v3.25.2
Segment and Geographic Information
 3 Months Ended
Mar. 31, 2025
Segment and Geographic Information  
Segment and Geographic Information

NOTE 17 — Segment and Geographic Information

The Company operates as one operating segment. The Company’s chief operating decision maker (“CODM”) is its chief executive officer, who review financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources. The CODM uses operating income and net income to assess financial performance and allocate resources. These financial metrics are used by the CODM to make key operating decisions, such as the determination of the rate at which the Company seeks to grow operating income and the allocation of budget between cost of goods sold, research and development, and general and administrative expenses.

The following table presents selected financial information with respect to the Company’s single operating segment for the three months ended March 31, 2025 and 2024:

​

​

​

​

​

​

​

​

​

 

For the Three Months Ended March 31,

​

    

2025

    

2024

Revenue

​

$

365,471

​

$

—

Cost of goods sold

​

 

238,592

​

 

—

Operating expenses:

​

 

​

​

 

​

General and administrative expenses

​

 

4,763,716

​

 

1,110,229

Research and development expenses

​

 

1,018,352

​

 

875,342

Depreciation and amortization

​

 

8,215

​

 

8,119

Total operating expenses

​

 

5,790,283

​

 

1,993,690

Loss from operations

​

 

(5,663,404)

​

 

(1,993,690)

Other income (expense):

​

 

​

​

 

  

Change in fair value of derivative liabilities

​

 

(827,445)

​

 

(541,639)

Change in fair value of warrant liabilities

​

 

223,162

​

 

(13,043,192)

Change in earnout liability

​

​

(30,000)

​

​

—

Transaction costs expensed

​

​

(9,665,004)

​

​

—

Gain on settlement of forward purchase agreement

​

​

1,406,669

​

​

—

Interest expense

​

 

(723,467)

​

 

(2,872,951)

Other income

​

​

—

​

​

14,019

Gains from extinguishment of debt, net

​

 

12,592,052

​

 

—

Total other income (expense):

​

 

2,975,967

​

 

(16,443,763)

Income (loss) before income taxes

​

​

(2,687,437)

​

​

(18,437,453)

Provision for income taxes

​

​

—

​

​

—

Net income (loss)

​

$

(2,687,437)

​

$

(18,437,453)

​