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

NOTE 11 — SEGMENT INFORMATION

 

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. Historically, the Company operated as a single reporting segment, focused on developing essential medicines for the treatment of chronic diseases – cancer, cardiovascular, and neurodegenerative disorders. However, as a result of the asset acquisition that occurred during March of 2026, the Company now reports under two reportable segments: Biotech and Mining. As the asset acquisition occurred during the most recent interim reporting period, comparative information for the three months ended March 31, 2025 only reflects the Biotech segment.

 

The Company has two reportable segments: (i) biotechnology operations focused on research and development activities, and (ii) mineral resource development and exploration. The Company’s measure of segment profit or loss for each reportable segment is net loss. The Chief Operating Decision Maker (“CODM”), identified as the Company’s Chief Executive Officer, evaluates performance and allocates resources between the biotechnology and mining segments.

 

The CODM reviews financial information for each segment, as well as on a consolidated basis, to assess performance, forecast future operating results, and determine the appropriate allocation of resources consistent with the Company’s overall strategic objectives. Operating expenses are reviewed for each segment to monitor budget-to-actual performance. In addition, the CODM utilizes net loss metrics in competitive benchmarking analyses against peer companies within each respective industry, and this analysis, together with budget monitoring, is used in evaluating segment performance and resource allocation decisions.

 

The following table reflects segment profit or loss, significant expense categories and other segment items regularly provided to the CODM when managing the Company’s reportable segments. A reconciliation to the consolidated net loss for the periods ended March 31, 2026 and 2025 is included at the bottom of the table below.

 

   For the Three Months Ended
March 31, 2026		       For the Three Months Ended
March 31, 2025		 
   Biotech   Mining   Total   Biotech   Total 
Significant segment expenses                    
General and administrative  $6,088,082   $124,247        6,212,329    850,282    850,282 
Research and development   321,271    
-
    321,271    
-
    
-
 
Professional fees   2,770,181    208,508    2,978,689    736,686    736,686 
Interest expense   1,615    
-
    1,615    553,937    553,937 
Impairment expense   2,045,253    
-
    2,045,253    
-
    
-
 
Other segment items   (16,307)   
-
    (16,307)   (10,664)   (10,664)
Total operating and segment expenses  $11,210,095   $332,755    11,542,850    2,130,241    2,130,241 
                          
Reconciliation of net loss                         
Change in fair value of warrant liabilities             2,314,353         (13,515)
Consolidated net loss             13,857,203         2,116,726 

Segment assets for Mining comprise intangible assets of $48.4 million as of March 31, 2026. Segment assets for Biotech comprise intangible assets of $0.2 million and $2.3 million as of March 31, 2026 and December 31, 2025, respectively.