| Schedule of Segment Reporting Information, by Segment |
The following table summarizes the segment's financial information including the Company’s significant segment expenses: | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | Revenue: | | | | License fee and other revenues | $ | 1,030,193 | | | $ | 9,784 | | Total revenue | 1,030,193 | | | 9,784 | | Cost of revenues | 295,799 | | | — | | Segment operating expenses: | | | | Research and development: | | | | Direct program costs: | | | | Ovaprene (1) | 5,016,187 | | | 8,518,495 | | Sildenafil Cream, 3.6% (2) | 1,143,221 | | | 2,361,052 | | Other advanced clinical stage programs | 2,805,127 | | | 1,421,888 | | Phase 1 and Phase 1-ready clinical stage programs (1) | 1,548,800 | | | 761,721 | | Preclinical stage programs (1) | 6,365,438 | | | 4,233,762 | | Other development programs | — | | | 27,542 | | Contra-R&D expenses (3) | (13,919,881) | | | (7,685,533) | | Total research and development direct program costs | 2,958,892 | | | 9,638,927 | | Indirect costs: | | | | Personnel-related (including stock compensation) | 4,691,957 | | | 5,611,057 | | Other indirect costs | 281,787 | | | 254,772 | | Contra R&D expenses | (2,409,284) | | | (1,199,548) | | Total research and development indirect costs | 2,564,460 | | | 4,666,281 | | Selling, general and administrative | 8,763,376 | | | 9,156,061 | | | | | | Total segment operating expenses | 14,286,728 | | | 23,461,269 | | Loss from operations | (13,552,334) | | | (23,451,485) | | Sale of royalty and milestone rights, net | — | | | 20,379,376 | | Interest expense | 822,709 | | | 857,364 | | Interest income | (679,740) | | | (539,743) | | Other income (expense), net | (296,029) | | | 663,869 | | Net loss | $ | (13,399,274) | | | $ | (4,053,599) | | (1)The applicable program(s) receive grant funding and/or the Tax Incentive. The amount of R&D expense for the period indicated is shown on a gross basis (i.e., without deducting the amount of contra R&D expense for the applicable program(s). See footnote (3) below. (2)For 2025, the dollar amount also includes expenses for DARE to PLAY. (3)These contra R&D expenses were recognized as follows for the years ended December 31, 2025 and 2024: (a) Ovaprene, $2.5 million, and $0.2 million, respectively; (b) Other advanced clinical stage programs, $2.9 million and $0, respectively, (c) Phase 1 and Phase 1-ready clinical stage programs, $0.4 million and $1.3 million, respectively; and (d) Preclinical stage programs, $8.1 million and $6.2 million, respectively. |
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