Cidara Therapeutics (CDTX) 10-K 6 Mar 25 2024 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 27, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36912
Entity Registrant Name	CIDARA THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-1537286
Entity Address, Address Line One	6310 Nancy Ridge Drive,
Entity Address, Address Line Two	Suite 101
Entity Address, City or Town	San Diego,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	(858)
Local Phone Number	752-6170
Title of 12(b) Security	Common Stock, $0.0001 Par Value
Trading Symbol	“CDTX”
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 53.3
Entity Common Stock, Shares Outstanding		10,953,490
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission, or SEC, pursuant to Schedule 14A in connection with the Registrant’s 2025 Annual Meeting of Stockholders, which will be filed subsequent to the date hereof, are incorporated by reference into Part III of this Annual Report on Form 10-K. Such definitive proxy statement will be filed with the SEC not later than 120 days following the end of the Registrant’s fiscal year ended December 31, 2024.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001610618

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	San Diego, California
Auditor Firm ID	42

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 189,825	$ 35,778
Restricted cash	6,352	0
Accounts receivable	1,694	14,075
Prepaid expenses and other current assets	12,866	1,712
Current assets from discontinued operations	0	9,290
Total current assets	210,737	60,855
Property and equipment, net	521	557
Finance lease right-of-use asset, net	703	782
Operating lease right-of-use asset	2,739	3,788
Other assets	96	114
Noncurrent assets from discontinued operations	0	934
Total assets	214,796	67,030
Current liabilities:
Accounts payable	3,608	3,772
Accrued liabilities	13,348	14,177
Accrued indirect tax liabilities	26,045	18,040
Accrued compensation and benefits	4,911	5,034
Current contract liabilities	0	430
Current portion of finance lease liability	264	218
Current portion of operating lease liability	1,378	1,082
Current liabilities from discontinued operations	0	24,665
Total current liabilities	49,554	67,418
Long-term finance lease liability	310	575
Long-term operating lease liability	1,624	3,002
Noncurrent liabilities from discontinued operations	0	4,245
Total liabilities	51,488	75,240
Commitments and contingencies
Stockholders’ equity (deficit):
Preferred stock
Common stock, $0.0001 par value; 50,000,000 shares authorized at December 31, 2024 and 20,000,000 shares authorized at December 31, 2023; 10,946,635 shares issued and outstanding at December 31, 2024; 4,530,113 shares issued and outstanding at December 31, 2023	1	1
Additional paid-in capital	774,565	433,220
Accumulated deficit	(611,258)	(441,431)
Total stockholders’ equity (deficit)	163,308	(8,210)
Total liabilities and stockholders’ equity (deficit)	214,796	67,030
Series A Convertible Voting Preferred Stock
Stockholders’ equity (deficit):
Preferred stock	0	0
Series X Convertible Preferred Stock
Stockholders’ equity (deficit):
Preferred stock	$ 0	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Preferred stock, par value (USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	50,000,000	20,000,000
Common stock, shares issued (in shares)	10,946,635	4,530,113
Common stock, shares outstanding (in shares)	10,946,635	4,530,113
Series A Convertible Voting Preferred Stock
Preferred stock, par value (USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	204,725	0
Preferred stock, shares issued (in shares)	240,000
Preferred stock, shares issued (in shares)		0
Preferred stock, shares outstanding (in shares)	204,725	0
Series X Convertible Preferred Stock
Preferred stock, par value (USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	4,947,759	4,947,759
Preferred stock, shares issued (in shares)	2,156,713	2,156,713
Preferred stock, shares outstanding (in shares)	2,104,472	2,104,472

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Collaboration revenue	$ 1,275	$ 23,283
Total revenues	1,275	23,283
Operating expenses:
Acquired in-process research and development	84,883	0
Research and development	71,879	36,763
General and administrative	20,615	13,580
Total operating expenses	177,377	50,343
Loss from operations	(176,102)	(27,060)
Other income, net:
Interest income, net	5,811	1,995
Total other income, net	5,811	1,995
Net loss from continuing operations before income tax expense	(170,291)	(25,065)
Income tax expense	0	(15)
Net loss from continuing operations	(170,291)	(25,080)
Income from discontinued operations (including loss on disposal of discontinued operations of $1,799 and zero during the years ended December 31, 2024 and 2023, respectively), net of income taxes	464	2,149
Net loss and comprehensive loss	(169,827)	(22,931)
Net loss and comprehensive loss	$ (169,827)	$ (22,931)
Basic net loss per common share from continuing operations (USD per share)	$ (26.82)	$ (5.74)
Diluted net loss per common share from continuing operations (USD per share)	(26.82)	(5.74)
Basic net earnings per common share from discontinued operations (USD per share)	0.07	0.49
Diluted net earnings per common share from discontinued operations (USD per share)	0.07	0.49
Basic net loss per common share (USD per share)	(26.75)	(5.25)
Diluted net loss per common share (USD per share)	$ (26.75)	$ (5.25)
Shares used to compute basic net earnings (loss) per common share (in shares)	6,349,631	4,371,375
Shares used to compute diluted net earnings (loss) per common share (in shares)	6,349,631	4,371,375

Consolidated Statements of Conv

Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Underwritten Public Offerings	Public Offering	Private Placement	Series A Convertible Voting Preferred Stock	Series X Convertible Preferred Stock	Preferred Stock Series A Convertible Voting Preferred Stock	Preferred Stock Series A Convertible Voting Preferred Stock Private Placement	Preferred Stock Series X Convertible Preferred Stock	Preferred Stock Series X Convertible Preferred Stock Underwritten Public Offerings	Common Stock	Common Stock Underwritten Public Offerings	Common Stock Public Offering	Common Stock Private Placement	Additional Paid-In Capital	Additional Paid-In Capital Underwritten Public Offerings	Additional Paid-In Capital Public Offering	Additional Paid-In Capital Private Placement	Accumulated Deficit
Balance, beginning (in shares) at Dec. 31, 2022							0		1,818,472
Balance, beginning at Dec. 31, 2022	$ (14,438)						$ 0		$ 0		$ 1				$ 404,061				$ (418,500)
Balance, beginning (in shares) at Dec. 31, 2022											3,623,591
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock, net of issuance costs (in shares)										286,000		554,300	310,983
Issuance of stock, net of issuance costs		$ 17,256	$ 8,699													$ 17,256	$ 8,699
Issuance of common stock upon exercise of stock options (in shares)											1,287
Issuance of common stock upon exercise of stock options	21														21
Issuance of common stock for restricted share units vested (in shares)											24,487
Issuance of common stock under Employee Stock Purchase Plan (in shares)											15,465
Issuance of common stock under Employee Stock Purchase Plan	122														122
Stock-based compensation	3,061														3,061
Net loss	(22,931)																		(22,931)
Balance, ending (in shares) at Dec. 31, 2023					0	2,104,472	0		2,104,472
Balance, ending at Dec. 31, 2023	$ (8,210)						$ 0		$ 0		$ 1				433,220				(441,431)
Balance, ending (in shares) at Dec. 31, 2023	4,530,113										4,530,113
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock, net of issuance costs (in shares)								240,000						3,892,274
Issuance of stock, net of issuance costs				$ 337,330														$ 337,330
Issuance of common stock upon conversion of Series A Convertible Voting Preferred Stock (in shares)							(35,275)				2,469,250
Issuance of common stock upon exercise of stock options (in shares)	4,144										4,144
Issuance of common stock upon exercise of stock options	$ 60														60
Issuance of common stock for restricted share units vested (in shares)											40,346
Value of shares withheld to fund payroll taxes	(39)														(39)
Issuance of common stock under Employee Stock Purchase Plan (in shares)											10,508
Issuance of common stock under Employee Stock Purchase Plan	87														87
Stock-based compensation	3,907														3,907
Net loss	(169,827)																		(169,827)
Balance, ending (in shares) at Dec. 31, 2024					204,725	2,104,472	204,725		2,104,472
Balance, ending at Dec. 31, 2024	$ 163,308						$ 0		$ 0		$ 1				$ 774,565				$ (611,258)
Balance, ending (in shares) at Dec. 31, 2024	10,946,635										10,946,635

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Net loss	$ (169,827,000)	$ (22,931,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on disposal of discontinued operations	1,799,000	0
Stock-based compensation	3,907,000	3,061,000
Non-cash operating lease expense	1,048,000	1,158,000
Depreciation and amortization	154,000	112,000
Amortization of costs to obtain a contract with a customer	184,000	77,000
Amortization of finance lease right-of-use asset	79,000	6,000
Non-cash interest expense	56,000	5,000
Changes in assets and liabilities:
Accounts receivable	14,275,000	(10,413,000)
Inventory	6,097,000	(6,097,000)
Prepaid expenses, other current assets, and other assets	(10,851,000)	3,735,000
Accounts payable and accrued liabilities	(1,001,000)	8,886,000
Accrued indirect tax liabilities	8,005,000	6,506,000
Accrued compensation and benefits	(36,000)	235,000
Contract liabilities	(29,340,000)	(5,799,000)
Operating lease liabilities	(1,082,000)	(973,000)
Net cash used in operating activities	(176,533,000)	(22,432,000)
Investing activities:
Purchases of property and equipment	(129,000)	(505,000)
Net cash used in investing activities	(129,000)	(505,000)
Financing activities:
Proceeds from private placements, net of issuance costs	337,330,000	0
Proceeds from underwritten public offering, net of issuance costs	0	17,256,000
Proceeds from public offering of common stock, net of issuance costs	0	8,707,000
Proceeds from exercise of stock options	46,000	21,000
Payment of finance lease liabilities	(276,000)	0
Payment for shares withheld to fund payroll taxes	(39,000)	0
Net cash provided by financing activities	337,061,000	25,984,000
Net increase in cash, cash equivalents and restricted cash	160,399,000	3,047,000
Cash, cash equivalents and restricted cash at beginning of year	35,778,000	32,731,000
Cash, cash equivalents and restricted cash at end of year	196,177,000	35,778,000
Supplemental disclosure of cash flows:
Income taxes paid	95,000	797,000
Non-cash investing activities:
Purchases of property and equipment, included in accounts payable and accrued liabilities	0	11,000
Finance lease right-of-use asset obtained in exchange for lease liability	0	788,000
Operating lease right-of-use asset obtained in exchange for lease liability	0	3,847,000
Non-cash financing activities:
Purchase of shares pursuant to Employee Stock Purchase Plan	87,000	122,000
Proceeds from exercise of stock options included in prepaid expenses, other current assets, and other assets	$ 14,000	$ 0

Consolidated Statements of Op_2

Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Loss on disposal of discontinued operations	$ 1,799,000	$ 0

THE COMPANY AND BASIS OF PRESEN

THE COMPANY AND BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
THE COMPANY AND BASIS OF PRESENTATION	THE COMPANY AND BASIS OF PRESENTATION Description of Business Cidara Therapeutics, Inc., or the Company, was originally incorporated in Delaware in December 2012 as K2 Therapeutics, Inc., and its name was changed to Cidara Therapeutics, Inc. in July 2014. The Company is a biotechnology company using its proprietary Cloudbreak ® platform to develop drug-Fc conjugate, or DFC, immunotherapies designed to save lives and improve the standard of care for patients facing serious diseases. The Company’s proprietary Cloudbreak platform enables development of novel DFCs that inhibit specific disease targets while simultaneously engaging the immune system. The Company’s most advanced DFC program is CD388, a highly potent antiviral designed to deliver universal prevention and treatment of seasonal and pandemic influenza, which has completed Phase 1 and Phase 2a clinical trials under a partnership with J&J Innovative Medicine, previously Janssen Pharmaceuticals, Inc., one of the Janssen Pharmaceutical Companies of Johnson & Johnson, or Janssen. On April 23, 2024, the Company and Janssen entered into a license and technology transfer agreement, or the Janssen License Agreement, under which the Company reacquired all rights for CD388 from Janssen to develop and commercialize CD388. The Company formed wholly-owned subsidiaries, Cidara Therapeutics UK Limited, in England, and Cidara Therapeutics (Ireland) Limited, in Ireland, in March 2016 and October 2018, respectively, for the purpose of developing its product candidates in Europe. Sale of Rezafungin The Company’s first commercially approved product in the United States, or U.S., was REZZAYO ® (rezafungin for injection) which is indicated for the treatment of candidemia and invasive candidiasis in adults with limited or no alternative treatment options. On April 24, 2024, the Company and Napp Pharmaceutical Group Limited, or Napp, an affiliate of Mundipharma Medical Company, or Mundipharma, entered into an Asset Purchase Agreement, or the Napp Purchase Agreement, pursuant to which the Company sold to Napp all of the Company’s rezafungin assets and related contracts. The Company completed all conditions of the sale on April 24, 2024. The Company determined that the sale of rezafungin represented a strategic shift that will have a major effect on the Company’s operations and financial results. Accordingly, the sale of rezafungin is classified as discontinued operations. The results from discontinued operations of the rezafungin assets prior and subsequent to its sale are presented as income from discontinued operations in the consolidated statements of operations and comprehensive loss for all periods presented, including any gain or loss recognized on closing. The assets and liabilities for the rezafungin operations related activities prior and subsequent to its sale have been classified as discontinued operations and segregated for all periods presented in the consolidated balance sheets. See Note 10 for additional information. Reverse Stock Split On April 23, 2024, the Company effected the approved 1-for-20 reverse stock split of its shares of common stock, or the Reverse Stock Split. All references in this Annual Report on Form 10-K to the number of common shares, price per share and weighted average number of shares outstanding have been adjusted to reflect the Reverse Stock Split on a retroactive basis. As a result of the Reverse Stock Split, an immaterial amount was reclassified from common stock to additional paid-in capital. Basis of Presentation The Company has a limited operating history and the sales and income potential of the Company’s business and market are unproven. The Company has experienced net losses and negative cash flows from operating activities since its inception. At December 31, 2024, the Company had an accumulated deficit of $611.3 million. The Company expects to continue to incur net losses into the foreseeable future. Successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support the Company’s cost structure. At December 31, 2024, the Company had cash, cash equivalents and restricted cash of $196.2 million, which the Company expects will provide sufficient liquidity to support its planned operations for a period of at least one year following the date that these consolidated financial statements are issued as part of this Annual Report on Form 10-K. The Company’s ability to execute its current business plan beyond this date depends on its ability to obtain additional funding through equity offerings, debt financings, other third-party funding, or potential licensing or collaboration arrangements. The Company may not be able to raise additional funding on terms acceptable to the Company, or at all, and any failure to raise funds as and when needed will compromise the Company’s ability to execute on its business plan. The Company plans to continue to fund its losses from operations through cash, cash equivalents and restricted cash on hand, as well as through future equity offerings, debt financings, other third-party funding, or potential licensing or collaboration arrangements. There can be no assurance that additional funds will be available when needed from any source or, if available, will be available on terms that are acceptable to the Company. Even if the Company raises additional capital, the Company may also be required to modify, delay or abandon some of its plans which could have a material adverse effect on the Company’s business, operating results and financial condition and the Company’s ability to achieve its intended business objectives. Any of these actions could materially harm the Company’s business, results of operations and future prospects. Basis of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. The Company evaluates its estimates and assumptions on an ongoing basis. The most significant estimates in the Company’s consolidated financial statements relate to estimated collaboration expenses related to the Company’s collaboration and license agreements, certain accruals, including those related to nonclinical and clinical activities, and the stand-alone selling price of performance obligations associated with the Company’s collaboration, license, and purchase agreements. Although the estimates are based on the Company’s knowledge of current events, comparable companies, and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or CODM, which is the Chief Executive Officer of the Company. The Company views its operations and manages its business as a single reportable segment with a single operating segment as further described in the "Description of Business" in Note 1. The Company manages research and development, or R&D, activities on a consolidated basis. The Company expects to generate future revenue from a combination of license fees and other upfront payments, funded R&D agreements, milestone payments, product sales, government and other third-party funding, and royalties, which depend on the results, regulatory approval, and timing of the successful commercialization of its product candidates. Comprehensive loss is the measure of segment profit or loss used by CODM in making decisions regarding resource allocation and assessing performance, which is also reported on the consolidated statements of operations and comprehensive loss. The measure of segment assets is reported on the consolidated balance sheets as total assets. The CODM uses comprehensive loss in making decisions regarding resource allocation and evaluating financial performance. The following table represents the results of the Company’s reportable segment for the years ended December 31, 2024 and 2023: Years ended December 31, (In thousands) 2024 2023 Revenues generated in U.S. $ 1,275 $ 23,283 Less: Acquired in-process research and development (84,883) — Research and development - Cloudbreak platform (56,454) (25,936) Personnel costs (21,901) (15,360) General and administrative (11,753) (6,788) Research and development - Non-program (2,386) (2,259) Other segment items: Interest income, net 5,811 1,995 Income from discontinued operations, net of income taxes 464 2,149 Income tax expense — (15) Segment net loss and comprehensive loss $ (169,827) $ (22,931)

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Acquisitions The Company evaluates acquisitions of assets and other similar transactions to assess whether the transaction should be accounted for as a business combination or asset acquisition by first applying a screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen test is met, the transaction is accounted for as an asset acquisition. If the screen test is not met, further analysis is required to determine whether the Company has acquired inputs and processes that have the ability to create outputs which would meet the definition of a business. Significant judgment is required in the application of the screen test to determine whether an acquisition is a business combination or an acquisition of assets. Discontinued Operations The Company presents discontinued operations when there is a disposal of a component or a group of components that represents a strategic shift that will have a major effect on operations and financial results. The results from discontinued operations of the rezafungin assets prior and subsequent to its sale are presented as net income from discontinued operations in the consolidated statements of operations and comprehensive loss for all periods presented, including any gain or loss recognized on closing. The assets and liabilities for the rezafungin operations related activities prior and subsequent to its sale have been classified as discontinued operations and segregated for all periods presented in the consolidated balance sheets. See Note 10 for additional information. Cash, Cash Equivalents and Restricted Cash The Company considers all short-term investments purchased with a maturity of three months or less when acquired to be cash equivalents. Restricted cash consists of cash held as collateral to secure a standby letter of credit as required by certain contracts. The following table provides a reconciliation of cash, cash equivalents and restricted cash in the consolidated balance sheets to the total amount shown at the end of the applicable period in the consolidated statements of cash flows: December 31, December 31, (In thousands) Cash and cash equivalents $ 189,825 $ 35,778 Restricted cash 6,352 — Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 196,177 $ 35,778 Accounts Receivable Accounts receivable is stated at the original invoice amount and consists of amounts due from customers related to milestones achieved, certain R&D and clinical supply costs subject to reimbursements under the collaboration and license agreements, royalties earned, product sales, and the associated indirect taxes collectible from customers. The Company records accounts receivable net of any allowances for doubtful accounts for potential credit losses. An allowance for doubtful accounts is determined based on the financial condition and creditworthiness of customers and the Company considers economic factors and events or trends expected to affect future collections experience. Any allowance would reduce the net receivables to the amount that is expected to be collected. The payment history of the Company’s customers is considered in future assessments of collectability as these patterns are established over a longer period of time. The Company did not record any credit losses as of December 31, 2024 or 2023. Property and Equipment The Company records property and equipment at cost, which consists of laboratory equipment, computer equipment and software, office equipment, furniture and fixtures and leasehold improvements. Property and equipment is depreciated using the straight-line method over the estimated useful lives (generally three Finance Lease In accordance with Accounting Standards Codification , or ASC, 842, Leases , or ASC 842, the Company determines if a contract contains a lease at inception and recognizes finance lease right-of-use assets and finance lease liabilities based on the present value of the future minimum lease payments at the commencement date. The implicit rate within the Company’s finance lease was determinable and therefore used in determining the present value of future payments at the commencement date. Lease agreements that have lease and non-lease components are accounted for as a single lease component. The Company recognizes amortization of the right-of-use assets and interest on the lease liabilities for its finance lease. Finance lease right-of-use assets are amortized on a straight-line basis from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. However, if the lease transfers ownership of the underlying asset to the lessee or the lessee is reasonably certain to exercise an option to purchase the underlying asset, the right-of-use assets are amortized to the end of the useful life of the underlying asset. Operating Lease In accordance with ASC 842 the Company determines if a contract contains a lease at inception and recognizes operating lease right-of-use assets and operating lease liabilities based on the present value of the future minimum lease payments at the commencement date. As the Company’s operating leases do not provide an implicit rate, management develops incremental borrowing rates based on the information available at the commencement date in determining the present value of future payments. Lease agreements that have lease and non-lease components are accounted for as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. Concentration of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash, cash equivalents and restricted cash. The Company maintains deposits in government insured financial institutions in excess of government insured limits. The Company invests its cash balances in financial institutions that it believes have high credit quality, has not experienced any losses on such accounts and does not believe it is exposed to significant credit risk. Patent Costs The Company expenses all costs as incurred in connection with patent applications (including direct application fees, and the legal and consulting expenses related to making such applications) and such costs are included in general and administrative, or G&A, expenses in the accompanying statements of operations and comprehensive loss. Income Taxes The Company reports deferred income taxes in accordance with ASC 740, Income Taxes , or ASC 740. ASC 740 requires a company to recognize deferred tax assets and liabilities for expected future income tax consequences of events that have been recognized in the Company’s consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in the years in which the temporary differences are expected to reverse. Valuation allowances are provided if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions pursuant to ASC 740, which prescribes a recognition threshold and measurement process for financial statement recognition of uncertain tax positions taken or expected to be taken in a tax return. If the tax position meets this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in the provision for income taxes. Indirect Taxes The Company’s purchases of clinical drug supplies and raw materials, inventory transfers, and sales of commercial drug product are subject to indirect taxation in various jurisdictions outside of the U.S. Indirect tax payable is included in accrued indirect tax liabilities, the related expense is included in R&D expenses within discontinued operations, and the related interest and penalties are included in selling, general and administrative, or SG&A, expenses within discontinued operations. Subsequent to the sale of rezafungin, the Company retained the liability as part of its continuing operations and continued interest expense is included in G&A expenses in continuing operations. The accrual is for the indirect tax incurred in various tax jurisdictions outside of the U.S. as a consequence of the Company’s supply chain activities or in connection with commercial sales of REZZAYO. To the extent that any accrued indirect taxes are determined to not be due and payable, then any associated liabilities and operating expenses will be reversed as part of continuing operations at that time. Indirect tax amounts on commercial sales (product revenue) and asset disposals that can be billed to and recovered from our customers are included in accounts receivables. Indirect tax amounts related to inventory purchases and manufacturing are included in inventory within discontinued operations. Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers , or ASC 606, which applies to all contracts with customers, except for elements of certain contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. In a contract with multiple performance obligations, the Company must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation, which determines how the transaction price is allocated among the performance obligations. The estimation of the stand-alone selling price(s) may include estimates regarding forecasted revenues or costs, development timelines, discount rates, and probabilities of technical and regulatory success. The Company evaluates each performance obligation to determine if it can be satisfied at a point in time or over time. Any change made to estimated progress towards completion of a performance obligation and, therefore, revenue recognized will be recorded as a change in estimate. In addition, variable consideration must be evaluated to determine if it is constrained and, therefore, excluded from the transaction price. Collaboration Revenue If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in a contract, the Company recognizes revenues from the transaction price allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from the allocated transaction price. The Company evaluates the measure of progress at each reporting period and, if necessary, adjusts the measure of performance and related revenue or expense recognition as a change in estimate. At the inception of each arrangement that includes milestone payments, the Company evaluates whether the milestones are considered probable of being reached. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s or a collaboration partner’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. At the end of each reporting period, the Company re-evaluates the probability of achievement of milestones that are within its or a collaboration partner’s control, such as operational development milestones and any related constraint, and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which will affect collaboration revenues and earnings in the period of adjustment. Revisions to the Company’s estimate of the transaction price may also result in negative collaboration revenues and earnings in the period of adjustment. For arrangements that include sales-based royalties, including commercial milestone payments based on the level of sales, and a license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied, or partially satisfied. See Note 7 and Note 10 for additional information. Acquired In-process Research and Development Expenses Acquired in-process research and development, or IPR&D, expenses include consideration for the purchase of IPR&D through asset acquisitions and license agreements as well as payments made in connection with asset acquisitions and license agreements upon the achievement of development milestones. The Company evaluates license agreements for IPR&D projects to determine if it meets the definition of a business and thus should be accounted for as a business combination. If the license agreement for IPR&D does not meet the definition of a business and the assets have no alternative future use, the Company expenses payments made under such license agreements as acquired IPR&D expense in its consolidated statements of operations and comprehensive loss. In those cases, payments for milestones achieved and payments for a product license prior to regulatory approval of the product are expensed in the period incurred. Payments made in connection with regulatory and sales-based milestones will be capitalized and amortized to cost of revenue. Research and Development Costs R&D expenses consist of wages, benefits and stock-based compensation charges for R&D employees, scientific consultant fees, facilities and overhead expenses, laboratory supplies, manufacturing expenses in preclinical development and certain manufacturing expenses before FDA approval, nonclinical and clinical trial costs, and indirect taxes on clinical supplies and development materials. The Company accrues nonclinical and clinical trial expenses based on work performed, which relies on estimates of total costs incurred based on patient enrollment, completion of studies, and other events. Costs incurred in purchasing technology assets and intellectual property are charged to R&D expense if the technology has not been conclusively proven to be feasible and has no alternative future use. General and Administrative Expenses G&A expenses relate to finance, human resources, legal and other administrative activities. G&A expenses consist primarily of salaries and related benefits, including stock-based compensation, related to our executive, finance, legal, business development, commercial planning and support functions. Other G&A expenses include facility and overhead costs not otherwise included in R&D expenses, consultant expenses, travel expenses, professional fees for auditing, tax, legal, and other services, and any accrued interest and penalties on accrued indirect tax liabilities. Preclinical and Clinical Trial Accruals The Company makes estimates of its accrued expenses as of each balance sheet date in the financial statements based on the facts and circumstances known at that time. Accrued expenses for preclinical studies and clinical trials are based on estimates of costs incurred and fees that may be associated with services provided by contract research organizations, or CROs, clinical trial investigational sites and other clinical trial-related activities. Payments under certain contracts with such parties depend on factors such as successful enrollment of patients, site initiation and the completion of clinical trial milestones. In accruing for these services, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. If possible, the Company obtains information regarding unbilled services directly from these service providers. However, the Company may be required to estimate these services based on other available information. If the Company underestimates or overestimates the activities or fees associated with a study or service at a given point in time, adjustments to R&D expenses may be necessary in future periods. Historically, estimated accrued liabilities have approximated actual expense incurred. Subsequent changes in estimates may result in a material change in accruals. Stock-Based Compensation The Company accounts for stock-based compensation expense related to stock options, restricted stock units, or RSUs, performance-based RSUs, or PRSUs, and 2015 Employee Stock Purchase Plan, or ESPP, rights by estimating the fair value on the date of grant. The Company estimates the fair value of stock options granted to employees and non-employees using the Black-Scholes option pricing model. The fair value of RSUs and PRSUs granted to employees is estimated based on the closing price of the Company’s common stock on the date of grant. The assumptions included in the Black-Scholes option pricing model include (a) the risk-free interest rate, (b) the expected volatility of the Company’s stock, (c) the expected term of the award, and (d) the expected dividend yield. The Company computed the expected volatility data using the daily close prices for the Company’s common stock during the equivalent period of the calculated expected term of the Company’s stock-based awards. The Company estimated the expected life of employee stock options using the “simplified” method, whereby the expected life equals the average of the vesting term and the original contractual term of the option. The risk-free interest rates for periods within the expected life of the option are based on the yields of zero-coupon U.S. treasury securities. The expected dividend yield of zero reflects that the Company has not paid cash dividends since inception and does not intend to pay cash dividends in the foreseeable future. For awards subject to time-based vesting conditions, including those with a graded vesting schedule, stock-based compensation expense is recognized using the straight-line method. For performance-based awards to employees, (i) the fair value of the award is determined on the grant date, (ii) the Company assesses the probability of the individual performance milestones under the award being achieved and (iii) the fair value of the shares subject to the milestone is expensed over the implicit service period commencing once management believes the performance criteria is probable of being met. The Company recognizes forfeitures related to stock-based compensation as they occur and any compensation cost previously recognized for awards for which the requisite service has not been completed is reversed in the period that the award is forfeited. Net Earnings (Loss) Per Share The Company follows the guidance in ASC 260, Earnings Per Share , or ASC 260, which establishes standards regarding the computation of earnings per share, or EPS, by companies that have issued securities other than common stock that contractually entitle the holder to participate in dividends and earnings of a company. The guidance requires earnings to be hypothetically allocated between the common, preferred, and other participating stockholders based on their respective rights to receive non-forfeitable dividends, whether or not declared. Participating securities include Series A Convertible Voting Preferred Stock, or Series A Convertible Preferred Stock, Series X Convertible Preferred Stock, and pre-funded warrants, see Note 5 for additional information. Basic net EPS is then calculated by dividing the net income attributable to common stockholders (after the reduction for any preferred stock and assuming current income for the period had been distributed) by the weighted-average number of common shares outstanding for the period. The Company calculates diluted net EPS by using the more dilutive of the (1) treasury stock method, reverse treasury stock method or if-converted method, as applicable, or (2) the two-class method. Dilutive common stock equivalents are comprised of warrants (excluding pre-funded warrants), Series A Convertible Preferred Stock, Series X Convertible Preferred Stock, RSUs, PRSUs and options outstanding under the Company’s stock option plans and ESPP, on an as converted basis. Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and dilutive stock equivalents outstanding for the period determined using the treasury stock method or if-converted method. Under the two-class method, the net loss attributable to common stockholders is not allocated to the Series A Convertible Preferred Stock or the Series X Convertible Preferred Stock as the preferred stockholders do not have a contractual obligation to share in the Company’s losses. In loss periods, basic and diluted net loss per share are identical because the otherwise dilutive potential common shares become anti-dilutive and are therefore excluded. In accordance with ASC 260, if a company had a discontinued operation, the Company uses income (loss) from continuing operations as its control number to determine whether potential common shares are dilutive or anti-dilutive for purposes of reporting basic and diluted net earnings (loss) per common share from discontinued operations. As discussed in Note 5, as part of its November 2024 Private Placement (as defined below), the Company issued and sold pre-funded warrants to purchase up to an aggregate of 3,149,035 shares of common stock at a purchase price of $14.9119 per pre-funded warrant (representing the $14.912 per share purchase price less the exercise price of $0.0001 per pre-funded warrant share). Since the $0.0001 exercise price per pre-funded warrant share represents little consideration and is non-substantive in relation to the purchase price of $14.9119 per pre-funded warrant, and as the pre-funded warrants are exercisable at any time after their original issuance with no further vesting conditions or contingencies associated with them, the shares underlying the pre-funded warrants are therefore included in the calculation of basic net loss per common share. The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of basic and diluted net loss per share because doing so would be anti-dilutive (in common stock equivalent shares): December 31, 2024 2023 Common stock warrants 866 866 Series A Convertible Preferred Stock 14,330,750 — Series X Convertible Preferred Stock 1,052,236 1,052,236 Common stock options, RSUs and PRSUs issued and outstanding 2,481,011 638,037 Total 17,864,863 1,691,139 Fair Value of Financial Instruments The Company follows ASC 820-10, Fair Value Measurements and Disclosures , or ASC 820-10, with respect to fair value reporting for financial assets and liabilities. The guidance defines fair value, provides guidance for measuring fair value and requires certain disclosures. The guidance does not apply to measurements related to share-based payments. The guidance discusses valuation techniques such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Company’s financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued liabilities, accrued compensation and benefits, and lease liabilities. The carrying amount of these financial instruments are generally considered to be representative of their respective fair values because of their short-term nature. Recently Issued and Recently Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, or other standard setting bodies that are adopted by the Company as of the specified effective date. In November 2023, the FASB issued Accounting Standards Update, or ASU, 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company adopted ASU 2023-07 effective January 1, 2024, and included additional disclosures in Note 1. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires public entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The disclosure requirements will be applied on a prospective basis, with the option to apply them retrospectively. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company plans to adopt this guidance for the fiscal year ending December 31, 2025 and believes, based on its preliminary assessment, that this new guidance will not have a material impact on the Company’s consolidated financial statements or related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses . This ASU requires public business entities to disclose, for interim and annual reporting periods, additional information about certain income statement expense categories. The requirements are effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. Entities are permitted to apply either the prospective or retrospective transition methods. The Company is currently evaluating the impact that the adoption of this ASU will have on its consolidated financial statements. The Company believes, based on its preliminary assessment, that any other recently issued, but not yet adopted, accounting pronouncements will not have a material impact on the Company’s consolidated financial statements or related disclosures, or do not apply to the Company.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company follows ASC 820-10, which among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions, which reflect those that a market participant would use. The Company classifies investments in money market accounts within Level 1 as the prices are available from quoted prices in active markets. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented. The following tables summarize the Company’s financial instruments measured at fair value on a recurring basis (in thousands): TOTAL LEVEL 1 LEVEL 2 LEVEL 3 December 31, 2024 Assets: Cash and money market accounts $ 189,825 $ 189,825 $ — $ — Restricted cash and money market accounts 6,352 6,352 — — Total assets at fair value $ 196,177 $ 196,177 $ — $ — December 31, 2023 Assets: Cash and money market accounts $ 35,778 $ 35,778 $ — $ — Total assets at fair value $ 35,778 $ 35,778 $ — $ —

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT Property and equipment consisted of the following (in thousands): December 31, 2024 2023 Laboratory equipment $ 2,935 $ 2,817 Leasehold improvements 425 425 Computer hardware and software 327 327 Office equipment 36 36 Furniture and fixtures 142 142 3,865 3,747 Less accumulated depreciation and amortization (3,344) (3,190) Total $ 521 $ 557 Depreciation and amortization of property and equipment of $0.2 million and $0.1 million were recorded for the years ended December 31, 2024 and 2023, respectively.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Reverse Stock Split On April 23, 2024, the Company effected the Reverse Stock Split of its shares of common stock and decreased its authorized number of shares of common stock from 200,000,000 shares to 20,000,000 shares. All references in this Annual Report on Form 10-K to the number of common shares, price per share and weighted average number of shares outstanding have been adjusted to reflect the Reverse Stock Split on a retroactive basis. Controlled Equity Sales Agreement In September 2019, the Company began to sell shares of common stock under a controlled equity sales agreement, or the Sales Agreement, entered into on November 8, 2018 with Cantor Fitzgerald & Co., or Cantor. During the year ended December 31, 2023, the Company sold 310,983 shares of common stock under the Sales Agreement for net proceeds of approximately $8.7 million after deducting placement agent fees. The Company has not sold any shares of its common stock under the Sales Agreement since July 2023. The Company will not be able to sell shares of its common stock under the Sales Agreement until at least May 1, 2025, due to the loss of its Form S-3 eligibility for primary and secondary offerings. 2023 Underwritten Public Offering On March 7, 2023, the Company completed concurrent but separate underwritten public offerings with Cantor, the underwriter, and issued and sold 554,300 shares of its common stock, including the exercise in full by Cantor of their option to purchase an additional 72,300 shares of common stock, and 286,000 shares of the Company’s Series X Convertible Preferred Stock. Cantor agreed to purchase the shares of common stock at a price of $25.34 per share and the shares of Series X Convertible Preferred Stock at a price of $12.67 per share. The total gross proceeds from the offerings, including the full exercise by Cantor of its option to purchase additional shares of common stock, were approximately $19.5 million, before deducting underwriting discounts and commissions and offering expenses. The Company received total net proceeds of approximately $17.3 million, after deducting underwriting discounts, commissions, and other expenses payable by the Company. April 2024 Private Placement On April 23, 2024, the Company entered into a securities purchase agreement with certain institutional and other accredited investors, pursuant to which the Company issued and sold, in a private placement, or the April 2024 Private Placement, 240,000 shares of Series A Convertible Preferred Stock at a purchase price of $1,000 per share. The closing of the April 2024 Private Placement took place on April 24, 2024, and the Company received total gross proceeds of $240.0 million. The Company received total net proceeds of approximately $239.1 million, after deducting issuance costs payable by the Company. November 2024 Private Placement On November 20, 2024, the Company entered into a securities purchase agreement with certain institutional accredited investors, pursuant to which the Company issued and sold, in a private placement, or the November 2024 Private Placement, (i) an aggregate of 3,892,274 shares of the Company’s common stock at a purchase price of $14.912 per share, and (ii) in lieu of shares of common stock to certain investors, pre-funded warrants to purchase up to an aggregate of 3,149,035 shares of common stock at a purchase price of $14.9119 per pre-funded warrant (representing the $14.912 per share purchase price less the exercise price of $0.0001 per pre-funded warrant share). The pre-funded warrants are exercisable at any time after their original issuance and will not expire. The closing of the November 2024 Private Placement took place on November 26, 2024, and the Company received total gross proceeds of $105.0 million. The Company received total net proceeds of approximately $98.2 million, after deducting issuance costs payable by the Company. Preferred Stock Under the Company’s amended and restated certificate of incorporation, as amended, the Company’s board of directors has the authority, without further action by the stockholders, to issue up to 10,000,000 shares of preferred stock in one or more series, to establish from time to time the number of shares to be included in each such series, to fix the rights, preferences and privileges of the shares of each wholly unissued series and any qualifications, limitations or restrictions thereon and to increase or decrease the number of shares of any such series, but not below the number of shares of such series then outstanding. The Company had 10,000,000 shares of preferred stock authorized at December 31, 2024. Series A Convertible Preferred Stock In April 2024, the Company designated 240,000 shares of preferred stock as Series A Convertible Preferred Stock with a par value of $0.0001 per share. On July 18, 2024, the Company’s stockholders approved, for purposes of Nasdaq Listing Rule 5635(b), the issuance of up to 16,800,000 shares of common stock upon conversion of 240,000 shares of Series A Convertible Preferred Stock issued in the April 2024 Private Placement. On July 19, 2024, the Company issued 2,469,250 shares of common stock upon the automatic conversion of 35,275 shares of Series A Convertible Preferred Stock, subject to the terms and limitations contained in the Certificate of Designation of Preferences, Rights and Limitations of the Series A Convertible Voting Preferred Stock, including that shares of Series A Convertible Preferred Stock shall not be convertible if the conversion would result in a holder beneficially owning more than 9.99% of the Company's outstanding shares of common stock as of the applicable conversion date. After conversion, the converted shares of Series A Convertible Preferred Stock resumed the status of authorized but unissued shares of preferred stock and are no longer designated as Series A Convertible Preferred Stock. As of December 31, 2024, shares of preferred stock designated as Series A Convertible Preferred Stock totaled 204,725. The specific terms of the Series A Convertible Preferred Stock are as follows: Conversion: Each share of Series A Convertible Preferred Stock is convertible at the option of the holder into 70 shares of common stock. Holders are not permitted to convert Series A Convertible Preferred Stock into common stock if, after conversion, the holder, its affiliates, and any other person whose beneficial ownership of common stock would be aggregated with the holder’s for purposes of Section 13(d) or Section 16 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, would beneficially own more than 9.99% of the number of shares of common stock outstanding immediately after the conversion. Dividends: Holders of Series A Convertible Preferred Stock are not entitled to receive any dividends except to the extent that dividends are paid on the Company’s common stock. If dividends are paid on shares of common stock, holders of Series A Convertible Preferred Stock are entitled to participate in such dividends on an as-if-converted basis. Liquidation: Upon the liquidation, dissolution, or winding up of the Company, each holder of Series A Convertible Preferred Stock will participate pari passu with any distribution of proceeds to holders of Series X Convertible Preferred Stock and common stock. Voting: Holders of the Series A Convertible Preferred Stock are entitled to vote together with the holders of common stock on an as-if-converted basis on all matters submitted to a vote of stockholders; provided that holders of Series A Convertible Preferred Stock are not permitted to vote with respect to matters submitted to a vote of stockholders, to the extent that after giving effect to such action, such holder, its affiliates, and any other person whose beneficial ownership of common stock would be aggregated with the holder’s for purposes of Section 13(d) or Section 16 of the Exchange Act, would beneficially own more than 9.99% of the number of shares of common stock outstanding immediately after the action. The Company evaluated the Series A Convertible Preferred Stock for liability or equity classification under ASC 480, Distinguishing Liabilities from Equity , and determined that equity treatment is appropriate as it does not meet the criteria for liability accounting. Additionally, the Series A Convertible Preferred Stock is not redeemable for cash or other assets (i) on a fixed or determinable date, (ii) at the option of the holder, and (iii) upon the occurrence of an event that is not solely within control of the Company. As such, the Series A Convertible Preferred Stock is recorded as permanent equity. Series X Convertible Preferred Stock In May 2018, the Company designated 5,000,000 shares of preferred stock as Series X Convertible Preferred Stock with a par value of $0.0001 per share. On August 12, 2020, at the request of certain holders, 52,241 shares of the Company’s Series X Convertible Preferred Stock were converted to an aggregate of 26,120 shares of the Company’s common stock. After conversion, the converted shares of Series X Convertible Preferred Stock resumed the status of authorized but unissued shares of preferred stock and are no longer designated as Series X Convertible Preferred Stock. As of December 31, 2024 and 2023, shares of preferred stock designated as Series X Convertible Preferred Stock totaled 4,947,759. The specific terms of the Series X Convertible Preferred Stock are as follows: Conversion: Each share of Series X Convertible Preferred Stock is convertible at the option of the holder into 0.5 shares of common stock. Holders are not permitted to convert Series X Convertible Preferred Stock into common stock if, after conversion, the holder, its affiliates, and any other person whose beneficial ownership of common stock would be aggregated with the holder’s for purposes of Section 13(d) or Section 16 of the Exchange Act, would beneficially own more than 9.99% of the number of shares of common stock outstanding immediately after the conversion. Dividends: Holders of Series X Convertible Preferred Stock are not entitled to receive any dividends except to the extent that dividends are paid on the Company’s common stock. If dividends are paid on shares of common stock, holders of Series X Convertible Preferred Stock are entitled to participate in such dividends on an as-converted basis. Liquidation: Upon the liquidation, dissolution, or winding up of the Company, each holder of Series X Convertible Preferred Stock will participate pari passu with any distribution of proceeds to holders of common stock. Voting: Shares of Series X Convertible Preferred Stock will generally have no voting rights, except as required by law and except that the consent of the holders of a majority of the outstanding Series X Convertible Preferred Stock will be required to amend the terms of the Series X Convertible Preferred Stock , if such action would adversely alter or change the preferences, rights, privileges or powers of, or restrictions provided for the benefit of the Series X Convertible Preferred Stock, or to increase or decrease (other than by conversion) the number of authorized shares of Series X Convertible Preferred Stock. The Company evaluated the Series X Convertible Preferred Stock for liability or equity classification under ASC 480, Distinguishing Liabilities from Equity , and determined that equity treatment was appropriate because the Series X Convertible Preferred Stock did not meet the definition of liability instruments defined thereunder as convertible instruments. Additionally, the Series X Convertible Preferred Stock is not redeemable for cash or other assets (i) on a fixed or determinable date, (ii) at the option of the holder, and (iii) upon the occurrence of an event that is not solely within control of the Company. As such, the Series X Convertible Preferred Stock is recorded as permanent equity. Common Stock On July 18, 2024, the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation, as amended, to increase the authorized number of shares of common stock from 20,000,000 shares to 50,000,000 shares, which amendment was filed by the Company with the Secretary of State of the State of Delaware on July 18, 2024 and was effective as of such date. The Company had 50,000,000 shares of common stock authorized as of December 31, 2024. Holders of outstanding shares of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the holders of common stock. Subject to the rights of the holders of any class of the Company’s capital stock having any preference or priority over common stock, the holders of common stock are entitled to receive dividends that are declared by the Company’s board of directors out of legally available funds. In the event of a liquidation, dissolution or winding-up, the holders of common stock are entitled to share ratably in the net assets remaining after payment of liabilities, subject to prior rights of preferred stock, if any, then outstanding. The common stock has no preemptive rights, conversion rights, redemption rights or sinking fund provisions, and there are no dividends in arrears or default. All shares of common stock have equal distribution, liquidation and voting rights, and have no preferences or exchange rights. Common Stock Warrants As of December 31, 2024, (i) warrants to purchase up to an aggregate of 866 shares of the Company’s common stock were outstanding, each with an exercise price of $230.95 per share and (ii) pre-funded warrants to purchase up to an aggregate of 3,149,035 shares of the Company’s common stock were outstanding, each with an exercise price of $0.0001 per share. As of December 31, 2023, warrants to purchase up to an aggregate of 866 shares of the Company’s common stock were outstanding, each with an exercise price of $230.95 per share. During the year ended December 31, 2023, 624,993 common stock warrants expired unexercised. The warrants had no intrinsic value as of December 31, 2024 and 2023 and the pre-funded warrants had a total aggregate intrinsic value of $84.6 million as of December 31, 2024. The intrinsic value of a common stock warrant is the difference between the market price of the common stock at the measurement date and the exercise price of the warrant. Common Stock Reserved for Future Issuance Common stock reserved for future issuance is as follows (in common stock equivalent shares): December 31, 2024 2023 Common stock warrants, including pre-funded warrants 3,149,901 866 Series A Convertible Preferred Stock 14,330,750 — Series X Convertible Preferred Stock 1,052,236 1,052,236 Common stock options, RSUs and PRSUs issued and outstanding 2,481,011 638,037 Authorized for future stock awards 1,021,947 170,783 Awards available under the ESPP 63,631 49,623 Total 22,099,476 1,911,545

EQUITY INCENTIVE PLANS

EQUITY INCENTIVE PLANS	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
EQUITY INCENTIVE PLANS	EQUITY INCENTIVE PLANS 2024 Equity Incentive Plan, 2020 Inducement Incentive Plan and 2015 Equity Incentive Plan In May 2024, the Company’s board of directors approved and adopted the Company’s 2024 Equity Incentive Plan, or 2024 EIP. In July 2024, the Company’s stockholders approved the adoption of the 2024 EIP. The 2024 EIP is the successor to and continuation of the Company’s 2015 Equity Incentive Plan, or 2015 EIP, previously approved and adopted in March 2015 by the Company’s board of directors and stockholders. The 2024 EIP became effective on July 18, 2024. Upon the effectiveness of the 2024 EIP, no additional awards were or will be granted under the 2015 EIP, although all outstanding stock awards granted under the 2015 EIP continue to be governed by the terms of the 2015 EIP. Under the 2024 EIP, the Company may grant stock options, stock appreciation rights, restricted stock, RSUs, and other awards to individuals who are employees, officers, directors or consultants of the Company. In December 2020, the Company’s board of directors approved and adopted the 2020 Inducement Incentive Plan, which was most recently amended in February 2025, or 2020 IIP. Under the 2020 IIP, the Company may grant stock options, stock appreciation rights, restricted stock, RSUs, and other awards to individuals who were not previously employees or directors of the Company, or who are returning to employment following a bona fide period of non-employment with the Company, as an inducement material to such persons entering into employment with the Company. Terms of stock award agreements, including vesting requirements, are determined by the board of directors (or the compensation and human capital committee thereof), subject to the provisions of the 2024 EIP, 2020 IIP and 2015 EIP. Stock options granted by the Company generally vest over a three 2015 Employee Stock Purchase Plan In March 2015, the Company’s board of directors and stockholders approved and adopted the ESPP. The ESPP allows substantially all employees to purchase the Company’s common stock through a payroll deduction at a price equal to 85% of the lower of the fair market value of the stock as of the beginning or the end of each purchase period. An employee’s payroll deductions under the ESPP are limited to 15% of the employee’s eligible compensation. During the years ended December 31, 2024 and 2023, 10,508 shares and 15,465 shares, respectively, were issued pursuant to the ESPP. As of December 31, 2024, total unrecognized compensation expense related to the ESPP was $0.1 million and is expected to be recognized over approximately 0.6 years. Restricted Stock Units The following table summarizes RSU and PRSU activity during the year ended December 31, 2024: Number of Weighted Average Grant Date Fair Value Outstanding at December 31, 2023 104,886 $ 22.83 RSUs granted 153,012 12.30 RSUs vested (43,179) 24.31 RSUs and PRSUs canceled (37,446) 19.59 Outstanding at December 31, 2024 177,273 $ 14.06 The weighted-average grant date fair value of RSUs granted by the Company during the year ended December 31, 2023 was $20.04 per share. The total fair value of RSUs vested during the years ended December 31, 2024 and 2023 was approximately $1.0 million and $0.7 million, respectively. At December 31, 2024, estimated unrecognized compensation expense related to RSUs granted was approximately $1.9 million. This unrecognized compensation cost is expected to be recognized over a weighted-average period of approximately 2.3 years. Stock Options The following table summarizes stock option activity during the year ended December 31, 2024: Number of Weighted Weighted Total Aggregate Outstanding at December 31, 2023 533,151 $ 44.61 6.72 $ 57 Options granted 1,891,401 11.73 Options exercised (4,144) 14.59 Options canceled (116,670) 28.13 Outstanding at December 31, 2024 2,303,738 $ 18.50 8.84 $ 29,729 Vested and expected to vest at December 31, 2024 2,303,738 $ 18.50 8.84 $ 29,729 Exercisable at December 31, 2024 558,680 $ 38.59 6.40 $ 3,792 The intrinsic value of a stock option is the difference between the market price of the common stock at the measurement date and the exercise price of the option. The weighted-average grant date fair value of stock options granted by the Company during the years ended December 31, 2024 and 2023 was $8.47 and $14.45, respectively, per share. As of December 31, 2024, total unrecognized share-based compensation expense related to unvested stock options was approximately $15.0 million. This unrecognized compensation cost is expected to be recognized over a weighted-average period of approximately 2.7 years. The following table summarizes the Black-Scholes option pricing model assumptions used to estimate the fair value of stock options granted to employees under the 2024 EIP, 2020 IIP and 2015 EIP and the shares purchasable under the 2015 ESPP during the periods presented: For the years ended December 31, 2024 2023 2024 EIP, 2020 IIP and 2015 EIP Risk-free interest rate 3.63% - 4.68% 3.58% - 4.61% Expected dividend yield 0% 0% Expected volatility 82% - 87% 82% - 83% Expected term (years) 5.23 - 6.08 5.50 - 6.08 2015 ESPP Risk-free interest rate 4.34% - 5.42% 4.29% - 5.43% Expected dividend yield 0% 0% Expected volatility 60% - 109% 64% - 147% Expected term (years) 0.50 - 2.00 0.50 - 2.00 Stock-based compensation expense recognized for RSUs, PRSUs, stock options, and the ESPP has been reported in the consolidated statements of operations and comprehensive loss as follows (in thousands): Years ended December 31, 2024 2023 Stock compensation expense: Research and development $ 1,426 $ 839 General and administrative 2,250 1,469 Stock compensation expense recorded in continuing operations 3,676 2,308 Stock compensation expense recorded in discontinued operations 231 753 Total stock compensation expense $ 3,907 $ 3,061

SIGNIFICANT AGREEMENTS AND CONT

SIGNIFICANT AGREEMENTS AND CONTRACTS	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SIGNIFICANT AGREEMENTS AND CONTRACTS	SIGNIFICANT AGREEMENTS AND CONTRACTS Janssen License Agreement On April 23, 2024, the Company reacquired all rights to develop and commercialize CD388 when the Company and Janssen entered into a license and technology transfer agreement, or the Janssen License Agreement, which also effectively terminated the Janssen Collaboration Agreement (as defined below), including the license granted by the Company to Janssen. Under the Janssen License Agreement, the Company assumed responsibility for further clinical development, manufacture, registration and commercialization of DFCs based on the Company’s Cloudbreak platform for the prevention and treatment of influenza, including CD388 and products or compounds containing CD388. Janssen granted the Company an exclusive, worldwide, fee-bearing royalty-free license for certain Janssen-controller technology to develop, manufacture, and commercialize compounds and products, including CD388. Janssen agreed to (i) transfer and disclose to the Company certain Janssen-controlled know-how related to CD388, including manufacturing know-how, data and documentation, (ii) transfer all existing quantities of CD388 clinical materials, and (iii) transfer the cell banks used by or on behalf of Janssen for the production of CD388. The Company paid Janssen an upfront payment of $85.0 million on April 24, 2024. The Company is also obligated to pay Janssen up to $150.0 million in development and regulatory milestone payments with respect to CD388 and up to $455.0 million in commercialization milestone payments with respect to CD388. The Company has no obligation to pay any royalties to Janssen for future sales of any commercialized CD388 product. As the Company had an existing revenue contract with Janssen, or the Janssen Collaboration Agreement, the Company considered the contract modification and consideration payable to a customer guidance in ASC 606. The Company determined this bundled arrangement would be accounted for as a termination of the existing revenue contract and the creation of a new arrangement. No amounts paid or payable to Janssen were recorded against revenue as the consideration payable to Janssen does not exceed the fair value of the distinct assets acquired in the Janssen License Agreement. In accordance with authoritative guidance, the Company was determined to be the accounting acquirer and substantially all of the fair value of the gross assets acquired is concentrated in the IPR&D of CD388. The reacquired license to develop, manufacture, and commercialize activities of CD388 is part of the acquired IPR&D. The transaction was accounted for as an asset acquisition. The acquired IPR&D did not have an alternative future use as of the acquisition date. Therefore the initial purchase price of $85.4 million, inclusive of $0.4 million in direct transaction costs, was expensed as of the acquisition date as acquired IPR&D in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2024. Prior to the acquisition, the Company had $0.5 million in contract liabilities related to deferred revenue balances and unearned cancelled performance obligations associated with the Janssen Collaboration Agreement. The settlement of the preexisting contract liabilities was recorded as an offset to the Janssen License Agreement’s initial purchase price resulting in $84.9 million expensed as acquired IPR&D in the consolidated statements of operations and comprehensive loss. The Company’s contingent future obligation to pay Janssen up to $150.0 million in development and regulatory milestone payments with respect to CD388 and up to $455.0 million in commercialization milestone payments with respect to CD388 will be recognized if and when the contingency is resolved and the consideration is paid or becomes payable. Janssen Collaboration Agreement On March 31, 2021, the Company and Janssen entered into the Janssen Collaboration Agreement to develop and commercialize one or more DFCs based on the Company’s Cloudbreak platform, for the prevention and treatment of influenza, including CD388 and CD377, or the Products. The effectiveness of the Janssen Collaboration Agreement, including the effectiveness of the terms and conditions described below, was subject to the expiration or earlier termination of all applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, or HSR. HSR clearance was obtained on May 12, 2021 and the Janssen Collaboration Agreement became effective on the same date. Collaboration . The Company and Janssen collaborated in the research, preclinical development and early clinical development of CD388 or another mutually-agreed influenza DFC development candidate, or, in each case, the Development Candidate, under a mutually-agreed R&D plan, or the Research Plan, with the objective of advancing such Development Candidate through the completion of mutually-agreed Phase 1 clinical trials and the first Phase 2 clinical trial, or Phase 2 Study. Unless otherwise agreed by the parties, the Company was responsible for performing, or having performed, all investigational new drug application, or IND, -enabling studies and clinical trials under the Research Plan, and the Company was the IND holder for the Research Plan clinical trials. Both parties were responsible for conducting certain specified chemistry, manufacturing and controls, or CMC, development activities under the Research Plan. Janssen was solely responsible, and reimbursed the Company, for internal full-time equivalent and out-of-pocket costs incurred by the Company in performing Research Plan activities in accordance with a mutually-agreed budget. In September 2023, Janssen delivered its Election to Proceed Notice for CD388 whereby Janssen assumed the future development, manufacturing and commercialization activities of CD388 under the Janssen Collaboration Agreement. The Company continued to work in collaboration with Janssen to complete the Phase 1 and Phase 2a clinical trials and was reimbursed for all ongoing development activities by Janssen as per the Janssen Collaboration Agreement. Following Janssen’s Election to Proceed Notice, Janssen, was obligated at its sole expense to diligently continue development and commercialization. Licenses . Upon the effectiveness of the Janssen Collaboration Agreement, the Company granted Janssen an exclusive, worldwide, royalty-bearing license to develop, register and commercialize Products, subject to the Company’s retained right to conduct Research Plan activities as described above. In addition, the Company granted Janssen an exclusive right of first negotiation until December 31, 2021, to negotiate and enter into a separate definitive agreement pursuant to which the parties would collaborate in the R&D of DFCs for the treatment or prevention of respiratory syncytial virus. This right of first negotiation expired on December 31, 2021. Non-Compete Covenant . The Company covenanted that, except for the performance of Research Plan activities, from the effectiveness of the Janssen Collaboration Agreement until the fifth anniversary of the completion of all Research Plan activities and the Company’s delivery to Janssen of all Research Plan deliverables, the Company and its affiliates will not directly or indirectly (including through any third-party contractor or through or in collaboration with any third-party licensee) develop, file any IND or application for marketing approval for, or commercialize any DFC that binds influenza or influenza viral proteins at therapeutic levels, except that the Company has the right to conduct limited internal research of such DFCs for the purposes of generating data to support patent filings and improving and further developing the Company’s DFC technology more broadly. The Company’s non-compete covenant described above does not apply to any DFC that demonstrates high specificity for a virus other than the influenza virus and does not possess significant activity against the influenza virus. Financial Terms . Upon the effectiveness of the Janssen Collaboration Agreement, Janssen paid the Company an upfront payment of $27.0 million. As of the execution of the Janssen Collaboration Agreement, the Company was eligible for reimbursement by Janssen of up to $58.2 million in R&D costs incurred in conducting Research Plan activities. The Company was also eligible to receive up to $695.0 million in development, regulatory and commercial milestone payments, as well as royalties on tiers of annual net sales at rates from the mid-single digits to the high-single digits. Termination . The Janssen Collaboration Agreement was terminated upon the effectiveness of the Janssen License Agreement on April 24, 2024, and all potential future milestone payments and royalties were forfeited by the Company. Revenue Recognition Prior to the Janssen Collaboration Agreement termination on April 24, 2024, the Company determined the transaction price is equal to the up-front fee of $27.0 million, plus the R&D funding of $47.8 million, plus milestones achieved of $10.0 million. The transaction price included the total estimated costs related to R&D and clinical supply services. No revenue was reversed due to the change in transaction price as revenue is recognized based on actual amounts billed. The transaction price was allocated to the performance obligations on the basis of the relative stand-alone selling price estimated for each performance obligation. In estimating the stand-alone selling price for each performance obligation, the Company utilized discounted cash flows and developed assumptions that required judgment and included forecasted revenues, expected development timelines, discount rates, probabilities of technical and regulatory success, costs to continue the R&D efforts and costs for manufacturing clinical supplies. A description of the distinct performance obligations identified under the Janssen Collaboration Agreement, as well as the amount of revenue allocated to each distinct performance obligation, was as follows: Licenses of Intellectual Property. The license to the Company’s intellectual property, bundled with the associated know-how, represented a distinct performance obligation. The license and associated know-how was transferred to Janssen in May 2021, therefore the Company recognized the revenue related to this performance obligation in the amount of $26.8 million in May 2021 as collaboration revenue in its consolidated statements of operations and comprehensive loss. Research and Development Services. The R&D services performed represented a distinct performance obligation. The Company recognized revenue based on actual amounts incurred as the underlying services are provided and billed at fair value. Clinical Supply Services. The Company’s initial obligation to supply drug supply for ongoing development represents a distinct performance obligation. The Company recognized revenue based on actual amounts incurred as the underlying services were provided and billed at fair value. Milestone Payments. In March 2022 and September 2023, the Company achieved milestones of $3.0 million and $7.0 million, respectively, under the Janssen Collaboration Agreement that the Company deemed to be tied to all the performance obligations identified in the original agreement. Revenue associated with these milestones has been allocated proportionately to the original transaction price which was allocated to the performance obligations on the basis of the relative stand-alone selling price estimated for each performance obligation. In conjunction with the performance obligations already delivered, revenue was recognized based on the progress of these performance obligations, the unrecognized portion was recorded as contract liabilities at the reporting period end and was expected to be recognized as revenue over the remaining progress of these performance obligations. The Company received payment for these milestones in May 2022 and September 2023, respectively. Royalties. As the license was deemed to be the predominant item to which sales-based royalties related, the Company recognized royalty revenue when the related sales occurred. No royalty revenue was recognized during the years ended December 31, 2024 and 2023. Contract Liabilities The following table presents a summary of the activity in the Company’s contract liabilities pertaining to the Janssen Collaboration Agreement during the year ended December 31, 2024 (in thousands): Opening balance, December 31, 2023 $ 430 Revenue from performance obligations satisfied during reporting period (370) Gain on settlement of unsatisfied performance obligations (60) Closing balance, December 31, 2024 $ — As of December 31, 2024, the aggregate transaction price allocated to performance obligations that are unsatisfied is zero under the Janssen Collaboration Agreement. As of December 31, 2024, the Company recorded no accounts receivable associated with the Janssen Collaboration Agreement. As of December 31, 2023, the Company recorded $1.9 million in accounts receivable associated with the Janssen Collaboration Agreement. The following table presents collaboration revenue under the Janssen Collaboration Agreement (in thousands): Year Ended December 31, 2024 Year Ended December 31, 2023 Revenue from Janssen Collaboration Agreement: Point in Time: License of Intellectual Property - upon milestones achieved $ — $ 2,347 Over Time: Research and Development Services 1,273 19,011 Clinical Supply Services 2 1,925 Total Revenue from Janssen Collaboration Agreement $ 1,275 $ 23,283

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The tax provision for income taxes from continuing operations consisted of the following (in thousands): December 31, 2024 2023 Current tax (benefit) provision: Federal $ — $ (1) State — 16 Total current tax provision — 15 Deferred tax provision: Federal — — State — — Total deferred tax provision — — Total tax provision $ — $ 15 The Company accounts for income taxes under ASC 740. Deferred income tax assets and liabilities are determined based upon differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The following table provides a reconciliation between income taxes from continuing operations computed at the federal statutory rate and the provision for income taxes (in thousands): Years Ended December 31, 2024 2023 Federal income taxes at 21% for 2024 and 2023 $ (35,761) $ (5,264) State income tax, net of federal benefit (1,730) (241) Nondeductible expenses 478 234 Tax credits (4,683) (1,096) Rate change 108 (54) Change in valuation allowance 39,911 5,861 Reserve for uncertain tax positions 1,171 273 162m deferred tax asset limitation 195 128 Expired stock awards 227 174 Other 84 — Income tax expense $ — $ 15 Prior year tax expense is primarily the result of capitalized Internal Revenue Code, or IRC, Section 174 R&D expenditures, effective January 1, 2022, creating taxable income which can be offset with net operating losses and credits that are limited in use by IRC Sections 382 and 383. The income tax expense from discontinued operations for the year ended December 31, 2023 of $0.4 million is not included in the above income tax provision from continuing operations. Significant components of the Company’s net deferred tax assets are as follows (in thousands): December 31, 2024 2023 Deferred tax assets: Net operating losses $ 46,721 $ 35,506 Tax credits 13,775 9,747 Intangibles 17,946 136 Capitalized R&D 37,218 25,871 Stock compensation 1,411 1,424 Lease liabilities 660 1,112 Contract liabilities — 5,951 Accrued indirect tax liabilities 3,109 4,114 Other 840 725 Total deferred tax assets 121,680 84,586 Less valuation allowance (120,898) (83,086) Deferred tax assets, net of valuation allowance 782 1,500 Deferred tax liabilities: Prepaid expenses (180) (214) Capitalized inventory costs — (244) Right-of-use assets (602) (1,042) Total deferred tax liabilities (782) (1,500) Net deferred tax assets $ — $ — The deferred income tax assets and liabilities associated with discontinued operations remain in the Company’s consolidated balance sheets rather than being included in the assets and liabilities for discontinued operations, as the sale of rezafungin is structured as a sale of assets. Certain deferred income tax assets and liabilities associated with discontinued operations were realized upon the sale of rezafungin assets in April 2024. At December 31, 2024, the Company had federal and state tax net operating loss carryforwards of approximately $202.8 million and $145.2 million, respectively. The federal and state net operating loss carryforwards begin to expire in 2035 and 2029, respectively, unless previously utilized. The Company also has federal R&D credit and orphan drug credit carryforwards totaling $14.1 million and state R&D credit carryforwards totaling $6.2 million. The federal R&D credit and orphan drug credit carryforwards begin to expire in 2038, unless previously utilized. The state R&D credit carryforwards have no expiration date, with the exception of an immaterial amount that will begin to expire in 2029. At December 31, 2024, management assessed the realizability of the Company's deferred tax assets by considering whether it is more likely than not some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considered the scheduled reversal of deferred tax liabilities, tax planning strategies and projected future taxable income in making this assessment. Due to cumulative operating losses for the three years ended December 31, 2024, the Company recorded a full valuation allowance against its U.S. federal and state deferred tax assets of $120.9 million and $83.1 million, respectively, as management has determined that it is more likely than not that the tax benefits will not be realized in the future. The valuation allowance increased by $37.8 million and $6.4 million in 2024 and 2023, respectively. Future utilization of the Company’s net operating loss and tax credit carryforwards to offset future taxable income may be subject to an annual limitation, pursuant to IRC Sections 382 and 383, as a result of ownership changes that may have occurred or that could occur in the future. An ownership change occurs when a cumulative change in ownership of more than 50% occurs within a three-year period. The Company has completed an IRC Section 382/383 analysis regarding the limitation of net operating loss and R&D credit carryforwards through 2023 and has adjusted the attributes for their estimated limitation. The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more likely than not recognition at the effective date to be recognized. At December 31, 2024 and 2023, the unrecognized tax benefits recorded were approximately $12.9 million and $11.5 million, respectively. Approximately $11.0 million of the unrecognized tax benefits would reduce the Company’s annual effective tax rates, if recognized, subject to the valuation allowance. The Company adjusted the uncertain tax position in the current year primarily related to federal and state R&D credits generated during 2024. The Company does not anticipate a significant change in the unrecognized tax benefits within the next 12 months. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for 2024 and 2023 is as follows (in thousands): Years Ended December 31, 2024 2023 Balance as of the beginning of the year $ 11,520 $ 11,015 Increases related to current year tax positions 1,386 552 Decreases related to prior year tax positions — (47) Balance as of the end of the year $ 12,906 $ 11,520 The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by the U.S. and state jurisdictions where applicable. There are currently no pending income tax examinations. The Company’s tax years from inception in 2012 are subject to examination by the federal and state tax authorities due to the carryforward of unutilized net operating losses and R&D credits. The Company’s practice is to recognize interest and penalties related to income tax matters in income tax expense. The Company has not recognized interest or penalties since inception.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation From time to time, the Company may be involved in various lawsuits, legal proceedings, or claims that arise in the ordinary course of business. Management believes there are no claims or actions pending against the Company at December 31, 2024 which will have, individually or in the aggregate, a material adverse effect on its business, liquidity, financial position or results of operations. Litigation, however, is subject to inherent uncertainties, and an adverse result in such matters may arise from time to time that may harm the Company’s business. Finance Lease Obligations The Company has a finance lease for lab equipment which was entered into in November 2023. The finance lease has a term of 36 months, monthly lease payments of $25,009, and an option to purchase the lab equipment for $1 at the end of the finance lease term. As of December 31, 2024, the Company was reasonably certain that it would exercise the option to purchase the lab equipment at the end of the finance lease term. The useful life of the lab equipment is estimated to be 10 years. The rate implicit to the finance lease used in measuring the Company’s finance lease liability was 8.0%. The following table presents information about the amount and timing of cash flows arising from the Company’s finance lease as of December 31, 2024 (in thousands): 2025 $ 300 2026 300 2027 25 Total undiscounted finance lease payments 625 Less: Imputed interest (51) Present value of finance lease payments $ 574 The balance sheet classification of the Company’s finance lease is as follows (in thousands): Balance Sheet Classification: Finance lease right-of-use asset $ 788 Accumulated amortization (85) Net finance lease right-of-use asset $ 703 Current portion of finance lease liability $ 264 Long-term finance lease liability 310 Total finance lease liabilities $ 574 As of December 31, 2024, the weighted average remaining finance lease term was 2.1 years. Cash paid for amounts included in the measurement of finance lease liabilities was $0.3 million and zero for the years ended December 31, 2024 and 2023, respectively. Finance lease costs were $0.1 million and immaterial for the years ended December 31, 2024 and 2023, respectively. Operating Lease Obligations The Company has an operating lease for laboratory and office space in San Diego, California which was entered into in June 2014. Amendments for additional space were entered into in February 2015, March 2015 and August 2015. On April 20, 2023, the Company entered into a seventh amendment to its operating lease with Nancy Ridge Technology Center, L.P. which extended the term of the operating lease by an additional 36 months and increased the base rent to $133,371 per month effective January 1, 2024, subject to 4% increases every January. The operating lease expires on December 31, 2026 with options for two individual two-year extensions, as described in the original lease agreement, which have not been exercised, and remain in effect and available to the Company. As of December 31, 2024, the Company was not reasonably certain that it would exercise the extension options, and therefore did not include these options in the determination of the total operating lease term for accounting purposes. The incremental borrowing rate used in measuring the Company’s operating lease liability was 12.0%. The following table presents information about the amount and timing of cash flows arising from the Company’s operating lease as of December 31, 2024 (in thousands): 2025 $ 1,665 2026 1,731 Total undiscounted operating lease payments 3,396 Less: Imputed interest (394) Present value of operating lease payments $ 3,002 The balance sheet classification of the Company’s operating lease is as follows (in thousands): Balance Sheet Classification: Operating lease right-of-use asset $ 2,739 Current portion of operating lease liability $ 1,378 Long-term operating lease liability 1,624 Total operating lease liabilities $ 3,002 As of December 31, 2024, the weighted average remaining operating lease term was 2 years. Cash paid for amounts included in the measurement of operating lease liabilities was $1.6 million and $1.3 million for the years ended December 31, 2024 and 2023, respectively. Operating lease costs were $1.7 million and $1.6 million for the years ended December 31, 2024 and 2023, respectively. These costs are primarily related to the Company’s operating lease, but also include immaterial amounts for variable leases and short-term leases with terms greater than 30 days. Contractual Obligations The Company enters into contracts in the normal course of business with vendors for R&D activities, manufacturing, and professional services. These contracts generally provide for termination either on notice or after a notice period. Reduction in Force On September 9, 2024, management of the Company, as authorized by the board of directors of the Company, approved a reduction in the Company’s workforce (the “Reduction”) of 20 employees, which represented approximately 30% of the Company’s workforce. The Reduction reflects the Company’s focus on the clinical development of CD388, its influenza product candidate. The Reduction was substantially completed by November 1, 2024. As a result of the Reduction, the Company incurred charges of approximately $1.2 million for severance payments and employee benefits included in R&D expenses in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2024. The Company does not expect to incur additional charges related to the Reduction. As of December 31, 2024, approximately $0.1 million of these charges were unpaid and included in accrued compensation and benefits in the consolidated balance sheets. The Company expects these charges to be paid during the first quarter of 2025. Standby Letter of Credit On December 11, 2024, the Company established a standby letter of credit with its banking institution, Wells Fargo, for $6.0 million for the benefit of its indirect tax service provider, as it relates to indirect tax compliance services in various tax jurisdictions outside of the U.S. in connection with the rezafungin supply chain activities and commercial sales of REZZAYO. The letter of credit expires on November 30, 2025 and is automatically extended without amendment for an additional one-year period from the current expiration date, unless notified by the Company to terminate prior to 90 days from any expiration date. The cash held as collateral for this standby letter of credit is recorded as restricted cash and is held in an interest-bearing account.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONS On April 24, 2024, the Company and Napp, entered into the Napp Purchase Agreement, pursuant to which the Company sold to Napp, effective as of April 24, 2024, the following: • all of the Company’s rezafungin assets, including all of the Company’s right to receive future milestones and royalties under the Melinta License Agreement and the Mundipharma Collaboration Agreement, • all rezafungin intellectual property rights, including patents and know-how, all product data, regulatory approvals and documentation, • rezafungin and comparator inventory, • specified prepaid assets and specified contracts, in exchange for Napp’s assumption of certain liabilities of the rezafungin business, including the ongoing costs of the ReSPECT Phase 3 clinical trial and the ReSTORE Phase 3 clinical trial in China and the Company’s obligations from and after closing under the Melinta License Agreement, • the Commercial Supply Agreement dated January 23, 2023 between the Company and Melinta, and • the Commercial Supply Agreement, dated December 12, 2022 between the Company and Mundipharma, or the Mundipharma Commercial Supply Agreement. No Company employees were transferred to Napp. The Company, Napp and Mundipharma also entered into an Assignment and Novation Agreement to transfer the Mundipharma Collaboration Agreement and Mundipharma Commercial Supply Agreement from the Company to Napp, or the Novation Agreement. In the Novation Agreement, Mundipharma agreed to forgive the Company’s obligation to refund a $11.1 million development milestone advance due as of December 31, 2024, net of royalties, to Mundipharma under the Mundipharma Collaboration Agreement, provided that (a) the Company performed its obligation to provide carryover services under a Transition Services Agreement with Napp, or the TSA, for a period of 45 days following the closing, (b) the Company delivered all of the purchased assets, including product know-how and product-data, in accordance with the Napp Purchase Agreement and a know-how transfer plan delivered in connection with the Napp Purchase Agreement and (c) the Company performed its obligation to provide other services in accordance with the TSA for 75 days following the closing. If such conditions were not met, the Company was obligated to refund the development milestone advance, net of royalties, within 10 business days of the date on which it was determined that the conditions for forgiveness were not satisfied. On July 18, 2024, the Company received a notice of satisfaction from Mundipharma that it had completed the required performance obligations under the TSA and, accordingly, the $11.1 million development milestone advance previously made to the Company, and reimbursable to Mundipharma, was forgiven by Mundipharma. In connection with the Napp Purchase Agreement and as a condition to entering into the Napp Purchase Agreement, the Company entered into an amendment, dated April 23, 2024, to the Melinta License Agreement that, among other changes, modified the future regulatory milestones payable upon receipt of marketing approval of the current rezafungin acetate product. The Melinta License Agreement, as amended, was assigned and novated to Napp at the closing of the asset sale. The action to divest rezafungin was taken because of the Company’s strategy to streamline its portfolio and focus on the Cloudbreak platform and other financial considerations. The Company has determined that the sale of rezafungin represents a strategic shift that had a major effect on its result of operations. Rezafungin met the criteria to be reported as discontinued operations at the time of the sale. The Company has separately reported the financial results of rezafungin as discontinued operations in the consolidated statements of operations and comprehensive loss for all periods presented. Inventory The Company began capitalizing inventory for REZZAYO, which received approval by the U.S. Food and Drug Administration, or FDA, in March 2023. REZZAYO (rezafungin for injection) is approved for the treatment of candidemia and invasive candidiasis in adults with limited or no alternative treatment options. Prior to regulatory approval, all direct and indirect manufacturing costs were charged to R&D expense in the period incurred. Inventory is comprised of raw materials and work-in-process, and includes costs related to materials, third-party contract manufacturing, freight-in and overhead. Inventory is stated at the lower of cost or net realizable value with cost based on the first-in-first-out method. The Company performs an assessment of recoverability of capitalized inventory during each reporting period based on an analysis of forecasted demand compared to quantities on hand and any firm purchase orders, as well as product shelf life, and writes down any excess, obsolete or unsaleable inventory to its estimated realizable value in the period which the required reserve is first identified. Such write downs, should they occur, are charged to cost of product revenue within discontinued operations in the consolidated statements of operations and comprehensive loss. As a result of the sale of rezafungin, all inventory has been reclassified to discontinued operations. Cost of Product Revenue Cost of product revenue consists primarily of costs related to materials, third-party contract manufacturing, freight-in and overhead. Prior to regulatory approval, all direct and indirect manufacturing costs were charged to R&D expense in the period incurred. Selling, General and Administrative Expenses SG&A expenses relate to selling, finance, human resources, legal and other administrative activities. SG&A expenses consist primarily of salaries and related benefits, including stock-based compensation, related to our executive, finance, legal, business development, commercial planning and support functions. Other SG&A expenses include facility and overhead costs not otherwise included in cost of product revenue or R&D expenses, consultant expenses, travel expenses, professional fees for auditing, tax, legal, and other services, the branded prescription drug fee, and any accrued interest and penalties on accrued indirect tax liabilities. Product Revenue In December 2022 and January 2023, the Company entered into separate Commercial Supply Agreements with Mundipharma and Melinta Therapeutics, LLC, or Melinta, for the batch supply of REZZAYO naked vials for commercial use. Under the Commercial Supply Agreements, Mundipharma and Melinta were required to submit purchase orders to the Company for batches of REZZAYO naked vials. The Company concluded that the delivery of each batch of REZZAYO naked vials and the related quality assessment certification represented a distinct performance obligation. The Commercial Supply Agreements were terminated upon the effectiveness of the assignment to Napp on April 24, 2024. The transaction price recognized as revenue for each performance obligation under the Commercial Supply Agreements consisted of variable consideration which was determined based on the estimated per vial costs, plus the contractually stated margin rate. The amounts recognized as revenue were adjusted, as needed, each reporting period based on actual costs incurred for each batch. Variable consideration was included in the transaction price only to the extent that it was considered probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration was subsequently resolved. The Company has made an accounting policy election to exclude from the transaction price any indirect taxes collected from customers. As a result, any such collections were recorded as indirect tax liabilities. The transaction price was fully allocated to the single performance obligation. The Company concluded that the performance obligation was satisfied and product revenue was recognized when the customer obtained control of the product, which occurred at a point in time, typically upon the later of (i) completion of a positive quality assessment, or (ii) shipment of the Company’s product to the customer. Shipping and handling activities that were performed after a customer obtained control of the product were treated as activities to fulfill the promise to a customer and any amounts billed to a customer represented revenues for the product provided. Costs related to such shipping and handling were classified as cost of product revenue. There were no assets and liabilities related to discontinued operations as of December 31, 2024, as all balances were recognized in income from discontinued operations at the completion of the transaction. Assets and liabilities classified as discontinued operations in the consolidated balance sheets as of December 31, 2023 consisted of the following: December 31, (In thousands) Carrying amount of major assets included as part of discontinued operations: Current assets: Accounts receivable $ 2,171 Inventory 6,097 Prepaid expenses and other current assets 1,022 Current assets from discontinued operations 9,290 Noncurrent assets: Other assets 934 Noncurrent assets from discontinued operations 934 Total assets from discontinued operations $ 10,224 Carrying amount of major liabilities included as part of discontinued operations: Current liabilities: Current contract liabilities $ 24,665 Current liabilities from discontinued operations 24,665 Noncurrent liabilities: Long-term contract liabilities 4,245 Noncurrent liabilities from discontinued operations 4,245 Total liabilities from discontinued operations $ 28,910 Inventory consisted of the following (in thousands): December 31, 2023 Raw materials $ 2,691 Work-in-process 3,406 Total inventory $ 6,097 The Company’s capitalized inventory consisted of costs incurred subsequent to FDA approval of REZZAYO in March 2023. Prior to regulatory approval, all direct and indirect manufacturing costs were charged to R&D expense in the period incurred. There were no inventory write downs during the years ended December 31, 2024 and 2023. The results of operations from discontinued operations during the years ended December 31, 2024 and 2023 have been reflected as income from discontinued operations, net of income taxes in the consolidated statements of operations and comprehensive loss and consisted of the following: Years ended December 31, (In thousands) 2024 2023 Major line items constituting pretax income from discontinued operations Revenues: Total revenues $ 29,263 $ 40,622 Operating expenses: Cost of product revenue 9,030 1,523 Research and development 10,507 31,769 Selling, general and administrative 7,463 4,753 Total operating expenses 27,000 38,045 Income from operations 2,263 2,577 Other expense, net: Loss on disposal of discontinued operations (1,799) — Total other expense, net (1,799) — Income from discontinued operations before income tax expense 464 2,577 Income tax expense — (428) Income from discontinued operations, net of income taxes $ 464 $ 2,149 The cash flows related to discontinued operations have not been segregated and are included in the consolidated statements of cash flows. The total net cash used in operating activities from discontinued operations was $18.0 million and $10.5 million for the years ended December 31, 2024 and 2023, respectively. There were no investing or financing activities from discontinued operations for the years ended December 31, 2024 and 2023. Napp Purchase Agreement In connection with the execution of the Napp Purchase Agreement, the Company modified its existing collaboration and license arrangements and Commercial Supply Agreements with Mundipharma and Melinta. As a result of the modified revenue contracts and the termination of these revenue arrangements, the Company concluded the Napp Purchase Agreement and the other aforementioned arrangements represented a bundled arrangement with a single commercial objective that required assessment under the guidance for revenue recognition. As a result, the Company identified the distinct performance obligations within the arrangements (including whether the distinct performance obligations were within the scope of ASC 606), determined the transaction price and the standalone selling prices of the distinct performance obligations, and allocated the transaction price using the relative standalone selling price method to the distinct performance obligations. Revenue Recognition On April 24, 2024, as of the execution date of the Napp Purchase Agreement (and all other bundled arrangements), the Company determined the transaction price is equal to $21.2 million for the sale of all rezafungin assets, including the Company’s right to receive future milestones and royalties from Mundipharma and Melinta, all rezafungin intellectual property rights, including patents and know-how, rezafungin and comparator inventory, specified prepaid assets, the Commercial Supply Agreements with Melinta and Mundipharma, and certain transition services. The transaction price includes the forgiveness of $25.3 million in contract liabilities (inclusive of the $11.1 million development milestone advance) and $0.6 million for the transition services agreement. The Company paid $2.1 million to Napp and forgave $2.6 million in accounts receivable, both of which are included as a reduction to the transaction price. The $21.2 million transaction price was allocated to the distinct performance obligations on the basis of their respective relative standalone selling prices. All Rezafungin assets. The Company transferred all rezafungin assets, including all rezafungin intellectual property rights, including patents and know-how, rezafungin and comparator inventory in April 2024 at a point in time. Therefore, the Company recognized the revenue related to this bundled performance obligations in the amount of $20.8 million as revenue in the results from operations from discontinued operations. Specified Prepaid Assets and Contracts . The Company transferred specified prepaid and contracts in April 2024 at a point in time. The nature of the assets transferred were determined to be outside the scope of ASC 606 and therefore, the $0.3 million was recorded as part of the loss on disposal of discontinued operations. Transition Services . The Company performed its services under the TSA over the initial 76-day period subsequent to the effective date of the Napp Purchase Agreement. In connection with the carryover services provided after the sale of rezafungin, the Company recognized $0.1 million as revenue in the results of operations from discontinued operations during the year ended December 31, 2024. The Company's costs to provide the TSA services predominantly relate to employee labor costs which are reported within R&D and SG&A expenses within the results of operations from discontinued operations during the year ended December 31, 2024. The remaining unsatisfied performance obligation as of December 31, 2024 was zero. Mundipharma Collaboration Agreement On September 3, 2019, the Company entered into the Mundipharma Collaboration Agreement with Mundipharma, a related party, for a strategic collaboration to develop and commercialize rezafungin in an intravenous formulation, or the Mundipharma Licensed Product, for the treatment and prevention of invasive fungal infections. Collaboration . Under the Mundipharma Collaboration Agreement, the Company was responsible for leading the conduct of an agreed global development plan, or the Global Development Plan, that included the Phase 3 pivotal clinical trial of the Mundipharma Licensed Product for the treatment of candidemia and/or invasive candidiasis, or the ReSTORE Trial, and the Phase 3 pivotal clinical trial of the Mundipharma Licensed Product for the prophylaxis of invasive fungal infections in adult allogeneic blood and marrow transplant recipients, or the ReSPECT Trial, as well as specified GLP-compliant non‑clinical studies and CMC development activities for the Mundipharma Licensed Product. Mundipharma was responsible for performing all development activities, other than Global Development Plan activities, that were necessary to obtain and maintain regulatory approvals for the Mundipharma Licensed Product outside of the U.S. and Japan, or the Mundipharma Territory, at Mundipharma’s sole cost. Licenses . Pursuant to the Mundipharma Collaboration Agreement, the Company granted Mundipharma an exclusive, royalty‑bearing license to develop, register and commercialize the Mundipharma Licensed Product in the Mundipharma Territory, subject to the Company’s retained right in Japan before the Mundipharma Collaboration Agreement was terminated. The Company also granted Mundipharma an option to obtain exclusive licenses to develop, register and commercialize rezafungin in a formulation for subcutaneous administration, or Subcutaneous Product, and in formulations for other modes of administration, or Other Products, in the Mundipharma Territory, subject to similar retained rights of the Company to conduct mutually agreed global development activities for such products. In addition, the Company granted Mundipharma a co‑exclusive, worldwide license to manufacture the Mundipharma Licensed Product and rezafungin. Until the seventh anniversary of the first commercial sale of the Mundipharma Licensed Product in the Mundipharma Territory, each party granted the other party an exclusive, time-limited right of first negotiation to obtain a license to any anti-fungal product (other than Mundipharma Licensed Product, Subcutaneous Product and Other Products) that such party proposes to out-license in the other party’s territory. Financial Terms . As of the execution of the Mundipharma Collaboration Agreement, the parties agreed to share equally (50/50) the costs of Global Development Plan activities, or Global Development Costs, subject to a cap on Mundipharma’s Global Development Cost share of $31.2 million. The total potential transaction value was $568.4 million, including an equity investment, an up-front payment, global development funding, and certain development, regulatory, and commercial milestones. The Company was also eligible to receive double-digit royalties in the teens on tiers of annual net sales. Termination . The Mundipharma Collaboration Agreement was terminated upon the effectiveness of the assignment to Napp on April 24, 2024. Revenue Recognition Prior to the Mundipharma Collaboration Agreement termination on April 24, 2024, the Company determined the transaction price was equal to the up-front fee of $30.0 million, plus the R&D funding of $31.2 million, plus milestones achieved of $27.9 million. The common stock issued pursuant to the Mundipharma Stock Purchase Agreement was determined to be issued at fair market value after applying a lack of marketability discount as Mundipharma received restricted shares. Therefore, no additional premium or discount was allocated to the transaction price of the Mundipharma Collaboration Agreement for the share issuance. The transaction price was allocated to the performance obligations on the basis of the relative stand-alone selling price estimated for each performance obligation. In estimating the stand-alone selling price for each performance obligation, the Company utilized discounted cash flows and developed assumptions that required judgment and included forecasted revenues, expected development timelines, discount rates, probabilities of technical and regulatory success and costs for manufacturing clinical supplies. A description of the distinct performance obligations identified under the Mundipharma Collaboration Agreement, as well as the amount of revenue allocated to each distinct performance obligation, was as follows: Licenses of Intellectual Property. The license to the Company’s intellectual property, bundled with the associated know-how, represented a distinct performance obligation. The license and associated know-how was transferred to Mundipharma during September 2019, therefore the Company recognized the revenue related to this performance obligation in the amount of $17.9 million in September 2019 as collaboration revenue in its consolidated statements of operations and comprehensive loss. Research and Development Services. The Company and Mundipharma shared equally in the costs of ongoing rezafungin clinical development in the Mundipharma Territory up to the specified cap, which represented a distinct performance obligation. The Company recorded these cost-sharing payments due from Mundipharma as collaboration revenue. The Company concluded that progress towards completion of the performance obligation related to the R&D services was best measured in an amount proportional to the R&D expenses incurred and the total estimated R&D expenses. Clinical Supply Services. The Company’s initial obligation to supply rezafungin for ongoing clinical development in the Mundipharma Territory represented a distinct performance obligation. The Company concluded that progress towards completion of the performance obligations related to the clinical supply services was best measured in an amount proportional to the clinical supply services expenses incurred and the total estimated clinical supply services. Milestone Payments. In November 2020, the Company achieved a $11.1 million milestone under the Mundipharma Collaboration Agreement, which was previously recorded as current contract liabilities as of December 31, 2024 because the rights to consideration were expected to be satisfied within one year. The Company received payment for this milestone in January 2021. Mundipharma was entitled to credit the full amount of this milestone payment toward future royalties payable to the Company, subject to a limit on the amount by which royalty payments to the Company may be reduced in any quarter. If Mundipharma had not fully credited the amount of such milestone payment toward royalties payable to the Company before the earlier of (i) December 31, 2024 and (ii) termination of the Mundipharma Collaboration Agreement by Mundipharma, the Company would have been obligated to refund the uncredited portion of such milestone payment to Mundipharma on the earlier of such dates. The full amount was forgiven in July 2024 as part of the rezafungin asset sale and the Company included $11.1 million in the transaction price of the Napp Purchase Agreement. In December 2021, August 2022, December 2023, and January 2024, the Company achieved milestones of $2.8 million, $11.1 million, $11.1 million, and $2.8 million, respectively, under the Mundipharma Collaboration Agreement that the Company deemed to be tied to all the performance obligations identified in the original agreement. Revenue associated with these milestones has been allocated proportionately to the original transaction price which was allocated to the performance obligations on the basis of the relative stand-alone selling price estimated for each performance obligation. In conjunction with the performance obligations already delivered, revenue was recognized based on the progress of these performance obligations, the unrecognized portion was recorded as contract liabilities at the reporting period end and was recognized as revenue over the remaining progress of these performance obligations. The Company received payment for these milestones in January 2022, September 2022, February 2024, and April 2024, respectively. Royalties. As the license was deemed to be the predominant item to which sales-based royalties related, the Company recognized royalty revenue when the related sales occurred. Royalty revenue recognized during the year ended December 31, 2024 was immaterial. No royalty revenue was recognized during the year ended December 31, 2023. Melinta License Agreement On July 26, 2022, the Company entered into the Melinta License Agreement with Melinta under which the Company granted Melinta an exclusive license to develop and commercialize products that contained or incorporated rezafungin, or the Melinta Licensed Product, in the U.S., or the Melinta Territory. Licenses . Pursuant to the Melinta License Agreement, the Company granted Melinta an exclusive, royalty‑bearing license (including the right to sublicense through multiple tiers), to develop, register and commercialize the Melinta Licensed Product for all uses in humans and non-human animals in the Melinta Territory, subject to the Company’s retained right, as described below. Non-Compete Covenant . Until the fifth anniversary of the first commercial sale of the first Melinta Licensed Product in the Melinta Territory, neither the Company nor Melinta, nor any of their respective majority-owned subsidiaries could, directly or indirectly, itself or in collaboration with any third party, developed, manufactured for development or commercialization, or commercialized any product in the echinocandin class of drugs in the Melinta Territory without the other party’s prior written consent, subject to certain provisions in connection with a change of control of a party. Commercialization. Melinta was solely responsible for the commercialization of rezafungin in the Melinta Territory, at its sole expense. Continued Development and Regulatory Activities. The Company was responsible, at its sole expense, for conducting an agreed upon development plan, or the Melinta Development Plan, that included, among other activities, (a) completion of the ReSPECT Phase 3 pivotal clinical trial for the prophylaxis of invasive fungal infections in adult allogeneic blood and marrow transplant recipients, or the Prophylaxis Indication, (b) preparation and submission to the FDA of a supplemental new drug application, or sNDA, for the Melinta Licensed Product in the Prophylaxis Indication, (c) site close-out activity worldwide (outside of China) for the ReSTORE Phase 3 pivotal clinical trial for the treatment of candidemia and invasive candidiasis, or the Treatment Indication, (d) certain nonclinical studies and other nonclinical activities, (e) certain CMC activities for the Melinta Licensed Product, and (f) all other development activities that were required by the FDA to obtain marketing approval of the Melinta Licensed Product in the Treatment Indication and the Prophylaxis Indication in the Melinta Territory. The Company remained the holder of the rezafungin IND and new drug application, or NDA, before the Melinta License Agreement was assigned. Both regulatory applications were to transfer to Melinta on a transfer date determined based on the status of the ReSPECT trial and the associated sNDA for the Prophylaxis Indication, after which Melinta would have been responsible for performing all activities that may have been necessary to maintain NDA approvals for the Melinta Licensed Product in the Treatment Indication and the Prophylaxis Indication in the Melinta Territory, at Melinta’s sole expense, subject to Melinta’s right to deduct from royalties payable to the Company the internal expenses (not to exceed a specified dollar amount per calendar year) and certain out-of-pocket expenses incurred by Melinta. Supply and Transfer of CMC activities. Until Melinta assumed responsibility for the manufacture and supply of the Melinta Licensed Product for development and commercialization in the Melinta Territory, which it may do by direct purchase from the Company’s contract manufacturing organizations for the Melinta Licensed Product or by having a manufacturing technology transfer to Melinta or its designee performed at Melinta’s sole expense, which, in either case, will be no later than December 31, 2026, the Company was responsible for the manufacture and supply of the Melinta Licensed Product for development and commercialization by Melinta in the Melinta Territory, and during such period, supplied Melinta Licensed Product to Melinta pursuant to the terms of a supply agreement negotiated by the parties. Financial Terms. Upon execution of the Melinta License Agreement, the total potential transaction value was $460.0 million, including a $30.0 million upfront payment and up to $430.0 million in regulatory and commercial milestone payments. In addition, the Company was eligible to receive tiered royalties on U.S. sales in the low double digits to mid-teens. Termination. The Melinta License Agreement was terminated upon the effectiveness of the assignment to Napp on April 24, 2024. Revenue Recognition Prior to the Melinta License Agreement termination on April 24, 2024, the Company determined the transaction price was equal to the up-front fee of $30.0 million, plus a milestone achieved of $20.0 million. The transaction price was allocated to the performance obligations on the basis of the relative stand-alone selling price estimated for each performance obligation. In estimating the stand-alone selling price for each performance obligation, the Company utilized discounted cash flows and developed assumptions that required judgment and included forecasted revenues, expected development timelines, discount rates, probabilities of technical and regulatory success, costs to continue the R&D efforts and costs for manufacturing clinical supplies. A description of the distinct performance obligations identified under the Melinta License Agreement, as well as the amount of revenue allocated to each distinct performance obligation, was as follows: Licenses of Intellectual Property. The license to the Company’s intellectual property, bundled with the associated know-how, represented a distinct performance obligation. The license and associated know-how was transferred to Melinta in August 2022, therefore the Company recognized the revenue related to this performance obligation in the amount of $25.9 million in August 2022 as collaboration revenue in its consolidated statements of operations and comprehensive loss. Research and Development Services. The Company was required to provide R&D services, at its sole expense, as described under the Melinta Development Plan, which represented a distinct performance obligation. The Company concluded that progress towards completion of the performance obligation related to the R&D services was best measured in an amount proportional to the R&D expenses incurred and the total estimated R&D expenses. Clinical Supply Services. The Company’s obligation to supply rezafungin for ongoing clinical development in the Melinta Territory represented a distinct performance obligation. The Company concluded that progress towards completion of the performance obligations related to the clinical supply services was best measured in an amount proportional to the clinical supply services expenses incurred and the total estimated clinical supply services. Revenue related to the clinical supply services performance obligation recognized during the year ended December 31, 2024 was immaterial. Milestone Payments. In March 2023, the Company achieved a $20.0 million milestone under the Melinta License Agreement that the Company deemed to be tied to all the performance obligations identified in the original agreement. Revenue associated with the milestone has been allocated proportionately to the original transaction price which was allocated to the performance obligations on the basis of the relative stand-alone selling price estimated for each performance obligation. In conjunction with the performance obligations already delivered, revenue was recognized based on the progress of these performance obligations, the unrecognized portion was recorded as contract liabilities at the reporting period end and was recognized as revenue over the remaining progress of these performance obligations. The Company received payment for this milestone in April 2023. Royalties. As the license was deemed to be the predominant item to which sales-based royalties related, the Company recognized royalty revenue when the related sales occurred. The Company recognized $0.1 million and $0.2 million in royalty revenue during the years ended December 31, 2024 and 2023, respectively, following the commercial launch of REZZAYO by Melinta in the U.S. on July 31, 2023. Costs to Obtain a Contract with a Customer The Company incurred costs to a third party to obtain the Melinta License Agreement and capitalized $2.0 million upon execution of the Melinta License Agreement, and capitalized an additional $0.5 million upon achievement of a milestone, in accordance with ASC 340, Other Assets and Deferred Costs . The Company incurred these costs in connection with all the performance obligations identified in the

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (169,827)	$ (22,931)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We recognize the importance of maintaining the trust and confidence of our customers, clients, business partners and employees. Cybersecurity represents an important component of our overall approach to risk management. We have implemented and maintain various information security processes designed to identify, assess, and manage material risks from cybersecurity threats to our critical computer networks, third party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and data related to our clinical trials, employees and contractors, or Information Systems and Data. The Incident Response Team, or the IRT, is a functional and collaborative team consisting of the Chief Legal and Operating Officer, Chief Financial and Business Officer, Senior Vice President, People and Culture, and Director, Information Technology, or IT. The IRT, together with the wider IT, Legal, and Finance teams, as well as external cybersecurity consultants, help identify, assess, and manage our cybersecurity threats and risks. The Director, IT plays a pivotal role in our cybersecurity framework, actively identifying and assessing risks from cybersecurity threats. This is achieved through a variety of methods, including but not limited to, extensive audits, detailed assessments, and the engagement of outside cybersecurity consultants. In addition to these existing strategies, we have implemented several processes to increase our ability to identify, monitor, and assess material cybersecurity threats. We subscribe to specialized reports and services that identify emerging cybersecurity threats, thereby keeping our defenses informed and up-to-date. The IT department systematically analyzes such reports of threats and actors, providing us with a deeper understanding of potential risks. We also conduct regular scans of the threat environment, providing real-time insights into the security landscape. Evaluating our own and our industry’s risk profile is an ongoing process, allowing us to continually tailor our cybersecurity measures to specific needs and vulnerabilities. We also coordinate with law enforcement agencies concerning threats, so that our approach benefits from broader insights and intelligence. Conducting detailed threat assessments for both internal and external threats form a crucial part of our security strategy. Additionally, we leverage external intelligence feeds, integrating diverse sources of information to strengthen our overall cybersecurity posture. These concerted efforts are designed to achieve a comprehensive, dynamic, and proactive approach to managing and mitigating cybersecurity risks. Our approach to cybersecurity is tailored to suit the specific environment in which we operate. We implement and maintain an array of technical, physical, and organizational measures, processes, standards, and policies, designed to manage and mitigate material risks arising from cybersecurity threats to our Information Systems and Data. This includes a comprehensive strategy featuring a dedicated cybersecurity staff and a regularly tested IT Security Incident Response Plan. Regular risk assessments, tabletop exercises, threat modeling, and vulnerability testing form the backbone of our technical measures. Our assessment and management of material risks from cybersecurity threats are integrated into our overall risk management processes. This is exemplified in the way our IT Security Incident Response Plan forms an integral part of the broader risk management framework, so that cybersecurity risks are visible and treated as strategic business risks. Detailing the integration of cyber risk into our risk management, cybersecurity risk is addressed as a crucial component of our enterprise risk management program. The IT department works in close collaboration with executive management to prioritize risk management processes, with a particular focus on mitigating cybersecurity threats that could have a significant impact on our business. Furthermore, team members from the IT department or a relevant executive committee evaluate material risks from cybersecurity threats in alignment with our overall business objectives. These evaluations are then communicated to the audit committee of the board of directors. The audit committee assesses these risks as part of our overall enterprise risk, ensuring that cybersecurity is given due consideration in line with our strategic goals and governance framework. We use third-party service providers to assist us from time to time to identify, assess, and manage material risks from cybersecurity threats, including for example assessors, cybersecurity consultants, auditors, and outside legal counsel. We use third-party service providers to perform a variety of functions throughout our business, such as application providers and supply chain resources. We have a vendor management program to manage cybersecurity risks associated with our use of these providers. The program includes a risk assessment for each vendor, vulnerability scans related to the vendor, and imposition of information contractual obligations on the vendor. Depending on the nature of the services provided, the sensitivity of the Information Systems and Data at issue, and the identity of the provider, our vendor management process may involve different levels of assessment designed to help identify cybersecurity risks associated with a provider and impose contractual obligations related to cybersecurity on the provider.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We recognize the importance of maintaining the trust and confidence of our customers, clients, business partners and employees. Cybersecurity represents an important component of our overall approach to risk management. We have implemented and maintain various information security processes designed to identify, assess, and manage material risks from cybersecurity threats to our critical computer networks, third party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and data related to our clinical trials, employees and contractors, or Information Systems and Data.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors addresses our cybersecurity risk management as part of its general oversight function. The board of directors’ and the IRT are responsible for overseeing our cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our cybersecurity risk assessment and management processes are implemented and maintained by certain members of management, including the Director, IT, Chief Legal and Operating Officer, and Chief Financial and Business Officer. The Chief Legal and Operating Officer and Chief Financial and Business Officer are responsible for providing information on materiality to the Director, IT and producing documentation of known and unknown facts about a cybersecurity incident and factors considered in the materiality assessment. Our Chief Legal and Operating Officer and Chief Financial and Business Officer hold degrees relevant to their areas of expertise and both have over 20 years of experience in their respective fields. The Director, IT is primarily responsible for assessing and managing material risks from cybersecurity threats; they have 23 years of experience in core infrastructure, data infrastructure and analytics, business platforms, and integrations.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our IT Security Incident Response Plan is designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including the IRT. The IRT works with the IT department and external cybersecurity experts to help us mitigate and remediate cybersecurity incidents. In addition, our IT Security Incident Response Plan includes reporting to the board of directors for certain cybersecurity incidents. The audit committee receives quarterly updates from the IRT concerning our cybersecurity threats and risk and the processes we have implemented to address them. On an annual basis the board of directors receives a report from the IRT highlighting any significant cybersecurity threats.
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity risk assessment and management processes are implemented and maintained by certain members of management, including the Director, IT, Chief Legal and Operating Officer, and Chief Financial and Business Officer. The Chief Legal and Operating Officer and Chief Financial and Business Officer are responsible for providing information on materiality to the Director, IT and producing documentation of known and unknown facts about a cybersecurity incident and factors considered in the materiality assessment. Our Chief Legal and Operating Officer and Chief Financial and Business Officer hold degrees relevant to their areas of expertise and both have over 20 years of experience in their respective fields. The Director, IT is primarily responsible for assessing and managing material risks from cybersecurity threats; they have 23 years of experience in core infrastructure, data infrastructure and analytics, business platforms, and integrations. The Director, IT is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into our overall risk management strategy, and communicating key priorities to relevant personnel. The Director, IT is also responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports. Our IT Security Incident Response Plan is designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including the IRT. The IRT works with the IT department and external cybersecurity experts to help us mitigate and remediate cybersecurity incidents. In addition, our IT Security Incident Response Plan includes reporting to the board of directors for certain cybersecurity incidents. The audit committee receives quarterly updates from the IRT concerning our cybersecurity threats and risk and the processes we have implemented to address them. On an annual basis the board of directors receives a report from the IRT highlighting any significant cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity risk assessment and management processes are implemented and maintained by certain members of management, including the Director, IT, Chief Legal and Operating Officer, and Chief Financial and Business Officer. The Chief Legal and Operating Officer and Chief Financial and Business Officer are responsible for providing information on materiality to the Director, IT and producing documentation of known and unknown facts about a cybersecurity incident and factors considered in the materiality assessment. Our Chief Legal and Operating Officer and Chief Financial and Business Officer hold degrees relevant to their areas of expertise and both have over 20 years of experience in their respective fields. The Director, IT is primarily responsible for assessing and managing material risks from cybersecurity threats; they have 23 years of experience in core infrastructure, data infrastructure and analytics, business platforms, and integrations.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Chief Legal and Operating Officer and Chief Financial and Business Officer hold degrees relevant to their areas of expertise and both have over 20 years of experience in their respective fields. The Director, IT is primarily responsible for assessing and managing material risks from cybersecurity threats; they have 23 years of experience in core infrastructure, data infrastructure and analytics, business platforms, and integrations.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our cybersecurity risk assessment and management processes are implemented and maintained by certain members of management, including the Director, IT, Chief Legal and Operating Officer, and Chief Financial and Business Officer. The Chief Legal and Operating Officer and Chief Financial and Business Officer are responsible for providing information on materiality to the Director, IT and producing documentation of known and unknown facts about a cybersecurity incident and factors considered in the materiality assessment. Our Chief Legal and Operating Officer and Chief Financial and Business Officer hold degrees relevant to their areas of expertise and both have over 20 years of experience in their respective fields. The Director, IT is primarily responsible for assessing and managing material risks from cybersecurity threats; they have 23 years of experience in core infrastructure, data infrastructure and analytics, business platforms, and integrations. The Director, IT is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into our overall risk management strategy, and communicating key priorities to relevant personnel. The Director, IT is also responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company has a limited operating history and the sales and income potential of the Company’s business and market are unproven. The Company has experienced net losses and negative cash flows from operating activities since its inception. At December 31, 2024, the Company had an accumulated deficit of $611.3 million. The Company expects to continue to incur net losses into the foreseeable future. Successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support the Company’s cost structure. At December 31, 2024, the Company had cash, cash equivalents and restricted cash of $196.2 million, which the Company expects will provide sufficient liquidity to support its planned operations for a period of at least one year following the date that these consolidated financial statements are issued as part of this Annual Report on Form 10-K. The Company’s ability to execute its current business plan beyond this date depends on its ability to obtain additional funding through equity offerings, debt financings, other third-party funding, or potential licensing or collaboration arrangements. The Company may not be able to raise additional funding on terms acceptable to the Company, or at all, and any failure to raise funds as and when needed will compromise the Company’s ability to execute on its business plan. The Company plans to continue to fund its losses from operations through cash, cash equivalents and restricted cash on hand, as well as through future equity offerings, debt financings, other third-party funding, or potential licensing or collaboration arrangements. There can be no assurance that additional funds will be available when needed from any source or, if available, will be available on terms that are acceptable to the Company. Even if the Company raises additional capital, the Company may also be required to modify, delay or abandon some of its plans which could have a material adverse effect on the Company’s business, operating results and financial condition and the Company’s ability to achieve its intended business objectives. Any of these actions could materially harm the Company’s business, results of operations and future prospects.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. The Company evaluates its estimates and assumptions on an ongoing basis. The most significant estimates in the Company’s consolidated financial statements relate to estimated collaboration expenses related to the Company’s collaboration and license agreements, certain accruals, including those related to nonclinical and clinical activities, and the stand-alone selling price of performance obligations associated with the Company’s collaboration, license, and purchase agreements. Although the estimates are based on the Company’s knowledge of current events, comparable companies, and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.
Segment Information	Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or CODM, which is the Chief Executive Officer of the Company. The Company views its operations and manages its business as a single reportable segment with a single operating segment as further described in the "Description of Business" in Note 1. The Company manages research and development, or R&D, activities on a consolidated basis. The Company expects to generate future revenue from a combination of license fees and other upfront payments, funded R&D agreements, milestone payments, product sales, government and other third-party funding, and royalties, which depend on the results, regulatory approval, and timing of the successful commercialization of its product candidates. Comprehensive loss is the measure of segment profit or loss used by CODM in making decisions regarding resource allocation and assessing performance, which is also reported on the consolidated statements of operations and comprehensive loss. The measure of segment assets is reported on the consolidated balance sheets as total assets. The CODM uses comprehensive loss in making decisions regarding resource allocation and evaluating financial performance.
Acquisitions	Acquisitions The Company evaluates acquisitions of assets and other similar transactions to assess whether the transaction should be accounted for as a business combination or asset acquisition by first applying a screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen test is met, the transaction is accounted for as an asset acquisition. If the screen test is not met, further analysis is required to determine whether the Company has acquired inputs and processes that have the ability to create outputs which would meet the definition of a business. Significant judgment is required in the application of the screen test to determine whether an acquisition is a business combination or an acquisition of assets.
Discontinued Operations	Discontinued Operations
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all short-term investments purchased with a maturity of three months or less when acquired to be cash equivalents. Restricted cash consists of cash held as collateral to secure a standby letter of credit as required by certain contracts.
Accounts Receivable	Accounts Receivable
Property and Equipment	Property and Equipment The Company records property and equipment at cost, which consists of laboratory equipment, computer equipment and software, office equipment, furniture and fixtures and leasehold improvements. Property and equipment is depreciated using the straight-line method over the estimated useful lives (generally three
Finance Lease and Operating Lease	Finance Lease In accordance with Accounting Standards Codification , or ASC, 842, Leases , or ASC 842, the Company determines if a contract contains a lease at inception and recognizes finance lease right-of-use assets and finance lease liabilities based on the present value of the future minimum lease payments at the commencement date. The implicit rate within the Company’s finance lease was determinable and therefore used in determining the present value of future payments at the commencement date. Lease agreements that have lease and non-lease components are accounted for as a single lease component. The Company recognizes amortization of the right-of-use assets and interest on the lease liabilities for its finance lease. Finance lease right-of-use assets are amortized on a straight-line basis from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. However, if the lease transfers ownership of the underlying asset to the lessee or the lessee is reasonably certain to exercise an option to purchase the underlying asset, the right-of-use assets are amortized to the end of the useful life of the underlying asset. Operating Lease In accordance with ASC 842 the Company determines if a contract contains a lease at inception and recognizes operating lease right-of-use assets and operating lease liabilities based on the present value of the future minimum lease payments at the commencement date. As the Company’s operating leases do not provide an implicit rate, management develops incremental borrowing rates based on the information available at the commencement date in determining the present value of future payments. Lease agreements that have lease and non-lease components are accounted for as a single lease component. Lease expense is recognized on a straight-line basis over the lease term.
Concentration of Credit Risk	Concentration of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash, cash equivalents and restricted cash. The Company maintains deposits in government insured financial institutions in excess of government insured limits. The Company invests its cash balances in financial institutions that it believes have high credit quality, has not experienced any losses on such accounts and does not believe it is exposed to significant credit risk.
Patent Costs	Patent Costs The Company expenses all costs as incurred in connection with patent applications (including direct application fees, and the legal and consulting expenses related to making such applications) and such costs are included in general and administrative, or G&A, expenses in the accompanying statements of operations and comprehensive loss.
Income Taxes	Income Taxes The Company reports deferred income taxes in accordance with ASC 740, Income Taxes , or ASC 740. ASC 740 requires a company to recognize deferred tax assets and liabilities for expected future income tax consequences of events that have been recognized in the Company’s consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in the years in which the temporary differences are expected to reverse. Valuation allowances are provided if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions pursuant to ASC 740, which prescribes a recognition threshold and measurement process for financial statement recognition of uncertain tax positions taken or expected to be taken in a tax return. If the tax position meets this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in the provision for income taxes.
Indirect Taxes	Indirect Taxes The Company’s purchases of clinical drug supplies and raw materials, inventory transfers, and sales of commercial drug product are subject to indirect taxation in various jurisdictions outside of the U.S. Indirect tax payable is included in accrued indirect tax liabilities, the related expense is included in R&D expenses within discontinued operations, and the related interest and penalties are included in selling, general and administrative, or SG&A, expenses within discontinued operations. Subsequent to the sale of rezafungin, the Company retained the liability as part of its continuing operations and continued interest expense is included in G&A expenses in continuing operations. The accrual is for the indirect tax incurred in various tax jurisdictions outside of the U.S. as a consequence of the Company’s supply chain activities or in connection with commercial sales of REZZAYO. To the extent that any accrued indirect taxes are determined to not be due and payable, then any associated liabilities and operating expenses will be reversed as part of continuing operations at that time. Indirect tax amounts on commercial sales (product revenue) and asset disposals that can be billed to and recovered from our customers are included in accounts receivables. Indirect tax amounts related to inventory purchases and manufacturing are included in inventory within discontinued operations.
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers , or ASC 606, which applies to all contracts with customers, except for elements of certain contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. In a contract with multiple performance obligations, the Company must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation, which determines how the transaction price is allocated among the performance obligations. The estimation of the stand-alone selling price(s) may include estimates regarding forecasted revenues or costs, development timelines, discount rates, and probabilities of technical and regulatory success. The Company evaluates each performance obligation to determine if it can be satisfied at a point in time or over time. Any change made to estimated progress towards completion of a performance obligation and, therefore, revenue recognized will be recorded as a change in estimate. In addition, variable consideration must be evaluated to determine if it is constrained and, therefore, excluded from the transaction price. Collaboration Revenue If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in a contract, the Company recognizes revenues from the transaction price allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from the allocated transaction price. The Company evaluates the measure of progress at each reporting period and, if necessary, adjusts the measure of performance and related revenue or expense recognition as a change in estimate. At the inception of each arrangement that includes milestone payments, the Company evaluates whether the milestones are considered probable of being reached. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s or a collaboration partner’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. At the end of each reporting period, the Company re-evaluates the probability of achievement of milestones that are within its or a collaboration partner’s control, such as operational development milestones and any related constraint, and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which will affect collaboration revenues and earnings in the period of adjustment. Revisions to the Company’s estimate of the transaction price may also result in negative collaboration revenues and earnings in the period of adjustment. For arrangements that include sales-based royalties, including commercial milestone payments based on the level of sales, and a license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied, or partially satisfied.
Acquired In-process Research and Development Expenses	Acquired In-process Research and Development Expenses Acquired in-process research and development, or IPR&D, expenses include consideration for the purchase of IPR&D through asset acquisitions and license agreements as well as payments made in connection with asset acquisitions and license agreements upon the achievement of development milestones. The Company evaluates license agreements for IPR&D projects to determine if it meets the definition of a business and thus should be accounted for as a business combination. If the license agreement for IPR&D does not meet the definition of a business and the assets have no alternative future use, the Company expenses payments made under such license agreements as acquired IPR&D expense in its consolidated statements of operations and comprehensive loss. In those cases, payments for milestones achieved and payments for a product license prior to regulatory approval of the product are expensed in the period incurred. Payments made in connection with regulatory and sales-based milestones will be capitalized and amortized to cost of revenue.
Research and Development Costs	Research and Development Costs R&D expenses consist of wages, benefits and stock-based compensation charges for R&D employees, scientific consultant fees, facilities and overhead expenses, laboratory supplies, manufacturing expenses in preclinical development and certain manufacturing expenses before FDA approval, nonclinical and clinical trial costs, and indirect taxes on clinical supplies and development materials. The Company accrues nonclinical and clinical trial expenses based on work performed, which relies on estimates of total costs incurred based on patient enrollment, completion of studies, and other events. Costs incurred in purchasing technology assets and intellectual property are charged to R&D expense if the technology has not been conclusively proven to be feasible and has no alternative future use.
General and Administrative Expenses	General and Administrative Expenses G&A expenses relate to finance, human resources, legal and other administrative activities. G&A expenses consist primarily of salaries and related benefits, including stock-based compensation, related to our executive, finance, legal, business development, commercial planning and support functions. Other G&A expenses include facility and overhead costs not otherwise included in R&D expenses, consultant expenses, travel expenses, professional fees for auditing, tax, legal, and other services, and any accrued interest and penalties on accrued indirect tax liabilities.
Preclinical and Clinical Trial Accruals	Preclinical and Clinical Trial Accruals The Company makes estimates of its accrued expenses as of each balance sheet date in the financial statements based on the facts and circumstances known at that time. Accrued expenses for preclinical studies and clinical trials are based on estimates of costs incurred and fees that may be associated with services provided by contract research organizations, or CROs, clinical trial investigational sites and other clinical trial-related activities. Payments under certain contracts with such parties depend on factors such as successful enrollment of patients, site initiation and the completion of clinical trial milestones. In accruing for these services, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. If possible, the Company obtains information regarding unbilled services directly from these service providers. However, the Company may be required to estimate these services based on other available information. If the Company underestimates or overestimates the activities or fees associated with a study or service at a given point in time, adjustments to R&D expenses may be necessary in future periods. Historically, estimated accrued liabilities have approximated actual expense incurred. Subsequent changes in estimates may result in a material change in accruals.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation expense related to stock options, restricted stock units, or RSUs, performance-based RSUs, or PRSUs, and 2015 Employee Stock Purchase Plan, or ESPP, rights by estimating the fair value on the date of grant. The Company estimates the fair value of stock options granted to employees and non-employees using the Black-Scholes option pricing model. The fair value of RSUs and PRSUs granted to employees is estimated based on the closing price of the Company’s common stock on the date of grant. The assumptions included in the Black-Scholes option pricing model include (a) the risk-free interest rate, (b) the expected volatility of the Company’s stock, (c) the expected term of the award, and (d) the expected dividend yield. The Company computed the expected volatility data using the daily close prices for the Company’s common stock during the equivalent period of the calculated expected term of the Company’s stock-based awards. The Company estimated the expected life of employee stock options using the “simplified” method, whereby the expected life equals the average of the vesting term and the original contractual term of the option. The risk-free interest rates for periods within the expected life of the option are based on the yields of zero-coupon U.S. treasury securities. The expected dividend yield of zero reflects that the Company has not paid cash dividends since inception and does not intend to pay cash dividends in the foreseeable future. For awards subject to time-based vesting conditions, including those with a graded vesting schedule, stock-based compensation expense is recognized using the straight-line method. For performance-based awards to employees, (i) the fair value of the award is determined on the grant date, (ii) the Company assesses the probability of the individual performance milestones under the award being achieved and (iii) the fair value of the shares subject to the milestone is expensed over the implicit service period commencing once management believes the performance criteria is probable of being met. The Company recognizes forfeitures related to stock-based compensation as they occur and any compensation cost previously recognized for awards for which the requisite service has not been completed is reversed in the period that the award is forfeited.
Net Earnings (Loss) Per Share	Net Earnings (Loss) Per Share The Company follows the guidance in ASC 260, Earnings Per Share , or ASC 260, which establishes standards regarding the computation of earnings per share, or EPS, by companies that have issued securities other than common stock that contractually entitle the holder to participate in dividends and earnings of a company. The guidance requires earnings to be hypothetically allocated between the common, preferred, and other participating stockholders based on their respective rights to receive non-forfeitable dividends, whether or not declared. Participating securities include Series A Convertible Voting Preferred Stock, or Series A Convertible Preferred Stock, Series X Convertible Preferred Stock, and pre-funded warrants, see Note 5 for additional information. Basic net EPS is then calculated by dividing the net income attributable to common stockholders (after the reduction for any preferred stock and assuming current income for the period had been distributed) by the weighted-average number of common shares outstanding for the period. The Company calculates diluted net EPS by using the more dilutive of the (1) treasury stock method, reverse treasury stock method or if-converted method, as applicable, or (2) the two-class method. Dilutive common stock equivalents are comprised of warrants (excluding pre-funded warrants), Series A Convertible Preferred Stock, Series X Convertible Preferred Stock, RSUs, PRSUs and options outstanding under the Company’s stock option plans and ESPP, on an as converted basis. Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and dilutive stock equivalents outstanding for the period determined using the treasury stock method or if-converted method. Under the two-class method, the net loss attributable to common stockholders is not allocated to the Series A Convertible Preferred Stock or the Series X Convertible Preferred Stock as the preferred stockholders do not have a contractual obligation to share in the Company’s losses. In loss periods, basic and diluted net loss per share are identical because the otherwise dilutive potential common shares become anti-dilutive and are therefore excluded. In accordance with ASC 260, if a company had a discontinued operation, the Company uses income (loss) from continuing operations as its control number to determine whether potential common shares are dilutive or anti-dilutive for purposes of reporting basic and diluted net earnings (loss) per common share from discontinued operations.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company follows ASC 820-10, Fair Value Measurements and Disclosures , or ASC 820-10, with respect to fair value reporting for financial assets and liabilities. The guidance defines fair value, provides guidance for measuring fair value and requires certain disclosures. The guidance does not apply to measurements related to share-based payments. The guidance discusses valuation techniques such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Company’s financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued liabilities, accrued compensation and benefits, and lease liabilities. The carrying amount of these financial instruments are generally considered to be representative of their respective fair values because of their short-term nature.
Recently Issued and Recently Adopted Accounting Pronouncements	Recently Issued and Recently Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, or other standard setting bodies that are adopted by the Company as of the specified effective date. In November 2023, the FASB issued Accounting Standards Update, or ASU, 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company adopted ASU 2023-07 effective January 1, 2024, and included additional disclosures in Note 1. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires public entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The disclosure requirements will be applied on a prospective basis, with the option to apply them retrospectively. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company plans to adopt this guidance for the fiscal year ending December 31, 2025 and believes, based on its preliminary assessment, that this new guidance will not have a material impact on the Company’s consolidated financial statements or related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses . This ASU requires public business entities to disclose, for interim and annual reporting periods, additional information about certain income statement expense categories. The requirements are effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. Entities are permitted to apply either the prospective or retrospective transition methods. The Company is currently evaluating the impact that the adoption of this ASU will have on its consolidated financial statements. The Company believes, based on its preliminary assessment, that any other recently issued, but not yet adopted, accounting pronouncements will not have a material impact on the Company’s consolidated financial statements or related disclosures, or do not apply to the Company.

THE COMPANY AND BASIS OF PRES_2

THE COMPANY AND BASIS OF PRESENTATION (Tables)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Segment Reporting Information by Segment	The following table represents the results of the Company’s reportable segment for the years ended December 31, 2024 and 2023: Years ended December 31, (In thousands) 2024 2023 Revenues generated in U.S. $ 1,275 $ 23,283 Less: Acquired in-process research and development (84,883) — Research and development - Cloudbreak platform (56,454) (25,936) Personnel costs (21,901) (15,360) General and administrative (11,753) (6,788) Research and development - Non-program (2,386) (2,259) Other segment items: Interest income, net 5,811 1,995 Income from discontinued operations, net of income taxes 464 2,149 Income tax expense — (15) Segment net loss and comprehensive loss $ (169,827) $ (22,931)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash in the consolidated balance sheets to the total amount shown at the end of the applicable period in the consolidated statements of cash flows: December 31, December 31, (In thousands) Cash and cash equivalents $ 189,825 $ 35,778 Restricted cash 6,352 — Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 196,177 $ 35,778
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash in the consolidated balance sheets to the total amount shown at the end of the applicable period in the consolidated statements of cash flows: December 31, December 31, (In thousands) Cash and cash equivalents $ 189,825 $ 35,778 Restricted cash 6,352 — Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 196,177 $ 35,778
Schedule of Outstanding Potentially Dilutive Securities Excluded from Calculation of Basic and Diluted Net Loss Per Share	The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of basic and diluted net loss per share because doing so would be anti-dilutive (in common stock equivalent shares): December 31, 2024 2023 Common stock warrants 866 866 Series A Convertible Preferred Stock 14,330,750 — Series X Convertible Preferred Stock 1,052,236 1,052,236 Common stock options, RSUs and PRSUs issued and outstanding 2,481,011 638,037 Total 17,864,863 1,691,139

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured at Fair Value on Recurring Basis	The following tables summarize the Company’s financial instruments measured at fair value on a recurring basis (in thousands): TOTAL LEVEL 1 LEVEL 2 LEVEL 3 December 31, 2024 Assets: Cash and money market accounts $ 189,825 $ 189,825 $ — $ — Restricted cash and money market accounts 6,352 6,352 — — Total assets at fair value $ 196,177 $ 196,177 $ — $ — December 31, 2023 Assets: Cash and money market accounts $ 35,778 $ 35,778 $ — $ — Total assets at fair value $ 35,778 $ 35,778 $ — $ —

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consisted of the following (in thousands): December 31, 2024 2023 Laboratory equipment $ 2,935 $ 2,817 Leasehold improvements 425 425 Computer hardware and software 327 327 Office equipment 36 36 Furniture and fixtures 142 142 3,865 3,747 Less accumulated depreciation and amortization (3,344) (3,190) Total $ 521 $ 557

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Common Stock Reserved for Future Issuance	Common stock reserved for future issuance is as follows (in common stock equivalent shares): December 31, 2024 2023 Common stock warrants, including pre-funded warrants 3,149,901 866 Series A Convertible Preferred Stock 14,330,750 — Series X Convertible Preferred Stock 1,052,236 1,052,236 Common stock options, RSUs and PRSUs issued and outstanding 2,481,011 638,037 Authorized for future stock awards 1,021,947 170,783 Awards available under the ESPP 63,631 49,623 Total 22,099,476 1,911,545

EQUITY INCENTIVE PLANS (Tables)

EQUITY INCENTIVE PLANS (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of RSU and PRSU Activity	The following table summarizes RSU and PRSU activity during the year ended December 31, 2024: Number of Weighted Average Grant Date Fair Value Outstanding at December 31, 2023 104,886 $ 22.83 RSUs granted 153,012 12.30 RSUs vested (43,179) 24.31 RSUs and PRSUs canceled (37,446) 19.59 Outstanding at December 31, 2024 177,273 $ 14.06
Schedule of Stock Option Activity	The following table summarizes stock option activity during the year ended December 31, 2024: Number of Weighted Weighted Total Aggregate Outstanding at December 31, 2023 533,151 $ 44.61 6.72 $ 57 Options granted 1,891,401 11.73 Options exercised (4,144) 14.59 Options canceled (116,670) 28.13 Outstanding at December 31, 2024 2,303,738 $ 18.50 8.84 $ 29,729 Vested and expected to vest at December 31, 2024 2,303,738 $ 18.50 8.84 $ 29,729 Exercisable at December 31, 2024 558,680 $ 38.59 6.40 $ 3,792
Schedule of Black-Scholes Option Pricing Model Assumptions	The following table summarizes the Black-Scholes option pricing model assumptions used to estimate the fair value of stock options granted to employees under the 2024 EIP, 2020 IIP and 2015 EIP and the shares purchasable under the 2015 ESPP during the periods presented: For the years ended December 31, 2024 2023 2024 EIP, 2020 IIP and 2015 EIP Risk-free interest rate 3.63% - 4.68% 3.58% - 4.61% Expected dividend yield 0% 0% Expected volatility 82% - 87% 82% - 83% Expected term (years) 5.23 - 6.08 5.50 - 6.08 2015 ESPP Risk-free interest rate 4.34% - 5.42% 4.29% - 5.43% Expected dividend yield 0% 0% Expected volatility 60% - 109% 64% - 147% Expected term (years) 0.50 - 2.00 0.50 - 2.00
Schedule of Stock-Based Compensation Expense	Stock-based compensation expense recognized for RSUs, PRSUs, stock options, and the ESPP has been reported in the consolidated statements of operations and comprehensive loss as follows (in thousands): Years ended December 31, 2024 2023 Stock compensation expense: Research and development $ 1,426 $ 839 General and administrative 2,250 1,469 Stock compensation expense recorded in continuing operations 3,676 2,308 Stock compensation expense recorded in discontinued operations 231 753 Total stock compensation expense $ 3,907 $ 3,061

SIGNIFICANT AGREEMENTS AND CO_2

SIGNIFICANT AGREEMENTS AND CONTRACTS (Tables)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Collaborative Agreement Liabilities and Revenues Disaggregated by Timing of Revenue Recognition	The following table presents a summary of the activity in the Company’s contract liabilities pertaining to the Janssen Collaboration Agreement during the year ended December 31, 2024 (in thousands): Opening balance, December 31, 2023 $ 430 Revenue from performance obligations satisfied during reporting period (370) Gain on settlement of unsatisfied performance obligations (60) Closing balance, December 31, 2024 $ — Year Ended December 31, 2024 Year Ended December 31, 2023 Revenue from Janssen Collaboration Agreement: Point in Time: License of Intellectual Property - upon milestones achieved $ — $ 2,347 Over Time: Research and Development Services 1,273 19,011 Clinical Supply Services 2 1,925 Total Revenue from Janssen Collaboration Agreement $ 1,275 $ 23,283 The following table presents a summary of the activity in the Company’s contract liabilities pertaining to the Mundipharma Collaboration Agreement and Melinta License Agreement during the year ended December 31, 2024 (in thousands): Opening balance, December 31, 2023 $ 28,910 Revenue from performance obligations satisfied during reporting period (28,910) Closing balance, December 31, 2024 $ — The following table presents collaboration revenue, included within discontinued operations, disaggregated by collaborator and timing of revenue recognition (in thousands): Year Ended December 31, 2024 Mundipharma Melinta Revenue from Collaboration, License and Purchase Agreements: Point in Time: Rezafungin Assets, including Sale of IP and Inventory $ 20,833 $ — License of Intellectual Property - upon milestones achieved 813 — Product Revenue 2,826 — Royalty Revenue 37 125 Over Time: Research and Development Services 3,895 457 Clinical Supply Services 175 — Transition Services 102 — Total Revenue from Collaboration, License and Purchase Agreements $ 28,681 $ 582 Year Ended December 31, 2023 Mundipharma Melinta Revenue from Collaboration and License Agreements: Point in Time: License of Intellectual Property - upon milestones achieved $ 3,252 $ 17,257 Clinical Drug Supply 26 — Product Revenue 2,867 1,468 Royalty Revenue — 168 Over Time: Research and Development Services 12,303 2,441 Clinical Supply Services 840 — Total Revenue from Collaboration and License Agreements $ 19,288 $ 21,334

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The tax provision for income taxes from continuing operations consisted of the following (in thousands): December 31, 2024 2023 Current tax (benefit) provision: Federal $ — $ (1) State — 16 Total current tax provision — 15 Deferred tax provision: Federal — — State — — Total deferred tax provision — — Total tax provision $ — $ 15
Schedule of Reconciliation Between Federal Statutory and Provision for Income Taxes	The following table provides a reconciliation between income taxes from continuing operations computed at the federal statutory rate and the provision for income taxes (in thousands): Years Ended December 31, 2024 2023 Federal income taxes at 21% for 2024 and 2023 $ (35,761) $ (5,264) State income tax, net of federal benefit (1,730) (241) Nondeductible expenses 478 234 Tax credits (4,683) (1,096) Rate change 108 (54) Change in valuation allowance 39,911 5,861 Reserve for uncertain tax positions 1,171 273 162m deferred tax asset limitation 195 128 Expired stock awards 227 174 Other 84 — Income tax expense $ — $ 15
Schedule of Components of Net Deferred Tax Assets	Significant components of the Company’s net deferred tax assets are as follows (in thousands): December 31, 2024 2023 Deferred tax assets: Net operating losses $ 46,721 $ 35,506 Tax credits 13,775 9,747 Intangibles 17,946 136 Capitalized R&D 37,218 25,871 Stock compensation 1,411 1,424 Lease liabilities 660 1,112 Contract liabilities — 5,951 Accrued indirect tax liabilities 3,109 4,114 Other 840 725 Total deferred tax assets 121,680 84,586 Less valuation allowance (120,898) (83,086) Deferred tax assets, net of valuation allowance 782 1,500 Deferred tax liabilities: Prepaid expenses (180) (214) Capitalized inventory costs — (244) Right-of-use assets (602) (1,042) Total deferred tax liabilities (782) (1,500) Net deferred tax assets $ — $ —
Schedule of Reconciliation Amount of Gross Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for 2024 and 2023 is as follows (in thousands): Years Ended December 31, 2024 2023 Balance as of the beginning of the year $ 11,520 $ 11,015 Increases related to current year tax positions 1,386 552 Decreases related to prior year tax positions — (47) Balance as of the end of the year $ 12,906 $ 11,520

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Amount, Timing and Uncertainty of Cash Flows from Finance Lease	The following table presents information about the amount and timing of cash flows arising from the Company’s finance lease as of December 31, 2024 (in thousands): 2025 $ 300 2026 300 2027 25 Total undiscounted finance lease payments 625 Less: Imputed interest (51) Present value of finance lease payments $ 574
Schedule of Supplemental Balance Sheet Information for Finance Leases	The balance sheet classification of the Company’s finance lease is as follows (in thousands): Balance Sheet Classification: Finance lease right-of-use asset $ 788 Accumulated amortization (85) Net finance lease right-of-use asset $ 703 Current portion of finance lease liability $ 264 Long-term finance lease liability 310 Total finance lease liabilities $ 574
Schedule of Amount, Timing and Uncertainty of Cash Flows from Operating Lease	The following table presents information about the amount and timing of cash flows arising from the Company’s operating lease as of December 31, 2024 (in thousands): 2025 $ 1,665 2026 1,731 Total undiscounted operating lease payments 3,396 Less: Imputed interest (394) Present value of operating lease payments $ 3,002
Schedule of Supplemental Balance Sheet Information for Operating Leases	The balance sheet classification of the Company’s operating lease is as follows (in thousands): Balance Sheet Classification: Operating lease right-of-use asset $ 2,739 Current portion of operating lease liability $ 1,378 Long-term operating lease liability 1,624 Total operating lease liabilities $ 3,002

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations	There were no assets and liabilities related to discontinued operations as of December 31, 2024, as all balances were recognized in income from discontinued operations at the completion of the transaction. Assets and liabilities classified as discontinued operations in the consolidated balance sheets as of December 31, 2023 consisted of the following: December 31, (In thousands) Carrying amount of major assets included as part of discontinued operations: Current assets: Accounts receivable $ 2,171 Inventory 6,097 Prepaid expenses and other current assets 1,022 Current assets from discontinued operations 9,290 Noncurrent assets: Other assets 934 Noncurrent assets from discontinued operations 934 Total assets from discontinued operations $ 10,224 Carrying amount of major liabilities included as part of discontinued operations: Current liabilities: Current contract liabilities $ 24,665 Current liabilities from discontinued operations 24,665 Noncurrent liabilities: Long-term contract liabilities 4,245 Noncurrent liabilities from discontinued operations 4,245 Total liabilities from discontinued operations $ 28,910 Inventory consisted of the following (in thousands): December 31, 2023 Raw materials $ 2,691 Work-in-process 3,406 Total inventory $ 6,097 The results of operations from discontinued operations during the years ended December 31, 2024 and 2023 have been reflected as income from discontinued operations, net of income taxes in the consolidated statements of operations and comprehensive loss and consisted of the following: Years ended December 31, (In thousands) 2024 2023 Major line items constituting pretax income from discontinued operations Revenues: Total revenues $ 29,263 $ 40,622 Operating expenses: Cost of product revenue 9,030 1,523 Research and development 10,507 31,769 Selling, general and administrative 7,463 4,753 Total operating expenses 27,000 38,045 Income from operations 2,263 2,577 Other expense, net: Loss on disposal of discontinued operations (1,799) — Total other expense, net (1,799) — Income from discontinued operations before income tax expense 464 2,577 Income tax expense — (428) Income from discontinued operations, net of income taxes $ 464 $ 2,149
Schedule of Collaborative Agreement Liabilities and Revenues Disaggregated by Timing of Revenue Recognition	The following table presents a summary of the activity in the Company’s contract liabilities pertaining to the Janssen Collaboration Agreement during the year ended December 31, 2024 (in thousands): Opening balance, December 31, 2023 $ 430 Revenue from performance obligations satisfied during reporting period (370) Gain on settlement of unsatisfied performance obligations (60) Closing balance, December 31, 2024 $ — Year Ended December 31, 2024 Year Ended December 31, 2023 Revenue from Janssen Collaboration Agreement: Point in Time: License of Intellectual Property - upon milestones achieved $ — $ 2,347 Over Time: Research and Development Services 1,273 19,011 Clinical Supply Services 2 1,925 Total Revenue from Janssen Collaboration Agreement $ 1,275 $ 23,283 The following table presents a summary of the activity in the Company’s contract liabilities pertaining to the Mundipharma Collaboration Agreement and Melinta License Agreement during the year ended December 31, 2024 (in thousands): Opening balance, December 31, 2023 $ 28,910 Revenue from performance obligations satisfied during reporting period (28,910) Closing balance, December 31, 2024 $ — The following table presents collaboration revenue, included within discontinued operations, disaggregated by collaborator and timing of revenue recognition (in thousands): Year Ended December 31, 2024 Mundipharma Melinta Revenue from Collaboration, License and Purchase Agreements: Point in Time: Rezafungin Assets, including Sale of IP and Inventory $ 20,833 $ — License of Intellectual Property - upon milestones achieved 813 — Product Revenue 2,826 — Royalty Revenue 37 125 Over Time: Research and Development Services 3,895 457 Clinical Supply Services 175 — Transition Services 102 — Total Revenue from Collaboration, License and Purchase Agreements $ 28,681 $ 582 Year Ended December 31, 2023 Mundipharma Melinta Revenue from Collaboration and License Agreements: Point in Time: License of Intellectual Property - upon milestones achieved $ 3,252 $ 17,257 Clinical Drug Supply 26 — Product Revenue 2,867 1,468 Royalty Revenue — 168 Over Time: Research and Development Services 12,303 2,441 Clinical Supply Services 840 — Total Revenue from Collaboration and License Agreements $ 19,288 $ 21,334

THE COMPANY AND BASIS OF PRES_3

THE COMPANY AND BASIS OF PRESENTATION - Additional Information (Details) $ in Thousands		12 Months Ended
	Apr. 23, 2024	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reverse stock split	0.05
Accumulated deficit | $		$ 611,258	$ 441,431
Cash and cash equivalents and restricted cash | $		$ 196,177	$ 35,778	$ 32,731
Number of reportable segments | segment		1
Number of operating segments | segment		1

THE COMPANY AND BASIS OF PRES_4

THE COMPANY AND BASIS OF PRESENTATION - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues generated in U.S.	$ 1,275	$ 23,283
Less:
Acquired in-process research and development	(84,883)	0
Research and development - Cloudbreak platform	(71,879)	(36,763)
General and administrative	(20,615)	(13,580)
Other segment items:
Interest income, net	5,811	1,995
Income tax expense	0	(15)
Net loss and comprehensive loss	(169,827)	(22,931)
Net loss and comprehensive loss	(169,827)	(22,931)
Reportable Segment
Segment Reporting Information [Line Items]
Revenues generated in U.S.	1,275	23,283
Less:
Acquired in-process research and development	(84,883)	0
Research and development - Cloudbreak platform	(56,454)	(25,936)
Personnel costs	(21,901)	(15,360)
General and administrative	(11,753)	(6,788)
Research and development - Non-program	(2,386)	(2,259)
Other segment items:
Interest income, net	5,811	1,995
Income from discontinued operations, net of income taxes	464	2,149
Income tax expense	0	(15)
Net loss and comprehensive loss	(169,827)	(22,931)
Net loss and comprehensive loss	$ (169,827)	$ (22,931)

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 189,825	$ 35,778
Restricted cash	6,352	0
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$ 196,177	$ 35,778	$ 32,731

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)		12 Months Ended
	Nov. 20, 2024	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Allowance for credit losses		$ 0	$ 0
Expected dividend yield (as a percent)		0%
Prefunded Warrants
Property, Plant and Equipment [Line Items]
Warrants weighted average exercise price (USD per share)		$ 0.0001
Private Placement
Property, Plant and Equipment [Line Items]
Shares sold (in shares)	3,892,274
Purchase price (USD per share)	$ 14.912
Warrants weighted average exercise price (USD per share)	$ 0.0001
Private Placement | Prefunded Warrants
Property, Plant and Equipment [Line Items]
Shares sold (in shares)	3,149,035
Purchase price (USD per share)	$ 14.9119
Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)		3 years
Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)		7 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Outstanding Potentially Dilutive Securities Excluded from Calculation of Basic and Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded in the calculation of basic and diluted net loss per share (in shares)	17,864,863	1,691,139
Common stock warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded in the calculation of basic and diluted net loss per share (in shares)	866	866
Convertible Preferred Stock | Series A Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded in the calculation of basic and diluted net loss per share (in shares)	14,330,750	0
Convertible Preferred Stock | Series X Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded in the calculation of basic and diluted net loss per share (in shares)	1,052,236	1,052,236
Common stock options, RSUs and PRSUs issued and outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded in the calculation of basic and diluted net loss per share (in shares)	2,481,011	638,037

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Cash and money market accounts	$ 189,825	$ 35,778
Restricted cash and money market accounts	6,352
Total assets at fair value	196,177	35,778
LEVEL 1
Assets:
Cash and money market accounts	189,825	35,778
Restricted cash and money market accounts	6,352
Total assets at fair value	196,177	35,778
LEVEL 2
Assets:
Cash and money market accounts	0	0
Restricted cash and money market accounts	0
Total assets at fair value	0	0
LEVEL 3
Assets:
Cash and money market accounts	0	0
Restricted cash and money market accounts	0
Total assets at fair value	$ 0	$ 0

PROPERTY AND EQUIPMENT - Schedu

PROPERTY AND EQUIPMENT - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 3,865	$ 3,747
Less accumulated depreciation and amortization	(3,344)	(3,190)
Total	521	557
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,935	2,817
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	425	425
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	327	327
Office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	36	36
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 142	$ 142

PROPERTY AND EQUIPMENT - Additi

PROPERTY AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization of property and equipment	$ 154	$ 112

STOCKHOLDERS_ EQUITY - Addition

STOCKHOLDERS’ EQUITY - Additional Information (Details)									1 Months Ended	12 Months Ended		18 Months Ended
	Nov. 26, 2024 USD ($)	Nov. 20, 2024 $ / shares shares	Jul. 19, 2024 shares	Jul. 18, 2024 shares	Apr. 24, 2024 USD ($)	Apr. 23, 2024 $ / shares shares	Mar. 07, 2023 USD ($) $ / shares shares	Aug. 12, 2020 shares	May 31, 2018 vote $ / shares shares	Dec. 31, 2024 USD ($) vote $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Jul. 17, 2024 shares	Apr. 30, 2024 $ / shares shares	Apr. 22, 2024 shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)				50,000,000		20,000,000				50,000,000	20,000,000	50,000,000	20,000,000		200,000,000
Preferred stock, shares authorized (in shares)										10,000,000	10,000,000	10,000,000
Preferred stock, par value (USD per share) | $ / shares										$ 0.0001	$ 0.0001	$ 0.0001
Dividends in arrears or default | $										$ 0
Prefunded Warrants
Class of Stock [Line Items]
Warrants weighted average exercise price (USD per share) | $ / shares										$ 0.0001		$ 0.0001
Outstanding warrants to purchase common stock (in shares)										3,149,035		3,149,035
Warrants, aggregate intrinsic value, outstanding | $										$ 84,600,000		$ 84,600,000
Common Stock Warrant
Class of Stock [Line Items]
Warrants weighted average exercise price (USD per share) | $ / shares										$ 230.95	$ 230.95	$ 230.95
Outstanding warrants to purchase common stock (in shares)										866	866	866
Warrants expired (in shares)											624,993
Warrants, aggregate intrinsic value, outstanding | $										$ 0	$ 0	$ 0
Common Stock
Class of Stock [Line Items]
Issuance of series X convertible preferred stock in exchange for common stock (in shares)								26,120
Number of votes for each share held | vote										1
Series X Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)									5,000,000	4,947,759	4,947,759	4,947,759
Preferred stock, par value (USD per share) | $ / shares									$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Maximum ownership following conversion (as a percent)									9.99%
Common stock issued for each preferred stock (in shares)									0.5
Issuance of series X convertible preferred stock in exchange for common stock (in shares)								52,241
Number of votes for each share held | vote									0
Series A Convertible Voting Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)										204,725	0	204,725
Preferred stock, par value (USD per share) | $ / shares										$ 0.0001	$ 0.0001	$ 0.0001
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)										204,725		204,725		240,000
Preferred stock, par value (USD per share) | $ / shares														$ 0.0001
Conversion of stock, shares issued (in shares)			2,469,250
Conversion of stock, shares converted (in shares)			35,275
Maximum ownership following conversion (as a percent)			9.99%
Common stock issued for each preferred stock (in shares)			70
Controlled Equity Sales Agreement, Cantor Fitzgerald and Company
Class of Stock [Line Items]
Shares sold (in shares)											310,983	0
Net proceeds | $											$ 8,700,000
2023 Underwritten Public Offering
Class of Stock [Line Items]
Net proceeds | $							$ 17,300,000
Consideration received per transaction | $							$ 19,500,000
2023 Underwritten Public Offering | Common Stock
Class of Stock [Line Items]
Shares sold (in shares)							554,300
Offering price (USD per share) | $ / shares							$ 25.34
2023 Underwritten Public Offering | Series X Convertible Preferred Stock
Class of Stock [Line Items]
Shares sold (in shares)							286,000
Offering price (USD per share) | $ / shares							$ 12.67
Over-Allotment Option | Common Stock
Class of Stock [Line Items]
Shares sold (in shares)							72,300
Private Placement
Class of Stock [Line Items]
Shares sold (in shares)		3,892,274
Net proceeds | $	$ 98,200,000
Offering price (USD per share) | $ / shares		$ 14.912
Consideration received per transaction | $	$ 105,000,000
Warrants weighted average exercise price (USD per share) | $ / shares		$ 0.0001
Private Placement | Prefunded Warrants
Class of Stock [Line Items]
Shares sold (in shares)		3,149,035
Offering price (USD per share) | $ / shares		$ 14.9119
Private Placement | Series A Convertible Voting Preferred Stock
Class of Stock [Line Items]
Shares sold (in shares)						240,000
Net proceeds | $					$ 239,100,000
Consideration received per transaction | $					$ 240,000,000
Private Placement | Series A Convertible Preferred Stock
Class of Stock [Line Items]
Offering price (USD per share) | $ / shares						$ 1,000
Conversion of stock, shares issued (in shares)				16,800,000
Conversion of stock, shares converted (in shares)				240,000

STOCKHOLDERS_ EQUITY - Schedule

STOCKHOLDERS’ EQUITY - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Total (in shares)	22,099,476	1,911,545
Common stock warrants, including pre-funded warrants
Class of Stock [Line Items]
Total (in shares)	3,149,901	866
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Total (in shares)	14,330,750	0
Series X Convertible Preferred Stock
Class of Stock [Line Items]
Total (in shares)	1,052,236	1,052,236
Common stock options, RSUs and PRSUs issued and outstanding
Class of Stock [Line Items]
Total (in shares)	2,481,011	638,037
Authorized for future stock awards
Class of Stock [Line Items]
Total (in shares)	1,021,947	170,783
Awards available under the ESPP
Class of Stock [Line Items]
Total (in shares)	63,631	49,623

EQUITY INCENTIVE PLANS - Additi

EQUITY INCENTIVE PLANS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	12 Months Ended
	Jul. 18, 2024	Mar. 31, 2015	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value of employee stock options granted (USD per share)			$ 8.47	$ 14.45
Unrecognized share-based compensation expense, options			$ 15
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional awards were granted (in shares)			153,012
Weighted-average period to recognize unrecognized compensation cost (in years)			2 years 3 months 18 days
RSUs and PRSUs granted (USD per share)			$ 12.30	$ 20.04
Fair value of RSUs and PRSUs			$ 1	$ 0.7
Estimated unrecognized share-based compensation expense			$ 1.9
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period to recognize unrecognized compensation cost (in years)			2 years 8 months 12 days
2024 EIP, 2020 IIP and 2015 EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional awards were granted (in shares)	0
2024 EIP, 2020 IIP and 2015 EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term for stock options to be granted (in years)	10 years
Price of stock option as percentage of estimated fair value of shares on date of grant (as a percent)	100%
Voting power threshold (as a percent)	10%
2024 EIP, 2020 IIP and 2015 EIP | More than 10% of Voting Power
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Price of stock option as percentage of estimated fair value of shares on date of grant (as a percent)	110%
2024 EIP, 2020 IIP and 2015 EIP | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
2024 EIP, 2020 IIP and 2015 EIP | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
2015 ESPP | ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Price of stock option as percentage of estimated fair value of shares on date of grant (as a percent)		85%
Employee payroll deduction under the stock plan (as a percent)		15%
Issuance of common stock under Employee Stock Purchase Plan (in shares)			10,508	15,465
Total unrecognized compensation expense related to the ESPP			$ 0.1
Weighted-average period to recognize unrecognized compensation cost (in years)			7 months 6 days

EQUITY INCENTIVE PLANS - Schedu

EQUITY INCENTIVE PLANS - Schedule of RSU and PRSU Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
RSU and PRSU
Number of RSUs and PRSUs
Outstanding, beginning balance (in shares)	104,886
RSUs and PRSUs canceled (in shares)	(37,446)
Outstanding, ending balance (in shares)	177,273	104,886
Weighted Average Grant Date Fair Value
Outstanding, beginning of period (USD per share)	$ 22.83
RSUs and PRSUs canceled (USD per share)	19.59
Outstanding, end of period (USD per share)	$ 14.06	$ 22.83
Restricted Stock Units (RSUs)
Number of RSUs and PRSUs
RSUs and PRSUs granted (in shares)	153,012
RSUs and PRSUs vested (in shares)	(43,179)
Weighted Average Grant Date Fair Value
RSUs and PRSUs granted (USD per share)	$ 12.30	$ 20.04
RSUs and PRSUs vested (USD per share)	$ 24.31

EQUITY INCENTIVE PLANS - Sche_2

EQUITY INCENTIVE PLANS - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Number of Shares
Outstanding, beginning balance (in shares)	533,151
Options granted (in shares)	1,891,401
Options exercised (in shares)	(4,144)
Options canceled (in shares)	(116,670)
Outstanding, ending balance (in shares)	2,303,738	533,151
Vested and expected to vest (in shares)	2,303,738
Exercisable (in shares)	558,680
Weighted Average Exercise Price
Outstanding, beginning balance (USD per share)	$ 44.61
Options granted (USD per share)	11.73
Options exercised (USD per share)	14.59
Options canceled (USD per share)	28.13
Outstanding, ending balance (USD per share)	18.50	$ 44.61
Vested and expected to vest (USD per share)	18.50
Exercisable (USD per share)	$ 38.59
Weighted Average Remaining Contractual Life in Years
Outstanding (in years)	8 years 10 months 2 days	6 years 8 months 19 days
Vested and expected to vest (in years)	8 years 10 months 2 days
Exercisable (in years)	6 years 4 months 24 days
Total Aggregate Intrinsic Value (in thousands)
Outstanding	$ 29,729	$ 57
Vested and expected to vest	29,729
Exercisable	$ 3,792

EQUITY INCENTIVE PLANS - Sche_3

EQUITY INCENTIVE PLANS - Schedule of Black-Scholes Option Pricing Model Assumptions (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield (as a percent)	0%
2024 EIP, 2020 IIP and 2015 EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum (as a percent)	3.63%	3.58%
Risk-free interest rate, maximum (as a percent)	4.68%	4.61%
Expected dividend yield (as a percent)	0%	0%
Expected volatility, minimum (as a percent)	82%	82%
Expected volatility, maximum (as a percent)	87%	83%
2024 EIP, 2020 IIP and 2015 EIP | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 2 months 23 days	5 years 6 months
2024 EIP, 2020 IIP and 2015 EIP | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 29 days	6 years 29 days
2015 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum (as a percent)	4.34%	4.29%
Risk-free interest rate, maximum (as a percent)	5.42%	5.43%
Expected dividend yield (as a percent)	0%	0%
Expected volatility, minimum (as a percent)	60%	64%
Expected volatility, maximum (as a percent)	109%	147%
2015 ESPP | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 months	6 months
2015 ESPP | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	2 years	2 years

EQUITY INCENTIVE PLANS - Sche_4

EQUITY INCENTIVE PLANS - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	$ 3,907	$ 3,061
Continuing Operations
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	3,676	2,308
Discontinued Operations
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	231	753
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	1,426	839
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	$ 2,250	$ 1,469

SIGNIFICANT AGREEMENTS AND CO_3

SIGNIFICANT AGREEMENTS AND CONTRACTS - Additional Information (Details) - USD ($)			1 Months Ended			12 Months Ended		37 Months Ended
	Apr. 24, 2024	Mar. 31, 2021	Sep. 30, 2023	Mar. 31, 2022	May 31, 2021	Dec. 31, 2024	Dec. 31, 2023	Apr. 23, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development						$ 84,883,000	$ 0
Revenue from collaborative agreement						1,275,000	23,283,000
Accounts receivable						1,694,000	14,075,000
Janssen Pharmaceuticals, Inc. | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments related to collaborative agreement								$ 27,000,000
Contract liability						0	430,000
Collaborative agreement, maximum cost share								47,800,000
Revenue from collaborative agreement						1,275,000	23,283,000
Revenue, remaining performance obligation, amount						0
Accounts receivable						0	1,900,000
Janssen Pharmaceuticals, Inc. | Upfront Payment | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments related to collaborative agreement		$ 27,000,000
Janssen Pharmaceuticals, Inc. | Development, Regulatory, and Commercial Milestones | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative agreement, potential transaction value		695,000,000
Janssen Pharmaceuticals, Inc. | R&D Funding | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative agreement, potential transaction value		$ 58,200,000
Janssen Pharmaceuticals, Inc. | License | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development						85,400,000
Direct transaction costs						400,000
Janssen Pharmaceuticals, Inc. | License | Upfront Payment | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments related to collaborative agreement	$ 85,000,000
Acquired in-process research and development	84,900,000
Contract liability								500,000
Janssen Pharmaceuticals, Inc. | License | Development, Regulatory, and Commercial Milestones | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative agreement, potential transaction value	150,000,000
Janssen Pharmaceuticals, Inc. | License | Commercialization Milestone | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative agreement, potential transaction value	$ 455,000,000
Janssen Pharmaceuticals, Inc. | Milestone Achievement | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement			$ 7,000,000	$ 3,000,000				$ 10,000,000
Janssen Pharmaceuticals, Inc. | License of Intellectual Property | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement					$ 26,800,000
Janssen Pharmaceuticals, Inc. | Royalty Revenue | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement						$ 0	$ 0

SIGNIFICANT AGREEMENTS AND CO_4

SIGNIFICANT AGREEMENTS AND CONTRACTS - Schedule of Contract Liability Activity (Details) - Related Party - Janssen Pharmaceuticals, Inc. - Collaborative Arrangement, Transaction with Party to Collaborative Arrangement $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Revenue From Collaborative Arrangement, Excluding Revenue From Contract With Customer, Liability [Roll Forward]
Opening balance	$ 430
Revenue from performance obligations satisfied during reporting period	(370)
Gain on settlement of unsatisfied performance obligations	(60)
Closing balance	$ 0

SIGNIFICANT AGREEMENTS AND CO_5

SIGNIFICANT AGREEMENTS AND CONTRACTS - Schedule of Revenues Disaggregated by Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	$ 1,275	$ 23,283
Related Party | Janssen Pharmaceuticals, Inc. | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	1,275	23,283
Related Party | Janssen Pharmaceuticals, Inc. | License of Intellectual Property - upon milestones achieved | Transferred at Point in Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	0	2,347
Related Party | Janssen Pharmaceuticals, Inc. | Research and Development Services | Transferred Over Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	1,273	19,011
Related Party | Janssen Pharmaceuticals, Inc. | Clinical Supply Services | Transferred Over Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	$ 2	$ 1,925

INCOME TAXES - Schedule of Comp

INCOME TAXES - Schedule of Components of Benefit For Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Current tax (benefit) provision:
Federal	$ 0	$ (1)
State	0	16
Total current tax provision	0	15
Deferred tax provision:
Federal	0	0
State	0	0
Total deferred tax provision	0	0
Income tax expense	$ 0	$ 15

INCOME TAXES - Schedule of Reco

INCOME TAXES - Schedule of Reconciliation Between Income Taxes Computed at Federal Statutory Rate and Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal income taxes at 21% for 2024 and 2023	$ (35,761)	$ (5,264)
Federal statutory income tax rate (as a percent)	21%	21%
State income tax, net of federal benefit	$ (1,730)	$ (241)
Nondeductible expenses	478	234
Tax credits	(4,683)	(1,096)
Rate change	108	(54)
Change in valuation allowance	39,911	5,861
Reserve for uncertain tax positions	1,171	273
162m deferred tax asset limitation	195	128
Expired stock awards	227	174
Other	84	0
Income tax expense	$ 0	$ 15

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Income tax expense		$ (400)
Deferred tax assets, valuation allowance	$ 120,898	83,086
Increase in deferred tax assets, valuation allowance	37,800	6,400
Unrecognized tax benefits	12,906	$ 11,520	$ 11,015
Unrecognized tax benefits that would impact on effective tax rate	11,000
Federal
Income Tax Contingency [Line Items]
Net operating loss carryforwards	202,800
Tax credit carryforwards, research and development	14,100
State
Income Tax Contingency [Line Items]
Net operating loss carryforwards	145,200
Tax credit carryforwards, research and development	$ 6,200

INCOME TAXES - Schedule of Sign

INCOME TAXES - Schedule of Significant Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating losses	$ 46,721	$ 35,506
Tax credits	13,775	9,747
Intangibles	17,946	136
Capitalized R&D	37,218	25,871
Stock compensation	1,411	1,424
Lease liabilities	660	1,112
Contract liabilities	0	5,951
Accrued indirect tax liabilities	3,109	4,114
Other	840	725
Total deferred tax assets	121,680	84,586
Less valuation allowance	120,898	83,086
Deferred tax assets, net of valuation allowance	782	1,500
Deferred tax liabilities:
Prepaid expenses	(180)	(214)
Capitalized inventory costs	0	(244)
Right-of-use assets	(602)	(1,042)
Total deferred tax liabilities	(782)	(1,500)
Net deferred tax assets	$ 0	$ 0

INCOME TAXES - Schedule of Re_2

INCOME TAXES - Schedule of Reconciliation Amount of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Unrecognized tax benefits
Balance as of the beginning of the year	$ 11,520	$ 11,015
Increases related to current year tax positions	1,386	552
Decreases related to prior year tax positions	0	(47)
Balance as of the end of the year	$ 12,906	$ 11,520

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details)				1 Months Ended	12 Months Ended
	Dec. 11, 2024 USD ($)	Sep. 09, 2024 employee	Apr. 20, 2023 USD ($) option	Nov. 30, 2023 USD ($)	Dec. 31, 2024 USD ($) claim	Dec. 31, 2023 USD ($)
Other Commitments [Line Items]
Number of claims and actions pending | claim					0
Finance Lease Obligations
Lessee, finance lease, term of contract (in months)				36 months
Lessee, finance lease, monthly rate				$ 25,009
Lessee, finance lease, option, purchase equipment				$ 1
Lessee, finance lease, discount rate (as a percent)					8%
Finance lease, weighted average remaining lease term (in years)					2 years 1 month 6 days
Finance lease payments					$ 300,000	$ 0
Finance lease costs					$ 100,000	0
Operating Lease Obligations
Lessee, operating lease, renewal term (in months)			36 months
Lessee, operating lease, monthly rate			$ 133,371
Percentage increase in base rent annual (as a percent)			4%
Number of options to extend | option			2
Lessee, operating lease, option renewal term (in years)			2 years
Lessee, operating lease, discount rate (as a percent)					12%
Operating lease, weighted average remaining lease term (in years)					2 years
Operating lease, payments					$ 1,600,000	1,300,000
Operating lease costs					$ 1,700,000	$ 1,600,000
Operating lease cost, variable lease and short-term lease term (in days)					30 days
Reduction in Force
Number of employees eliminated | employee		20
Reduction in force (as a percent)		0.30
Severance payments and employee benefits					$ 1,200,000
Accrued compensation and benefits payable					$ 100,000
Standby Letters of Credit
Standby Letter of Credit
Standby letter of credit	$ 6,000,000
Standby letter of credit, term (in years)	1 year
Standby letter of credit, termination notice term (in days)	90 days
Laboratory equipment
Finance Lease Obligations
Useful life (in years)					10 years

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Schedule of Amount, Timing and Uncertainty of Cash Flows from Finance Lease (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2025	$ 300
2026	300
2027	25
Total undiscounted finance lease payments	625
Less: Imputed interest	(51)
Present value of finance lease payments	$ 574

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Schedule of Supplemental Balance Sheet Information for Finance Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Finance lease right-of-use asset	$ 788
Accumulated amortization	(85)
Net finance lease right-of-use asset	703	$ 782
Current portion of finance lease liability	264	218
Long-term finance lease liability	310	$ 575
Total finance lease liabilities	$ 574

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Schedule of Amount, Timing and Uncertainty of Cash Flows from Operating Lease (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2025	$ 1,665
2026	1,731
Total undiscounted operating lease payments	3,396
Less: Imputed interest	(394)
Present value of operating lease payments	$ 3,002

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES - Schedule of Supplemental Balance Sheet Information for Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease right-of-use asset	$ 2,739	$ 3,788
Current portion of operating lease liability	1,378	1,082
Long-term operating lease liability	1,624	$ 3,002
Total operating lease liabilities	$ 3,002

DISCONTINUED OPERATIONS - Addit

DISCONTINUED OPERATIONS - Additional Information (Details) - Discontinued Operations, Disposed of by Sale - Rezafungin - USD ($)		12 Months Ended
	Apr. 24, 2024	Dec. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventory write-down		$ 0	$ 0
Cash provided by (used in) operating activities, discontinued operations		18,000,000	10,500,000
Cash provided by (used in) investing activities, discontinued operations		0	0
Cash provided by (used in) financing activities, discontinued operations		$ 0	$ 0
Napp Pharmaceutical Group Limited | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Collaborative agreement, maximum cost share, forgiveness amount	$ 11,100,000
Collaborative arrangement, carry over services agreement term (in days)	45 days
Collaborative arrangement, other services agreement term (in days)	75 days
Collaborative agreement, maximum cost share, forgiveness, not satisfied, refund period (in days)	10 days

DISCONTINUED OPERATIONS - Sched

DISCONTINUED OPERATIONS - Schedule of Assets and Liabilities (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Current assets from discontinued operations	$ 0	$ 9,290,000
Noncurrent assets:
Noncurrent assets from discontinued operations	0	934,000
Current liabilities:
Current liabilities from discontinued operations	0	24,665,000
Noncurrent liabilities:
Noncurrent liabilities from discontinued operations	0	4,245,000
Discontinued Operations, Disposed of by Sale | Rezafungin
Current assets:
Accounts receivable		2,171,000
Inventory		6,097,000
Prepaid expenses and other current assets		1,022,000
Current assets from discontinued operations		9,290,000
Noncurrent assets:
Other assets		934,000
Noncurrent assets from discontinued operations		934,000
Total assets from discontinued operations	0	10,224,000
Current liabilities:
Current contract liabilities		24,665,000
Current liabilities from discontinued operations		24,665,000
Noncurrent liabilities:
Long-term contract liabilities		4,245,000
Noncurrent liabilities from discontinued operations		4,245,000
Total liabilities from discontinued operations	$ 0	$ 28,910,000

DISCONTINUED OPERATIONS - Sch_2

DISCONTINUED OPERATIONS - Schedule of Inventory (Details) - Discontinued Operations, Disposed of by Sale - Rezafungin $ in Thousands	Dec. 31, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Raw materials	$ 2,691
Work-in-process	3,406
Total inventory	$ 6,097

DISCONTINUED OPERATIONS - Sch_3

DISCONTINUED OPERATIONS - Schedule of Operations from Discontinued Operations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Other income, net:
Loss on disposal of discontinued operations	$ (1,799,000)	$ 0
Income tax expense		(400,000)
Discontinued Operations, Disposed of by Sale | Rezafungin
Revenues:
Total revenues	29,263,000	40,622,000
Operating expenses:
Cost of product revenue	9,030,000	1,523,000
Research and development	10,507,000	31,769,000
Selling, general and administrative	7,463,000	4,753,000
Total operating expenses	27,000,000	38,045,000
Income from operations	2,263,000	2,577,000
Other income, net:
Loss on disposal of discontinued operations	(1,799,000)	0
Total other expense, net	(1,799,000)	0
Income from discontinued operations before income tax expense	464,000	2,577,000
Income tax expense	0	(428,000)
Income from discontinued operations, net of income taxes	$ 464,000	$ 2,149,000

DISCONTINUED OPERATIONS - Napp

DISCONTINUED OPERATIONS - Napp Purchase Agreement (Details) - USD ($)		12 Months Ended
	Apr. 24, 2024	Dec. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on disposal of discontinued operations		$ (1,799,000)	$ 0
Discontinued Operations, Disposed of by Sale | Rezafungin
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues		29,263,000	40,622,000
Loss on disposal of discontinued operations		(1,799,000)	$ 0
Discontinued Operations, Disposed of by Sale | Rezafungin | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue, remaining performance obligation, amount		0
Napp Pharmaceutical Group Limited | Discontinued Operations, Disposed of by Sale | Rezafungin | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Collaborative arrangement, transaction, value	$ 21,200,000
Contract liabilities, forgiveness amount	25,300,000
Collaborative agreement, maximum cost share, forgiveness amount	11,100,000
Transition services	600,000
Payments related to collaborative agreement	2,100,000
Accounts receivable, forgiveness amount	2,600,000
Total revenues		100,000
Loss on disposal of discontinued operations	$ 300,000
Collaborative arrangement, transitions services term (in days)	76 days
Revenue, remaining performance obligation, amount		$ 0
Napp Pharmaceutical Group Limited | Discontinued Operations, Disposed of by Sale | Rezafungin | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Rezafungin Assets, including Sale of IP and Inventory
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues	$ 20,800,000

DISCONTINUED OPERATIONS - Mundi

DISCONTINUED OPERATIONS - Mundipharma Collaboration Agreement (Details) - USD ($)		1 Months Ended					12 Months Ended		62 Months Ended
	Sep. 03, 2019	Jan. 31, 2024	Dec. 31, 2023	Aug. 31, 2022	Dec. 31, 2021	Sep. 30, 2019	Dec. 31, 2024	Dec. 31, 2023	Apr. 23, 2024	Nov. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from collaborative agreement							$ 1,275,000	$ 23,283,000
Discontinued Operations, Disposed of by Sale | Rezafungin | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract liability			$ 28,910,000				0	28,910,000
Mundipharma | Discontinued Operations, Disposed of by Sale | Rezafungin | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cost sharing percentage (as a percent)	50%
Collaborative agreement, maximum cost share	$ 31,200,000								$ 31,200,000
Collaborative agreement, potential transaction value	$ 568,400,000
Payments related to collaborative agreement									30,000,000
Revenue from collaborative agreement							28,681,000	19,288,000
Mundipharma | Discontinued Operations, Disposed of by Sale | Rezafungin | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Milestone Achievement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from collaborative agreement		$ 2,800,000	$ 11,100,000	$ 11,100,000	$ 2,800,000				$ 27,900,000
Mundipharma | Discontinued Operations, Disposed of by Sale | Rezafungin | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Licenses of Intellectual Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from collaborative agreement						$ 17,900,000
Contract liability										$ 11,100,000
Mundipharma | Discontinued Operations, Disposed of by Sale | Rezafungin | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Royalty Revenue
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from collaborative agreement							$ 0	$ 0

DISCONTINUED OPERATIONS - Melin

DISCONTINUED OPERATIONS - Melinta License Agreement (Details) - USD ($)		1 Months Ended		12 Months Ended		21 Months Ended
	Jul. 26, 2022	Mar. 31, 2023	Aug. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Apr. 23, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from collaborative agreement				$ 1,275,000	$ 23,283,000
Amortization of costs to obtain a contract with a customer				184,000	77,000
Melinta Therapeutics Inc | Discontinued Operations, Disposed of by Sale | Rezafungin | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Collaborative agreement, potential transaction value	$ 460,000,000
Payments related to collaborative agreement						$ 30,000,000
Revenue from collaborative agreement				582,000	21,334,000
Melinta Therapeutics Inc | Discontinued Operations, Disposed of by Sale | Rezafungin | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Licenses of Intellectual Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capitalized contract cost, gross				2,000,000
Amortization of costs to obtain a contract with a customer				200,000	500,000
Capitalized contract cost, net				0
Melinta Therapeutics Inc | Discontinued Operations, Disposed of by Sale | Rezafungin | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Milestone Achievement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capitalized contract cost, gross				500,000
Melinta Therapeutics Inc | Discontinued Operations, Disposed of by Sale | Rezafungin | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Milestone Achievement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from collaborative agreement		$ 20,000,000				$ 20,000,000
Melinta Therapeutics Inc | Discontinued Operations, Disposed of by Sale | Rezafungin | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Licenses of Intellectual Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from collaborative agreement			$ 25,900,000
Melinta Therapeutics Inc | Discontinued Operations, Disposed of by Sale | Rezafungin | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Clinical Supply Services
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from collaborative agreement				0
Melinta Therapeutics Inc | Discontinued Operations, Disposed of by Sale | Rezafungin | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Royalty Revenue
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from collaborative agreement				$ 100,000	$ 200,000
Melinta Therapeutics Inc | Discontinued Operations, Disposed of by Sale | Rezafungin | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Upfront Payment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments related to collaborative agreement	30,000,000
Melinta Therapeutics Inc | Discontinued Operations, Disposed of by Sale | Rezafungin | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Development, Regulatory, and Commercial Milestones
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Collaborative agreement, potential transaction value	$ 430,000,000

DISCONTINUED OPERATIONS - Sch_4

DISCONTINUED OPERATIONS - Schedule of Contract Liability Activity (Details) - Related Party - Discontinued Operations, Disposed of by Sale - Rezafungin - Collaborative Arrangement, Transaction with Party to Collaborative Arrangement $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Revenue From Collaborative Arrangement, Excluding Revenue From Contract With Customer, Liability [Roll Forward]
Opening balance	$ 28,910
Revenue from performance obligations satisfied during reporting period	(28,910)
Closing balance	$ 0

DISCONTINUED OPERATIONS - Contr

DISCONTINUED OPERATIONS - Contract Liabilities (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable	$ 1,694,000	$ 14,075,000
Discontinued Operations, Disposed of by Sale | Rezafungin | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue, remaining performance obligation, amount	0
Discontinued Operations, Disposed of by Sale | Rezafungin | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Mundipharma
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable	0	13,900,000
Discontinued Operations, Disposed of by Sale | Rezafungin | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Mundipharma | Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable		1,700,000
Discontinued Operations, Disposed of by Sale | Rezafungin | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Napp Pharmaceutical Group Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue, remaining performance obligation, amount	0
Accounts receivable	$ 1,700,000
Discontinued Operations, Disposed of by Sale | Rezafungin | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Melinta Therapeutics Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable		400,000
Discontinued Operations, Disposed of by Sale | Rezafungin | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Melinta Therapeutics Inc | Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable		$ 400,000

DISCONTINUED OPERATIONS - Sch_5

DISCONTINUED OPERATIONS - Schedule of Revenues Disaggregated by Timing of Revenue Recognition (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	$ 1,275,000	$ 23,283,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Mundipharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	28,681,000	19,288,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Melinta Therapeutics Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	582,000	21,334,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Royalty Revenue | Mundipharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	0	0
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Royalty Revenue | Melinta Therapeutics Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	100,000	200,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Clinical Supply Services | Melinta Therapeutics Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	0
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Transferred at Point in Time | Rezafungin Assets, including Sale of IP and Inventory | Mundipharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	20,833,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Transferred at Point in Time | Rezafungin Assets, including Sale of IP and Inventory | Melinta Therapeutics Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	0
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Transferred at Point in Time | License of Intellectual Property - upon milestones achieved | Mundipharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	813,000	3,252,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Transferred at Point in Time | License of Intellectual Property - upon milestones achieved | Melinta Therapeutics Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	0	17,257,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Transferred at Point in Time | Clinical Drug Supply | Mundipharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue		26,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Transferred at Point in Time | Clinical Drug Supply | Melinta Therapeutics Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue		0
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Transferred at Point in Time | Product Revenue | Mundipharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	2,826,000	2,867,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Transferred at Point in Time | Product Revenue | Melinta Therapeutics Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	0	1,468,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Transferred at Point in Time | Royalty Revenue | Mundipharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	37,000	0
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Transferred at Point in Time | Royalty Revenue | Melinta Therapeutics Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	125,000	168,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Transferred Over Time | Research and Development Services | Mundipharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	3,895,000	12,303,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Transferred Over Time | Research and Development Services | Melinta Therapeutics Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	457,000	2,441,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Transferred Over Time | Clinical Supply Services | Mundipharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	175,000	840,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Transferred Over Time | Clinical Supply Services | Melinta Therapeutics Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	0	$ 0
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Transferred Over Time | Transition Services | Mundipharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	102,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Transferred Over Time | Transition Services | Melinta Therapeutics Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	$ 0