 2024, by grant:

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For the Years Ended

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December 31,

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2025

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2024

Grant income:

 

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CPRIT AML Grant1

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$

900,014

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$

4,411,149

FDA Grant

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118,478

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519,750

SBIR AML Grant

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472,208

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982,182

Decoy Grant

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391,305

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5,822

SBIR NHL Grant

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665,000

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665,000

PANACEA Grant

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425,670

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7,177

CPRIT Pancreatic Grant1

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573,994

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—

Total grant income

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$

3,546,669

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$

6,591,080

(1)Both CPRIT grants are subject to certain revenue-sharing arrangements, as per the grant agreements (see Note 10).

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If qualifying grant income is earned in advance of cash received from grants, it is recognized as revenue and recorded as other receivable (see Note 5).