v3.25.4
Segmental Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting

26. Segment Reporting

The Company's operations are organized into one operating and reportable segment dedicated to the global discovery, research, development, and commercialization of highly effective mental health treatments to transform patient outcomes. The Company's Chief Executive Officer is the Company's Chief Operating Decision Maker (“CODM”) and makes key operating decisions and assesses performance on a consolidated basis. The Company's determination that it operates as a single operating segment is consistent with the financial information regularly reviewed by the CODM.

The Company has not generated any revenues to date from the sale of its product candidates and does not anticipate generating any revenues from the sale of its product candidates unless and until it successfully completes development and obtains regulatory approval to market its product candidates. The Company does recognize revenue through its licenses of intellectual property and development agreements. Refer to Note 21, License Agreements, for more information.

For the Company's single reportable segment, the CODM uses net loss that is reported on the consolidated statements of operations to allocate resources, predominantly during the annual budget and forecasting process. The CODM also uses non-financial inputs and qualitative information to evaluate the Company's performance, establish compensation, monitor budget versus actual results, and decide the level of investment in the Company's various operating activities and other capital allocation activities.

The Company's reportable segment net loss, including significant segment expenses, for the years ended December 31, 2025 and 2024 consisted of the following (in thousands):

 

 

For the year ended December 31,

 

 

 

2025

 

 

2024

 

License revenue

 

$

202

 

 

$

308

 

Research and development services revenue

 

 

3,887

 

 

 

—

 

Total revenue

 

$

4,089

 

 

$

308

 

Research and Development

 

 

 

 

 

 

BPL-003

 

 

1,283

 

 

 

—

 

VLS-01

 

 

16,297

 

 

 

10,606

 

EMP-01

 

 

7,894

 

 

 

1,527

 

Discovery (Non-hallucinogenic)

 

 

2,323

 

 

 

2,649

 

Other programs(i)

 

 

8,574

 

 

 

16,956

 

Personnel and employee-related expenses(ii)

 

 

10,775

 

 

 

10,545

 

Non-cash share-based compensation expense

 

 

4,026

 

 

 

10,390

 

Depreciation and Amortization

 

 

662

 

 

 

184

 

Other Expenses(iii)

 

 

531,228

 

 

 

2,597

 

General and Administrative

 

 

 

 

 

 

Personnel and employee-related expenses(ii)

 

 

14,109

 

 

 

12,493

 

Non-cash share-based compensation expense

 

 

10,163

 

 

 

14,767

 

Accounting and Tax Fees

 

 

8,118

 

 

 

5,057

 

Legal & Intellectual Property Fees

 

 

19,437

 

 

 

5,895

 

Insurance

 

 

1,538

 

 

 

2,328

 

Depreciation and Amortization

 

 

350

 

 

 

290

 

Other Expenses, net(iii)

 

 

11,373

 

 

 

6,715

 

Interest income

 

 

1,478

 

 

 

778

 

Interest expense

 

 

(1,162

)

 

 

(3,124

)

Other segment items(iv)

 

 

(16,402

)

 

 

(45,012

)

Segment and consolidated net loss

 

$

(660,147

)

 

$

(150,049

)

 

(i) Includes direct expenses related to RL-007, PCN-101, KUR-101, RLS-01, EGX-121, and enabling technologies programs and external R&D costs incurred by Nualtis. There were no direct expenses incurred in 2025 related to the RLS-01 and KUR-101 programs
(ii) Includes labor, benefits, and personnel-based restructuring expenses.
(iii) Includes public company fees, professional consulting services, facilities costs, technology and communication costs, and miscellaneous fees.
(iv) Includes change in fair value of assets and liabilities, net, gain on other investments, Gain on the consolidation of Beckley Psytech, change in the fair value of digital assets, net, foreign exchange gains (losses), net, other income (expense), net, benefit (provision) for income taxes, and losses from investments in equity method investees, net of tax.