v3.25.1
Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting

 

(12) Segment Reporting

 

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company operates as a single reporting segment, focused on leveraging its proprietary technology platform to augment therapeutics through effective oral delivery of products and product candidates. The Company’s measure of segment profit or loss is net income (loss). The CODM is the chief executive officer (“CEO”). The CODM manages and allocates resources to the operations of the Company on a total company basis. Managing and allocating resources on a consolidated basis enables the CEO to assess the overall level of resources available and how to best deploy these resources across functions, therapeutic target areas and research and development projects that are in line with the Company’s long-term company-wide strategic goals. Consistent with this decision-making process, the CEO uses consolidated financial information for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets. Operating expenses are used to monitor budget versus actual results. The review of budgeted versus actual results is used in assessing performance of the segment. All the Company’s long-lived assets are held in the United States and all the Company’s revenues are primarily related to TLANDO.

 

The following table is representative of the significant expense categories regularly provided to the CODM when managing the Company’s single reporting segment. A reconciliation to the consolidated net income (loss) for the three months ended March 31, 2025 and 2024 is included at the bottom of the table below.

 

   2,025   2,024 
   Three Months Ended March 31, 
   2025   2024 
Total revenues  $93,864   $7,617,174 
Program expenses (1)         
LPCN 1154  6,692    1,652,486 
Other research and development programs  290,546    402,410 
Non-program expenses (2)   731,043    1,203,846 
Personnel costs   1,084,765    1,036,597 
Stock-based compensation   71,002    99,306 
Total segment operating income (loss)   (2,090,184)   3,222,529 
Other income (loss) (3)   225,311    291,092 
Net income (loss)  $(1,864,873)  $3,513,621 

 

  (1) Includes external research and development expenses.
     
  (2) Includes general and administrative expenses, information technology, infrastructure, facilities, and intellectual property, and legal and professional fees.
     
  (3) Includes interest income and loss on warrant liability.