v3.25.2
Note 10 - Segment Reporting
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

10. Segment Reporting

 

The Company operates in one reportable segment, pioneering differentiated therapies for the treatment of NI&I indications with significant unmet need.

 

Our chief operating decision maker (“CODM”) is our President and Chief Executive Officer, Carmine Stengone. The CODM uses operating expenses, as reported on our statements of operations and comprehensive loss. The CODM makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results of the Company as a whole using operating expenses. Net loss is also a measure that is considered in monitoring budget versus actual results. The CODM does not review assets in evaluating the results of the Company, and therefore, such information is not presented.

 

Significant segment expenses within net loss include research and development related to PIPE-791, PIPE-307, CTX-343, discovery programs and unallocated internal costs, general and administrative and interest income. 

 

The following table provides the operating financial results of our single reportable segment (in thousands):

 

    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2025     2024     2025     2024  
Significant and other segment expenses                                
Research and development                                
PIPE-791   $ 6,178     $ 2,028     $ 11,732     $ 4,889  
PIPE-307     2,160       2,258       4,775       4,333  
CTX-343     1,059       574       2,437       886  
Discovery programs     1,328       1,244       2,710       2,348  
Unallocated internal costs(1)     3,338       1,797       6,121       3,223  
General and administrative     3,839       3,043       8,237       5,195  
Interest income     2,029       2,001       4,279       3,637  
Other segment items(2)     (167 )     (66 )     (297 )     (189 )
Net loss   $ (16,040 )   $ (9,009 )   $ (32,030 )   $ (17,426 )

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(1)

Unallocated internal research and development costs include employee-related expenses that cannot be directly attributable to a specific research project, stock-based compensation for employees engaged in research and development functions, facilities, depreciation and other related expenses.

(2)

Other segment items primarily include change in fair value of warrant liability and other expense, net.