v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES

The following potentially dilutive securities have been excluded from the computations of weighted-average shares of Common Stock outstanding as of June 30, 2025 and 2024, as they would be anti-dilutive:

 

       
   As of June 30, 
   2025   2024 
Shares underlying options outstanding   304,125    337,810 
Shares underlying warrants outstanding   28,193,118    8,838,669 
Shares underlying unvested restricted stock   282,940    246,044 
Anti-dilutive securities   28,780,183    9,422,523 
SCHEDULE OF REVENUE RECOGNITION

       
   For the six months ended
June 30,		 
   2025   2024 
Patient service fees1  $2,512,449   $4,209,955 
Histology service fees   572,358    530,053 
Medical director fees   33,897    33,193 
Department of Defense observational studies   —    6,923 
Other revenues   4,376    23,919 
Total net revenue  $3,123,080   $4,804,043 

 

  1 Patient services fees include direct billing for CyPath® Lung diagnostic test of approximately $323,000 and $199,000 for the six months ended June 30, 2025 and 2024, respectively.
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE

Property and equipment are carried at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful life of the asset. Amortization of leasehold improvements is computed using the shorter of the lease term or estimated useful life of the asset. Additions and improvements are capitalized, while repairs and maintenance are expensed as incurred. Useful lives of each asset class are as follows:

 

SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE

Asset Category   Useful Life
Computer equipment   3-5 years
Computer software   3 years
Equipment   3-5 years
Furniture and fixtures   5-7 years
Vehicles   5 years
Leasehold improvements   Lesser of lease term or useful life
SCHEDULE OF INTANGIBLE ASSETS

   June 30,   December 31, 
   2025   2024 
Cost          
Goodwill  $1,404,486   $1,404,486 
Trade names and trademarks   150,000    150,000 
Customer relationships   700,000    700,000 
Cost   2,254,486    2,254,486 
Accumulated amortization          
Trade names and trademarks   (14,861)   (10,694)
Customer relationships   (89,167)   (64,167)
Accumulated amortization   (104,028)   (74,861)
Intangible assets, net  $2,150,458   $2,179,625 
SCHEDULE OF SEGMENT INFORMATION

             
   Three months ended June 30,   Six months ended June 30, 
   2025   2024   2025   2024 
Net revenue:                    
Diagnostic R&D  $—   $4,038   $—   $6,923 
Laboratory services 1   1,269,483    2,393,614    3,123,080    4,797,120 
Total net revenue   1,269,483    2,397,652    3,123,080    4,804,043 
                     
Operating expenses:                    
Diagnostic R&D   (440,651)   (453,895)   (946,390)   (896,494)
Laboratory services   (1,646,471)   (2,535,285)   (3,914,127)   (5,272,284)
General corporate activities   (1,697,921)   (1,496,270)   (3,405,262)   (2,668,293)
Total operating loss   (2,515,560)   (2,087,798)   (5,142,699)   (4,033,028)
                     
Non-operating income (expense), net   (1,516,243)   (17,062)   (1,540,826)   (29,975)
Net loss before income tax expense   (4,031,803)   (2,104,860)   (6,683,525)   (4,063,003)
Income tax expense   (28,984)   (5,419)   (37,679)   (9,091)
Net loss  $(4,060,787)  $(2,110,279)  $(6,721,204)  $(4,072,094)

 

1 The majority of the decrease versus the prior year is primarily due to discontinuing certain unprofitable pathology services to focus on CyPath® Lung and other high-margin services.