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Balance Sheet Details

9 Months Ended

Sep. 30, 2025

Note 4 — Balance Sheet Details

Inventories

Inventories, which primarily relate to Proclarix products as of September 30, 2025 and December 31, 2024, consisted of the following:

	September 30, 2025		December 31, 2024
Raw materials	$	103,415	$	57,446
Finished goods		48,141		6,633
Total	$	151,556	$	64,079

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of September 30, 2025, and December 31, 2024:

	September 30, 2025		December 31, 2024
Prepaid insurance	$	248,735	$	101,999
Prepaid professional fees		—		7,487
VAT taxes receivable		30,197		28,756
Prepaid other		22,384		33,894
Other receivable		10,046		41,835
Total	$	311,362	$	213,971

Intangible Assets

Intangible assets acquired in connection with the ENTADFI and Proteomedix acquisitions were comprised of customer relationships, product rights for developed technology, and a trade name. These intangibles were fully impaired during the year ended December 31, 2024 resulting in a zero balance as of September 30, 2025 and December 31, 2024.

Amortization for three and nine months ended September 30, 2024

The finite lived intangible assets held by the Company, which included customer relationships and product rights for developed technology, were amortized over their estimated useful lives of 15 years. For the three and nine months ended September 30, 2024, amortization expense related to the Company’s finite-lived intangible assets was approximately $198,000 and $596,000, of which approximately $30,000 and $91,000 was recorded as selling, general, and administrative expenses and approximately $168,000 and $505,000 was recorded as cost of revenue in the accompanying condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2024.

Impairment for three and nine months ended September 30, 2024

During the nine months ended September 30, 2024, the Company became aware of a new competitor that received approval by the FDA for a combined finasteride-tadalafil capsule, which is a direct competitor product to ENTADFI. This was determined to be a triggering event that could result in a decrease in future expected cash flows, and thus indicated the carrying amount of the ENTADFI asset group may not be fully recoverable. The Company performed an undiscounted cash flow analysis over the ENTADFI asset group and determined that the carrying value of the asset group is not recoverable. The Company then estimated the fair value of the asset group to measure the impairment loss for the period. Significant assumptions used to determine this non-recurring fair value measurement included projected sales driven by market share and product sales price estimates, associated expenses, growth rates, the discount rate used to measure the fair value of the net cash flows associated with this asset group, as well as Management’s estimates of an expected sales price for the asset group, and the probability of each potential strategic alternative taking place. The Company recorded an intangible asset impairment charge of approximately $0 and $3.5 million during the three and nine months ended September 30, 2024, respectively.

Goodwill

Goodwill consisted of the following as of September 30, 2025 and December 31, 2024:

Balance as of December 31, 2024	$	27,048,973
Impairment loss		(10,918,000	)
Foreign currency translation		78,536
Balance as of March 31, 2025	$	16,209,509
Impairment loss		(594,000	)
Foreign currency translation		2,507,787
Balance as of June 30, 2025		18,123,296
Impairment loss		—
Foreign currency translation		57,003
Balance as of September 30, 2025	$	18,180,299

Impairments for three and nine months ended September 30, 2025 and 2024

During the three and nine months ended September 30, 2025 and 2024, the Company’s stock price and market capitalization declined, and the Company determined that this was an indicator of a potential impairment of its goodwill. Accordingly, as of September 30, 2025 and 2024, the Company performed quantitative analysis to identify and measure the amount of impairment losses to be recognized. The Company did not recognize any goodwill impairment losses for the three months ended September 30, 2025 and 2024. The Company recognized goodwill impairment losses of approximately $11.5 million and $15.5 million for the nine months ended September 30, 2025 and 2024, respectively.

The fair value estimate of the reporting units for the quarter ended September 30, 2025 was derived from the Company’s fully-diluted market capitalization using an indicative share price based on the 5- and 10-day trailing volume-weighted average price.

Accrued Expenses

Accrued expenses consisted of the following as of September 30, 2025 and December 31, 2024:

	September 30, 2025		December 31, 2024
Accrued compensation	$	34,080	$	186,956
Accrued research and development		215,599		320,096
Accrued professional fees		202,219		161,981
Other accrued expenses		19,324		25,841
Accrued franchise taxes		—		40,000
Accrued interest		879		139,409
Accrued license fees		4,188		14,705
Total	$	476,289	$	888,988