v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2026
SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES

The following potentially dilutive securities have been excluded from the computations of weighted-average shares of Common Stock outstanding as of June 30, 2026 and 2025, as they would be anti-dilutive:

 

   2026   2025 
   As of June 30, 
   2026   2025 
Shares underlying options outstanding   352,835    9,531 
Shares underlying convertible Preferred Stock   150,000    — 
Shares underlying warrants outstanding   1,833,894    429,029 
Shares underlying unvested restricted stock   3,859    14,348 
Anti-dilutive securities   2,340,588    452,908 
SCHEDULE OF REVENUE RECOGNITION

 

   2026   2025   2026   2025 
  

Six Months Ended

June 30,

  

Three Months Ended

June 30,

 
   2026   2025   2026   2025 
Patient service fees1  $2,326,352   $2,512,449   $1,244,142   $942,067 
Histology service fees   498,776    572,358    248,260    308,604 
Medical director fees   35,005    33,897    17,544    17,309 
Department of War observational studies   1,131    —    —    — 
Other revenues   842    4,376    633    1,503 
Total net revenue  $2,862,106   $3,123,080   $1,510,579   $1,269,483 

 

  1 Patient services fees include direct billing for CyPath® Lung diagnostic test of approximately $835,000 and $323,000 for the six months ended June 30, 2026 and 2025, respectively, and $474,000 and $153,000 for the three months ended June 30, 2026 and 2025, respectively.
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE

Property and equipment are carried at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful life of the asset. Amortization of leasehold improvements is computed using the shorter of the lease term or estimated useful life of the asset. Additions and improvements are capitalized, while repairs and maintenance are expensed as incurred. Useful lives of each asset class are as follows:

 

Asset Category  Useful Life
Computer equipment  3-5 years
Computer software  3 years
Equipment  3-5 years
Furniture and fixtures  5-7 years
Vehicles  5 years
Leasehold improvements  Lesser of lease term or useful life
SCHEDULE OF INTANGIBLE ASSETS

 

   June 30,
2026		   December 31,
2025		 
Cost          
Trade names and trademarks   150,000    150,000 
Customer relationships   700,000    700,000 
Cost   850,000    850,000 
Accumulated amortization          
Trade names and trademarks   (23,194)   (19,028)
Customer relationships   (139,167)   (114,166)
Accumulated amortization   (162,361)   (133,194)
           
Total finite-lived intangible assets, net   687,639    716,806 
           
Goodwill   1,404,486    1,404,486 
SCHEDULE OF ESTIMATED AMORTIZATION OF INTANGIBLE ASSETS

The estimated amortization expense related to amortizable intangible assets for each of the five succeeding fiscal years and thereafter as of June 30, 2026 is as follows:

 

      
2026  $29,167 
2027   58,333 
2028   58,333 
2029   58,333 
2030   58,333 
Thereafter   425,140 
Total  $687,639 
Single Reportable Segment [Member]  
SCHEDULE OF SEGMENT INFORMATION

 

   2026   2025   2026   2025 
  

Three months ended

June 30,

  

Six months ended

June 30,

 
   2026   2025   2026   2025 
Net revenue:                    
Diagnostic R&D  $—   $—   $1,131   $— 
Laboratory services 1   1,510,579    1,269,483    2,860,975    3,123,080 
Total net revenue   1,510,579    1,269,483    2,862,106    3,123,080 
                     
Operating expenses:                    
Diagnostic R&D   (837,460)   (440,651)   (1,521,207)   (946,390)
Laboratory services   (1,787,865)   (1,646,471)   (3,620,457)   (3,914,127)
General corporate activities   (2,220,118)   (1,697,921)   (4,672,282)   (3,405,262)
Total operating loss   (3,334,864)   (2,515,560)   (6,951,840)   (5,142,699)
                     
Non-operating (expense), net   (31,218)   (1,516,243)   (44,852)   (1,540,826)
Net loss before income tax expense   (3,366,082)   (4,031,803)   (6,996,692)   (6,683,525)
Income tax expense   —    (28,984)   —    (37,679)
Net loss  $(3,366,082)  $(4,060,787)  $(6,996,692)  $(6,721,204)

 

1 The majority of the decrease versus the prior year is primarily due to discontinuing certain unprofitable pathology services to focus on CyPath® Lung and other high-margin services.