v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting

Note 10 – Segment Reporting

 

The Company has determined that it currently operates in a single segment, Medical Device development, located in a single geographic location, the United States. The accounting policies of the segment are the same as those described in the summary of significant accounting policies set forth in the Company’s Form 10-K, filed with the SEC on March 26, 2026. Since the Company operates in a single segment, the measure of segment total assets and loss from operations is the same as that reported on the accompanying balance sheets as total assets, and the accompanying statement of operations as loss from operations, respectively.

 

The Company’s chief operating decision maker (“CODM”) is the chief executive officer. The CODM uses operating expenses to measure performance against progress in its clinical trials and its product development. The following table sets forth segment expenses.

 

(In thousands)  2026   2025   2026   2025 
   For the Three Months Ended
June 30,		   For the Six Months Ended
June 30,		 
(In thousands)  2026   2025   2026   2025 
Research and Development:                    
Employee expense  $1,211   $1,329   $2,347   $2,699 
Clinical   670    960    1,514    1,832 
Product   112    403    190    548 
Other   83    199    136    369 
Total research and development   2,076    2,891    4,187    5,448 
Selling, General and Administrative Expense:                    
Employee expense   897    2,310    1,960    3,544 
Professional fees   362    308    749    888 
Reserve for uncollectible prepaid clinical costs   -    626    -    626 
Occupancy   158    151    319    314 
Insurance   146    157    290    320 
Other   157    606    353    863 
Total selling, general and administrative expense   1,720    4,158    3,671    6,555 
Loss from Operations   3,796    7,049    7,858    12,003 
Adjustments and reconciling items   (196)   (355)   (409)   (806)
Net Loss  $3,600   $6,694   $7,449   $11,197 

 

Adjustments and reconciling items between loss from operations and net loss consist of interest income and realized and unrealized gains and losses related to the Company’s investments in U.S. Treasury securities.