v3.26.1
Segment
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment

Note 8: Segment

 

The Company operates and manages its business as one reportable segment and one operating segment, which is the business of developing and commercializing synthetic protein products using the Company’s proprietary microbial platforms, including Dapibus TM and C1. The Company’s chief operating decision maker, or CODM, is the Company’s senior management team that includes the Chief Executive Officer, President & Chief Operating Officer and Chief Financial Officer. 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 measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. The Company operates in the U.S. and Europe. All material long-lived assets of the Company reside in the U.S. For geographic information about the Company’s product revenue, see Note 1, Concentration. Long-lived assets primarily consist of operating lease right-of-use assets.

 

The CODM uses consolidated net loss to evaluate the Company’s spending and monitor budget versus actual results. The monitoring of budgeted versus actual results is used in assessing the performance of segment and in establishing resource allocation across the organization. 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 Note 1 of the notes to the consolidated financial statements included in our Annual Report on Form 10-K filed on March 25, 2026, as amended on April 30, 2026.

 

The CODM reviews cash, cash equivalents and investment securities as a measure of segment assets. As of March 31, 2026 and December 31, 2025, the Company’s cash, cash equivalents, restricted cash and cash equivalents and its investment securities, including accrued interest were $6.6 million and $8.6 million, respectively.

 

The following table presents information about segment revenue, significant segment expenses and segment operating loss for the three months ended March 31, 2026 and 2025:

 

Schedule of Segment Revenue, Significant Segment Expenses and Segment Operating Loss 

       
   Three Months Ended March 31, 
   2026   2025 
Total revenue  $1,110,956  $393,572
Total cost of revenue   791,840   297,658 
           
Research and development expenses:          
Outside contracted services   342,721   356,256 
Personnel related costs   103,770   104,682 
Facilities, overhead, and other   19,313   17,007 
General and administrative expenses:          
Compensation and related expenses   693,104   632,522 
Business consulting expenses   188,889   181,227 
Legal and professional services   504,295   331,097 
Other G&A expenses   240,009   243,496 
Share-based compensation expenses   139,299   225,030 
Foreign currency exchange (gain) loss   (9,591)  7,072 
Other (income) expenses, net   51,990  25,104 
Net loss  $(1,954,683)  $(2,027,579)