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Balance Sheet Details

3 Months Ended

Mar. 31, 2026

Note 4 — Balance Sheet Details

Inventories

Inventories, which primarily relate to Proclarix product as of March 31, 2026 and Proclarix products as of December 31, 2025, consisted of the following:

	March 31, 2026		December 31, 2025
Raw materials	$	95,570	$	103,431
Finished goods		42,072		46,530
Total	$	137,642	$	149,961

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of March 31, 2026, and December 31, 2025:

	March 31, 2026		December 31, 2025
Prepaid insurance	$	296,475	$	136,739
VAT taxes receivable		46,352		31,955
Prepaid other		79,102		170,552
Other receivable		9,986		10,047
Total	$	431,915	$	349,293

Goodwill

Goodwill consisted of the following as of March 31, 2026 and December 31, 2025:

Balance as of December 31, 2024		27,048,973
Impairment loss		(11,512,000	)
Foreign currency translation		3,012,032
Balance as of December 31, 2025	$	18,549,005
Impairment loss		(8,134,000	)
Foreign currency translation		(211,532	)
Balance as of March 31, 2026	$	10,203,473

Impairments for three months ended March 31, 2026 and 2025

During the three months ended March 31, 2026 and 2025, 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 March 31, 2026 and 2025, the Company performed quantitative analysis to identify and measure the amount of impairment losses to be recognized. The Company recognized goodwill impairment losses of approximately $8.1 million and $10.9 million for the three months ended March 31, 2026 and 2025, respectively.

Under the income approach, the Company estimated the fair value of the reporting unit based on the present value of estimated future cash flows, which the Company considers to be a Level 3 unobservable input in the fair value hierarchy. The Company prepared cash flow projections based on management’s estimates of future revenue and operating costs, taking into consideration the historical performance and the current macroeconomic, industry, and market conditions. The Company based the discount rate on the weighted-average cost of capital considering Company-specific characteristics and changes in the reporting unit’s projected cash flows. Under the market approach, the Company estimated the fair value of the reporting unit based on revenue market multiples derived from comparable companies with similar characteristics as the reporting unit, as well as an estimated control premium.

Accrued Expenses

Accrued expenses consisted of the following as of March 31, 2026 and December 31, 2025:

	March 31, 2026		December 31, 2025
Accrued compensation	$	41,663	$	42,228
Accrued professional fees		139,004		201,208
Other accrued expenses		16,750		18,445
Accrued franchise taxes		80,000		80,000
Accrued interest		1,704		—
Total	$	279,121	$	341,881