Quarterly report [Sections 13 or 15(d)]

Related Party Transactions

v3.26.1
Related Party Transactions
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
Related Party Transactions

18. Related Party Transactions

 

Accounts payable – related party

 

As of June 30, 2026 and December 31, 2025, the Company had outstanding balances of $534 thousand and $456 thousand, respectively, due to C.G. Laboratories, Inc., a related party. Additionally, as of June 30, 2026 and December 31, 2025, the Company had an outstanding balance of $24 thousand and $17 thousand, respectively, to the CEO of CG Labs. These balances primarily relate to transactions for contract manufacturing, packaging, and other services provided by CG Laboratories, Inc.

 

Brian J. Kieser is the Chief Executive Officer and indirect sole owner of Sequence LifeScience, Inc. (“Sequence”). On April 17, 2026, prior to Mr. Kieser’s appointment to the Company’s Board of Directors, Sequence purchased an unsecured convertible promissory note in the original principal amount of $5,500 thousand, convertible into up to 9,166,667 shares of common stock, and a warrant to purchase up to 4,583,334 shares of common stock, in each case on the same terms as those issued to the other buyers in the private placement described in Note 13. Mr. Kieser was appointed to the Company’s Board of Directors on May 6, 2026. On May 11, 2026, following his appointment to the Board, Mr. Kieser personally purchased an additional unsecured convertible promissory note in the original principal amount of $1,000 thousand, convertible into up to 1,666,667 shares of common stock, and a warrant to purchase up to 833,334 shares of common stock, on the same terms as those issued to the other buyers in that offering. As of June 30, 2026, the aggregate principal amount outstanding under the notes held by Sequence and Mr. Kieser was $6,500 thousand.