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

12. Segment Information

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the chief operating decision maker (the "CODM") in deciding how to allocate resources to an individual segment and in assessing performance. The Company operates as a single reporting segment, focused on developing novel targeted oncology therapies and offering RenovoCath delivery system as stand-alone device targeting high unmet medical needs. The Company’s measure of segment profit or loss is net loss. The CODM is the Company's Chief Executive Officer (the "CEO"). The CODM manages and allocates resources to the operations of the Company on a total company basis. Managing and allocating resources on a company basis enables the CEO to assess the overall level of resources available and how to best deploy these resources across functions, clinical, manufacturing and research and development projects that are in line with the Company’s long-term company-wide strategic goals. Consistent with this decision-making process, the CEO uses financial information for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets. Operating expenses are used to monitor budget versus actual results. The CODM also uses net loss in competitive

analysis by benchmarking to the Company’s peer group. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment. All the Company’s assets are held in the United States and all the Company’s revenues are derived from the United States.

The following table is representative of revenue and significant expense categories regularly provided to the CODM when managing the Company’s single reporting segment (in thousands):

 

 

Three Months Ended June 30,

 

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

 

2026

 

 

2025

 

Revenues

 

$

909

 

 

$

422

 

 

 

$

1,472

 

 

$

619

 

Program expenses (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Clinical trial studies(1)

 

 

502

 

 

 

539

 

 

 

 

924

 

 

 

1,209

 

Manufacturing, RenovoCath

 

 

260

 

 

 

383

 

 

 

 

496

 

 

 

720

 

Other research and development expenses

 

 

91

 

 

 

78

 

 

 

 

148

 

 

 

204

 

Non-program expenses (2)

 

 

1,398

 

 

 

998

 

 

 

 

2,925

 

 

 

2,104

 

Personnel compensation and related expenses, including share-based compensation

 

 

2,008

 

 

 

1,102

 

 

 

 

3,797

 

 

 

2,170

 

Other segment items (3)

 

 

(439

)

 

 

217

 

 

 

 

(386

)

 

 

(473

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(2,911

)

 

$

(2,895

)

 

 

$

(6,432

)

 

$

(5,315

)

 

(1)
Includes external research expenses, clinical studies, manufacturing including manufacturing and non-recurring engineering costs, professional and consulting, regulatory, and trade shows for 2026.
(2)
Includes selling, general and administrative expenses for professional and consulting expenses, audit fees, board fees, legal expenses, insurance expenses, travel, marketing expenses for 2026 and other office expenses.
(3)
Includes interest income and interest expense and gain recognized on the fair value of common stock warrant liability.

Major Customers

For the three and six months ended June 30, 2026, four cancer center customers for the Company's RenovoCath device, (referred to for these purposes as Customers A, B, C, and D) each accounted for more than 10% of the Company's total revenue. For the three months ended June 30, 2026, Customers A, B and C accounted for 20.0%, 16.8% and 15.2%, respectively. For the six months ended June 30, 2026, Customers A, B, C, and D accounted for 15.3%, 20.8%, 11.1%, and 10.4%, respectively.

For the three and six months ended June 30, 2025, five cancer center customers for the Company's RenovoCath device (referred to for these purposes as Customers A, B, C, D and E) each accounted for more than 10% of the Company's total revenue. For the three months ended June 30, 2025, Customers A, B, C, D, and E accounted for 28.3%, 14.1%, 16.2%, 11.3%, and 10.1%, respectively. For the six months ended June 30, 2025, Customers A, B, C, and E accounted for 23.5%, 20.7%, 19.3%, and 15.2%, respectively.