v3.26.1
Segment and Geographic Information
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Segment Reporting [Abstract]    
Segment and Geographic Information
11. Segment and Geographic Information
The Company has one operating and reportable segment: life science. The life science segment consists of the development of clinical and preclinical product candidates for the development of the Company’s proprietary new therapies to enhance the engagement of the science of ribosomal modulation. The Company’s chief operating decision maker (“CODM”) is its President and Chief Executive Officer.
The significant expense categories regularly reviewed by the CODM for the three months ended March 31, 2026 and 2025 are the same as the significant expense categories included in the Company’s income statement. While the Company operates in three geographic regions (the U.S., Israel, and Australia), substantially all of the Company’s long-lived assets are located in the U.S.
The table below summarizes the significant expense categories regularly provided to, and reviewed by, the CODM for the three months ended March 31, 2026 and 2025 (in thousands):
 
    
Three Months Ended March 31,
  
    
  2026  
     
  2025  
  
Operating expenses:
      
Research and development
      
Clinical and manufacturing
    $ 672      $ 38  
Other research and development
      987        472  
  
 
 
     
 
 
  
Total research and development
      1,659        510  
General and administrative
      2,136        712  
  
 
 
     
 
 
  
Loss from operations
      (3,795 )       (1,222 ) 
Other (income) expense, net
      (41 )       487  
  
 
 
     
 
 
  
Total other (income) expense, net
      (41 )       487  
  
 
 
     
 
 
  
Net loss
    $ (3,754 )     $ (1,709 ) 
  
 
 
     
 
 
  
14. Segments
Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the CODM, or decision-making group, in deciding how to allocate resources in assessing performance. The Company has one operating and reportable segment: life science. The life science segment consists of the development of clinical and preclinical product candidates for the development of the Company’s proprietary new therapies to enhance the engagement of the science of ribosomal modulation. The Company’s CODM is its President and Chief Executive Officer (“CEO”).
The accounting policies of the life science segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the life science segment and decides how to allocate resources based on net loss, which is reported on the income statement as consolidated net loss. The CODM uses net loss to evaluate losses generated from segment assets (return on assets) in deciding whether to invest capital into the life science segment or into other parts of the Company. The measure of segment assets is reported on the balance sheet as total consolidated assets.
To date, the Company has generated only license and service revenue, all of which relate to one customer with headquarters in Spain. The Company expects to continue to incur significant expense and operating losses for the foreseeable future as it advances product candidates through all stages of development and clinical trials and, ultimately, seeks regulatory approval.
As such, the CODM uses cash forecast models in deciding how to invest into the life science segment. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results is used in assessing performance of the segment and in establishing management compensation, along with cash forecast models.
The significant expense categories regularly reviewed by the CODM for the years ended December 31, 2025, 2024 and 2023 are the same as the significant expense categories included in the Company’s income
 
statement. While the Company operates in three geographic regions (the U.S., Israel, and Australia), substantially all of the Company’s long-lived assets are located in the U.S.
The table below summarizes the significant expense categories regularly provided to, and reviewed by, the CODM for the years ended December 31, 2025, 2024 and 2023 (in thousands).
 
    
Years Ended December 31,
  
    
2025
     
2024
     
2023
  
License and service revenue:
    $ —       $ 6,359      $ —   
Operating expenses:
         
Research and development
         
Clinical and manufacturing
      718        1,193        2,577  
Other research and development
      2,338        2,384        6,021  
  
 
 
     
 
 
     
 
 
  
Total research and development
      3,056        3,577        8,598  
General and administrative
      3,382        5,250        8,690  
  
 
 
     
 
 
     
 
 
  
Total operating expenses:
      6,438        8,827        17,288  
  
 
 
     
 
 
     
 
 
  
Loss from operations
      (6,438 )       (2,468 )       (17,288 ) 
Other (income) expense, net
      (443 )       675        (234 ) 
  
 
 
     
 
 
     
 
 
  
Total other expense (income), net
      (443 )       675        (234 ) 
  
 
 
     
 
 
     
 
 
  
Net loss
    $ (5,995 )     $ (3,143 )     $ (17,054 )