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

Note 14 – Segment Information

The Company operates as a single operating and reportable segment focused on the development and commercialization of the Vivistim System. The Company’s chief executive officer serves as its chief operating decision maker (“CODM”). The Company’s measure of segment profit or loss is net loss, which is used by the CODM to measure actual results versus expectations, set performance metrics, and during the Company’s budgeting and forecasting process to assess segment performance and make decisions regarding the allocation of resources. Significant segment expenses within net loss include cost of goods sold, research and development, and selling, general and administrative expenses. The only segment asset regularly reviewed by the CODM is cash and cash equivalents, which is reported on the balance sheets. No individual customer accounted for more than 10% of the Company’s revenue for any of the three and six months ended June 30, 2026 and 2025, respectively.

The following table presents segment revenue and significant segment expense categories regularly provided to the CODM for purposes of managing the Company’s single operating and reportable segment. Segment revenue and net loss are consistent with the statements of operations (in thousands).

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue

 

$

13,505

 

 

$

6,674

 

 

$

25,579

 

 

$

12,335

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

2,267

 

 

 

1,184

 

 

 

4,400

 

 

 

2,199

 

Research and development costs

 

 

2,278

 

 

 

1,418

 

 

 

3,970

 

 

 

2,772

 

Selling, general and administrative expenses (1)

 

 

26,886

 

 

 

14,532

 

 

 

52,072

 

 

 

28,128

 

Other segment items (2)

 

 

3,117

 

 

 

30

 

 

 

3,920

 

 

 

379

 

Net loss

 

$

(21,043

)

 

$

(10,490

)

 

$

(38,783

)

 

$

(21,143

)

 

(1)
Selling, general and administrative expenses include depreciation and amortization expense of $0.1 million and $32,000 for the three months ended June 30, 2026 and 2025, respectively and $0.2 million and $0.1 million for six months ended June 30, 2026 and 2025.
(2)
Other segment items represent the net effect of the change in fair value of convertible notes payable, interest expense, other income, net, and provision for income taxes, as shown on the statements of operations.