v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Information  
Segment Information

Note 13. Segment Information 

 

Operating segments are defined as components of an enterprise for which separate financial information is available for evaluation by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company has two operating and reporting segments, the Biopharm Division and the Neuromodulation Division. The Company’s CODM is its Chief Executive Officer who reviews the Company between Biopharm and Neuromodulation divisions. The Company’s primary focus is the Biopharm Division. The Company is trying to spin off the Neuromodulation Division. The measure of segment loss is reported on the consolidated statements of operations and comprehensive loss as net loss. The measure of segment assets is reported on the consolidated balance sheets as total assets.

 

The Company has not generated any product revenue to date. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it is a clinical stage biopharmaceutical company.

 

During the three months ended March 31, 2026, the Biopharm Division and Neurostimulation Division incurred operating expenses of $6.0 million and $0.8 million, respectively. During the three months ended March 31, 2025, net loss for the Biopharm Division was $5.6 million and for the Neurostimulation Division was $0.7 million.

 

As of March 31, 2026, total assets for the Biopharm Division and the Neurostimulation Division were $41.9 million and $0.5 million, respectively. 

 

The following table provides information related to the Company’s operating segments based upon the Company's net loss for the three months ended March 31, 2026 and 2025 (in thousands):

 

 

Three Months Ended March 31,

 

2026

 

2025

 

Biopharma Division

 

Neuromodulation Division

 

Total

 

Biopharma Division

 

Neuromodulation Division

 

Total

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel and related expenses

$

2,610

 

$

390

 

$

3,000

 

$

2,473

 

$

221

 

$

2,694

Office space rental related expenses

 

1,128

 

 

30

 

 

1,158

 

 

1,063

 

 

110

 

 

1,173

Development expenses

 

1,008

 

 

-

 

 

1,008

 

 

827

 

 

-

 

 

827

Professional services and insurance

 

1,058

 

 

220

 

 

1,278

 

 

1,317

 

 

232

 

 

1,549

Depreciation and amortization

 

130

 

 

-

 

 

130

 

 

99

 

 

4

 

 

103

Other general and administrative expenses

 

287

 

 

86

 

 

373

 

 

162

 

 

49

 

 

211

Other income (expense), net

 

(209)

 

 

42

 

 

(167)

 

 

(296)

 

 

41

 

 

(255)

Segment net loss

$

6,012

 

$

768

 

$

6,780

 

$

5,645

 

$

657

 

$

6,302