In 2016, the Company entered into an agreement with Serum Institute for the prepayment of clinical polysialic acid (“PSA’) supply in exchange for the Company’s common stock. As of December 31, 2023 the Company had classified $0.7 million of prepaid clinical supply as long-term as it did not anticipate utilizing the majority of the PSA supply within the next 12 months. No clinical supply was utilized during the years ended December 31, 2024 and 2023. Long-lived assets to be held and used are tested for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. While the prepayment remains a valid claim for future PSA supply, the Company concluded that the following factors indicated that the long-lived asset was impaired: the failure to identify potential third-party partners to develop, sell or license the PSA technology; a change in both the Company’s management and the Board of Directors (the “Board”); and a decision by the Company and the Board to no longer pursue development of the PSA supply and allow current patent protection for the PSA technology to lapse. During the year ended December 31, 2024, the Company recorded an asset impairment charge of $0.7 million, which is presented within research and development expenses in the consolidated statements of operations, representing the excess of the long-lived asset’s carrying value over its estimated fair value. As a result, there was no clinical supply recorded as of December 31, 2024. No long-lived asset impairment was recorded during the year ended December 31, 2023.