| Schedule of Company's Reportable Segment Net Loss |
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):
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For the year ended December 31, |
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2025 |
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2024 |
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License revenue |
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$ |
202 |
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|
$ |
308 |
|
Research and development services revenue |
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|
3,887 |
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|
|
— |
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Total revenue |
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$ |
4,089 |
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$ |
308 |
|
Research and Development |
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|
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|
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BPL-003 |
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1,283 |
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|
|
— |
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VLS-01 |
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16,297 |
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|
|
10,606 |
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EMP-01 |
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7,894 |
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|
1,527 |
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Discovery (Non-hallucinogenic) |
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2,323 |
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2,649 |
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Other programs(i) |
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8,574 |
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|
16,956 |
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Personnel and employee-related expenses(ii) |
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10,775 |
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10,545 |
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Non-cash share-based compensation expense |
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4,026 |
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10,390 |
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Depreciation and Amortization |
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|
662 |
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|
184 |
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Other Expenses(iii) |
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531,228 |
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|
2,597 |
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General and Administrative |
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Personnel and employee-related expenses(ii) |
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14,109 |
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12,493 |
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Non-cash share-based compensation expense |
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10,163 |
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14,767 |
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Accounting and Tax Fees |
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8,118 |
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|
5,057 |
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Legal & Intellectual Property Fees |
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19,437 |
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|
|
5,895 |
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Insurance |
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|
1,538 |
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|
|
2,328 |
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Depreciation and Amortization |
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|
350 |
|
|
|
290 |
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Other Expenses, net(iii) |
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11,373 |
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|
6,715 |
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Interest income |
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1,478 |
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|
778 |
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Interest expense |
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(1,162 |
) |
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(3,124 |
) |
Other segment items(iv) |
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(16,402 |
) |
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(45,012 |
) |
Segment and consolidated net loss |
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$ |
(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.
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