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Note 15 - Segment Information
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

15. Segment Information

 

The Company reports segment information based on how it internally evaluates the operating performance of its business units, or segments. The Company has one reportable segment, which is the development and commercialization of innovative therapies for use in medically supervised settings.

 

The Company’s chief operating decision maker, or CODM, which consists of its Chief Executive Officer and the Chief Financial Officer, reviews the Company’s operating results on an aggregate basis and manages the Company’s operations. The CODM assesses performance for the segment and decides how to allocate resources based on consolidated net loss that is also reported on the consolidated statements of operations. The CODM uses consolidated net loss to evaluate the Company's spend and monitor budget versus actual results. The monitoring of budgeted versus actual results is used in assessing performance of the segment and in establishing resource allocation across the organization.

 

The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets.

 

Factors used in determining the reportable segment include the nature of the Company's operating activities, the organizational and reporting structure and the type of information reviewed by the CODM to allocate resources and evaluate financial performance. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.

 

The segment derives its revenues in the United States pursuant to the Marketing Agreement with Alora. All long-lived assets are maintained in the United States.

 

The table below is a summary of the segment loss, including significant segment expenses (in thousands):

 

   

Year ended

  
    December 31,  
   

2025

    

2024

  

Revenue

   $ (28 )   $ —  

Less:

                

Employee expense (not including stock-based compensation)

     5,823       6,212  

Development and clinical trial expense

     3,227       3,385  

Other general and administrative expense(a)

     3,666       4,376  

Other segment loss (income), net(b)

     1,675       (969 )

Discontinued operations

     (73 )     —  

Segment and consolidated net loss

   $ (14,290 )   $ (13,004 )

 

(a)Other general and administrative expense includes consulting and professional services fees, insurance, facilities and other corporate expenses.

(b)Other segment loss (income), net includes gain on sale of future payments, fair value adjustments to warrant liability, interest income and expense, and stock-based compensation expense and marketing support.