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ADDF Funding Agreement | 3 Months Ended
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Mar. 31, 2026
Funding Agreement Abstract |
ADDF Funding Agreement | 12. ADDF Funding Agreement In December 2024, the Company entered into the Agreement for Biotechnology Funding (the “Funding Agreement”) with the Alzheimer’s Drug Discovery Foundation (“ADDF”) to support research and development activities for the project “Development of ARGO DX™”. The Funding Agreement provides up to $10.0 million over 36 months, commencing within six weeks of acceptance. Funds must be used solely for activities described in the grant proposal titled “Development of ARGO DX™ for a new generation of blood-based diagnostics for Alzheimer’s disease and related neurodegenerative diseases” or a revised grant proposal approved in writing by ADDF. This funding is distributed across various milestones, including product definition, prototype development, manufacturing, analytical and clinical testing, and FDA submission. In exchange, the Company has agreed to pay ADDF a low single digit royalty on sales of the ARGO DX™ as well as certain milestone payments based on sales of the ARGO DX™, up to an aggregate of $4.75 million in potential payments. The Company has determined that the ADDF agreement is not within the scope of ASC 606 or other authoritative literature. The Company has determined that the payment from ADDF represents a reduction of research and development expense and recognizes the funding received as services are provided. Payments received are recorded within accrued and other current liabilities on the condensed consolidated balance sheets until they are earned. The following table summarizes the activity for the three months ended March 31, 2026 and 2025 (in thousands):
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Beginning liability |  | $ | 457 |  |  | $ | 851 |
Payments received |  | $ | 1,784 |  |  | $ | — |
Amount recognized as contra research and development |  | $ | (1,060 | ) |  | $ | (215 | )
Ending liability |  | $ | 1,181 |  |  | $ | 636 |

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