| Segment Information |
9. Segment Information The Company has one operating segment. The Company’s CODM is the interim chief executive officer. The Company’s CODM manages the Company’s operations on a consolidated basis for the purpose of allocating resources. All of the Company’s long-lived assets are held in the United States. The accounting policies of its segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for its segment based on net loss, which is reported on the unaudited condensed consolidated statements of operations and comprehensive loss. The measure of segment assets is reported on the balance sheet as total assets. The CODM uses cash forecast models in deciding how to invest into the segment. The CODM analyzes the Company’s net income (loss) and monitors budget versus actual results to assess the performance of the Company. The table below summarizes the significant expense categories, included within the unaudited condensed consolidated statements of operations, regularly reviewed by the CODM for the three and six months ended June 30, 2025, and 2024: | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2025 | | 2024 | | 2025 | | 2024 | Revenue | $ | 2,733,000 | | $ | 57,000 | | $ | 2,790,000 | | $ | 113,000 | Less: | | | | | | | | | | | | Acquired in-process research and development | | — | | | 117,464,000 | | | — | | | 117,464,000 | Research and development expenses: | | | | | | | | | | | | Preclinical and clinical development | | 1,897,475 | | | 624,000 | | | 2,524,475 | | | 1,333,000 | Personnel related | | 425,000 | | | 1,306,000 | | | 890,000 | | | 1,979,000 | Other research and development (a) | | (31,475) | | | 2,034,000 | | | 1,382,525 | | | 2,564,000 | Total research and development expenses | | 2,291,000 | | | 3,964,000 | | | 4,797,000 | | | 5,876,000 | General and administrative expenses: | | | | | | | | | | | | Professional and consulting fees | | 634,000 | | | 5,000 | | | 1,826,000 | | | 2,083,000 | Personnel related | | 512,000 | | | 1,120,000 | | | 1,416,000 | | | 1,892,000 | Other general and administrative (b) | | 545,000 | | | 852,000 | | | 1,203,000 | | | 1,358,000 | Total general and administrative | | 1,691,000 | | | 1,977,000 | | | 4,445,000 | | | 5,333,000 | Change in fair value of warrant liability | | (146,000) | | | — | | | (26,659,000) | | | — | Other income, net | | (188,000) | | | (205,000) | | | (368,000) | | | (434,000) | Net income (loss) | $ | (915,000) | | $ | (123,143,000) | | $ | 20,575,000 | | $ | (128,126,000) | | | | | | | | | | | | |
| (a) | Other research and development expenses include stock based compensation, manufacturing, formulation, development, and consulting fees. |
| (b) | Other general and administrative expenses include stock based compensation, public company costs, and insurance. |
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