v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Information [Abstract]  
SEGMENT INFORMATION

NOTE 11 — SEGMENT INFORMATION

 

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company operates as a single reporting segment, focused on developing essential medicines for the treatment of chronic diseases – cancer, cardiovascular, and neurodegenerative disorders. The Company currently has acquired two licensed platforms: a generic drug portfolio and a biosimilar biologics platform that uses biologic therapies to treat cancer, and two proprietary, patented technologies involving the melanocortin receptor-binding molecules and a gene therapy platform which uses a gene therapy approach to introduce a therapeutic protein called “Klotho” inside the body to treat neurodegenerative diseases.

 

The Company’s measure of segment profit or loss is net loss. The CODM is the chief executive officer (“CEO”). The CODM manages and allocates resources to the operations of the Company on a total company basis. Managing and allocating resources on a consolidated basis enables the CEO to assess the overall level of resources available and how to best deploy these resources across functions and research and development projects that are in line with the Company’s long-term company-wide strategic goals. Consistent with this decision-making process, the CEO uses consolidated financial information for purposes of evaluating performance, forecasting future period financial results, allocating resources, and setting incentive targets. Operating expenses are used to monitor budget versus actual results. The CODM also uses net loss in competitive analysis by benchmarking to the Company’s peer group. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment.

 

The following table is representative of the significant expense categories regularly provided to the CODM when managing the Company’s single reporting segment. A reconciliation to the consolidated net loss for the periods ended June 30, 2025 and 2024 is included at the bottom of the table below.

 

   For the Three Months Ended
June 30,		   For the Six Months Ended
June 30,		 
   2025   2024   2025   2024 
Significant segment expenses                
General and administrative(1)  $339,377   $2,341   $694,159   $48,790 
Research and development   238,700    
-
    238,700    
-
 
Professional fees - Licenses and Patents   
-
    1,502    
-
    288,416 
Professional fees - Other   924,580    354,250    1,661,266    442,932 
Share-based compensation expense   390,195    37,514    885,695    37,514 
Interest expense (income)   1,760,025    15,064    2,313,962    15,064 
Other segment items   318,878    1,271    425,470    251,270 
Total operating and segment expenses  $3,971,755   $411,942   $6,219,252   $1,083,986 
                     
Reconciliation of net loss                    
Change in fair value of warrant liabilities   121,476    39,697    107,961    39,697 
Consolidated net loss  $4,093,231   $451,639   $6,327,213   $1,123,683 

 

1) Excluding share-based compensation expense