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

17. Segments

 

The Company has one operating segment focused on the research and development of clinical assets. The accounting policies of the single operating segment are identical to those described in Note 1. The Chief Operating Decision Maker (“CODM”), which the Company has identified as Dr. Andrew Regan, Chief Executive Officer, manages the Company’s operations on a consolidated basis, assesses performance for the operating segment and decides how to allocate resources based on consolidated net loss, which is reported on the unaudited condensed consolidated statements of operations and comprehensive loss. Depreciation expense, amortization expense, stock-based compensation expense, gain or loss from equity method investments and non-cash lease expense are significant noncash items included in consolidated net loss reviewed by the CODM and are reported on the unaudited condensed consolidated statements of cash flows. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. Expenditures for additions to long-lived assets, which include purchases of property and equipment, are included in total consolidated assets reviewed by the CODM and are reported on the unaudited condensed consolidated statements of cash flows.

 

 

The CODM uses consolidated net loss and budget-to-actual variances to assess the operating segment’s performance and determine whether the Company is progressing towards its goals.

 

The following table presents specific financial data for the Company’s reportable segment (in thousands):

 

(Dollar amounts in thousands)  2026   2025   2026   2025 
   Three months ended June 30,   Six months ended June 30, 
(Dollar amounts in thousands)  2026   2025   2026   2025 
Operating expenses:                    
Research & development expenses-clinical asset development  $185   $222   $447   $411 
Research & development expense – related parties   117    1,638    633    2,365 
                     
General and administrative expenses – legal & professional fees   300    872    1,013    1,632 
General and administrative expenses – accounting & audit fees   639    378    1,348    922 
General and administrative expenses – salaries, payroll and stock based compensation   470    751    1,013    1,444 
General and administrative expenses - other   1,291    1,091    2,204    1,794 
Total operating costs and expenses   3,002    4,952    6,658    8,568 
Operating loss   (3,002)   (4,952)   (6,658)   (8,568)
Other income (expenses):                    
Other expense   (1,536)   (1,023)   (1,826)   (1,992)
Loss on investment   (86)   -    (154)   - 
Interest income   -    4    -    12 
Interest expense, net   (17)   (57)   (66)   (233)
Total other (expense) income, net   (1,639)   (1,076)   (2,046)   (2,213)
Net loss  $(4,641)  $(6,028)  $(8,704)  $(10,781)

 

Other segment items consist of the items within Note 13 to the unaudited condensed consolidated financial statements.