v3.26.1
Segment and Geographic Information
 3 Months Ended
Mar. 31, 2026
Segment and Geographic Information [Abstract]  
SEGMENT AND GEOGRAPHIC INFORMATION

11. SEGMENT AND GEOGRAPHIC INFORMATION

 

Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker, which is our Chief Executive Officer, in deciding how to allocate resources and in assessing performance. We manage our business globally within one operating segment in accordance with ASC Topic 280, Segment Reporting (“ASC 280”). Segment information is consistent with how management reviews the business, makes investing and resource allocation decisions and assesses operating performance.

 

The Company has one reportable segment – biospecimens. The Company derive its revenue by procuring specimens from its healthcare provider network and then distributing these annotated biospecimens to its research client base. 

Set out below is information about the assets and liabilities as at March 31, 2026 and December 31, 2025 and profit or loss from each segment for the three months ended March 31, 2026 and 2025.

 

  

March 31,

2026

  

December 31,

2025

 
Financial statement line item:        
Reportable segment assets  $6,609,658   $9,531,410 
Reportable segment liabilities   5,795,620    6,443,179 

 

  

Three Months Ended

March 31,

 
   2026   2025 
Financial statement line item:        
Revenues from external customers  $156,009   $1,057,510 
Less:          
Cost of revenue, excluding amortization   84,410    609,391 
Technology expenses, excluding amortization   114,013    177,649 
Sales and marketing expenses   1,542,297    347,140 
Supply development expenses   34,017    93,681 
Fulfillment expenses   105,724    293,766 
Other segment items (a)   413,862    743,872 
Depreciation & amortization expense   135,945    432,709 
Interest expense   
—
    1,946 
Interest income   (291)   (2,788)
Interest and penalties on sales tax liability   1,253    18,540 
Income tax expense   
—
    
—
 
Reportable segment income (loss)  $(2,275,221)  $(1,658,396)

 

(a) Other segment items included in reportable segment net loss consists mainly of general and administrative expenses for corporate functions, such as insurance expenses, associated software licenses, other payroll and related expenses for human resources, legal, finance and executive teams, other consulting and professional fees for corporate services rendered, other marketing expenses, franchise tax, other gains and losses, and other overhead expense.

 

The Company’s reportable business segment sell their goods in four geographic locations:

 

  ● Americas
  ● Europe
  ● Middle East/Africa
  ● Asia Pacific

 

The following table represents the percentage of total revenue by geographic area, based on the location of the customer for the three months ended March 31, 2026 and 2025, respectively.

 

   2026   2025 
Americas   87.16%   95.37%
Europe, Middle East and Africa   
—
%   4.63%
Asia Pacific   12.84%   
—