v3.25.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information

Note 17 – Segment Information

 

This segment structure reflects the financial information and reports used by the Company’s management, specifically its CODM, to make decisions regarding the Company’s business, including resource allocations and performance assessments, as well as the current operating focus in compliance with ASC 280, Segment Reporting.

 

The Company reports segment information based on the management approach, which designates the internal reporting used by the CODM, the Company’s Chief Executive Officer and Chairman of the Board, for making decisions and assessing performance as the source of the Company’s reportable segments.

 

The Company has one operating and reportable segment, PressureSafe™ & DFU device activity. The PressureSafe™ & DFU device utilizes Infra-Red-light spectroscopy (IR) combined with an Artificial Intelligence (AI) technology platform to develop non-invasive devices for various medical indications, by detecting and measuring various biomarkers and molecules in the blood and in human tissue in real-time.

To date, the Company has not generated revenue. The Company expects to continue to incur significant expenses and operating losses as its product matures for distribution.

 

The accounting policies of the Company segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance of its operations based on net loss excluding non-cash items (depreciation and stock-based compensation).

 

As such, the CODM uses cash forecast model in deciding how to invest into the PressureSafe™ & DFU segment. Such models are reviewed to assess the entity-wide operating results and performance. Net loss (excluding non-cash items) is used to monitor budget versus actual results. Monitoring budgeted versus actual results is used in assessing performance of the segment along with cash forecast model.

 

The measure of segment assets is reported on the balance sheet as total assets.

 

The following table presents information about the Company’s single reportable segment by significant expenses categories regularly reviewed by the CODM for the year ended December 31, 2024 and 2023:

 

   For the year  For the year
   ended  ended
   December 31,  December 31,
   2024  2023
   US Dollars (In thousands)
Research and development expenses          
Salaries and related expenses   489    778 
Subcontractors   464    794 
Materials   1    55 
Usability study   33    153 
Other expenses   148    123 
Less- government grants   (468)   —   
Research and development expenses, net   667    1,903 
           
Marketing expenses   5    163 
           
General and administrative expenses        
Salaries and related expenses   86    242 
Professional expenses   504    683 

Rent and Maintenance

   115    94 

Other expenses

   58    127 

Total General and administrative expenses

   763    1,146 
           
Other income   (48)   —   
Financial expenses (income), net   6    (2)
           
Segment net loss   1,393    3,210 
 Reconciliation of profit or loss adjustments and reconciling items          
Depreciation   21    17 
Stock-based compensation   485    1,682 
           
Net loss   1,899    4,909

 

 

IR-Med, Inc.

 

Notes to the Consolidated Financial Statements