v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Information  
Segment Information

Note 13. Segment Information 

 

Operating segments are defined as components of an enterprise for which separate financial information is available for evaluation by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company has two operating and reporting segments, the Biopharm Division and the Neurostimulation Division. The Company’s CODM is its Chief Executive Officer who reviews the Company between Biopharm and Neurostimulation divisions. The Company’s primary focus is the Biopharm Division. The Company is working to spin off the Neurostimulation Division. The measure of segment loss is reported on the condensed consolidated statements of operations as net loss. The measure of segment assets is reported on the consolidated balance sheets as total assets.

 

The Company has not generated any product revenue since the merger of NPM and Second Sight. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it is a clinical stage biopharmaceutical company.

 

During the three months ended June 30, 2026, the Biopharm Division and Neurostimulation Division incurred operating expenses of $6.2 million and $0.2 million, respectively.

 

During the six months ended June 30, 2026, the Biopharm Division and Neurostimulation Division incurred operating expenses of $12.2 million and $0.9 million, respectively.

 

As of June 30, 2026, total assets for the Biopharm Division and the Neurostimulation Division were $41.1 million and $0.5 million, respectively. 

 

The following table provides information related to the Company’s operating segments based upon the Company's net loss for the three and six months ended June 30, 2026 and 2025 (in thousands):

 

 

Three Months Ended June 30,

 

2026

 

2025

 

Biopharm Division

 

Neurostimulation Division

 

Total

 

Biopharm Division

 

Neurostimulation Division

 

Total

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel and related expenses

$

2,638

 

$

310

 

$

2,948

 

$

2,587

 

$

298

 

$

2,885

Office space rental related expenses

 

915

 

 

34

 

 

949

 

 

1,077

 

 

96

 

 

1,173

Development expenses

 

983

 

 

-

 

 

983

 

 

1,243

 

 

-

 

 

1,243

Professional services and insurance

 

1,160

 

 

121

 

 

1,281

 

 

1,500

 

 

234

 

 

1,734

Depreciation

 

128

 

 

-

 

 

128

 

 

98

 

 

2

 

 

100

Other general and administrative expenses

 

499

 

 

86

 

 

585

 

 

220

 

 

107

 

 

327

Other (income) expense, net

 

(169)

 

 

(335)

 

 

(504)

 

 

(359)

 

 

41

 

 

(318)

Segment net loss

$

6,154

 

$

216

 

$

6,370

 

$

6,366

 

$

778

 

$

7,144

 

 

Six Months Ended June 30,

 

2026

 

2025

 

Biopharm Division

 

Neurostimulation Division

 

Total

 

Biopharm Division

 

Neurostimulation Division

 

Total

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel and related expenses

$

5,248

 

$

700

 

$

5,948

 

$

5,060

 

$

519

 

$

5,579

Office space rental related expenses

 

2,043

 

 

64

 

 

2,107

 

 

2,140

 

 

206

 

 

2,346

Development expenses

 

1,991

 

 

-

 

 

1,991

 

 

2,070

 

 

-

 

 

2,070

Professional services and insurance

 

2,218

 

 

341

 

 

2,559

 

 

2,817

 

 

466

 

 

3,283

Depreciation

 

258

 

 

-

 

 

258

 

 

198

 

 

6

 

 

204

Other general and administrative expenses

 

786

 

 

172

 

 

958

 

 

382

 

 

156

 

 

538

Other (income) expense, net

 

(334)

 

 

(337)

 

 

(671)

 

 

(656)

 

 

82

 

 

(574)

Segment net loss

$

12,210

 

$

940

 

$

13,150

 

$

12,011

 

$

1,435

 

$

13,446