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

7. Segment Reporting

The Company manages its business activities on a consolidated basis and operates as a single operating segment: Biotechnology. The accounting policies of the Biotechnology segment are the same as those described in Note 2 – Summary of Significant Accounting Policies.

The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer, Jung Soo Kim. The CODM uses net loss, as reported on its Consolidated Statements of Comprehensive (Loss) Income, in evaluating performance of the Biotechnology segment and determining how to allocate resources of the Company as a whole. Company’s activities during the periods presented primarily consisted of supporting GPCR USA’s clinical development activities, maintaining public company operations and evaluating strategic alternatives. The Company did not generate revenue during the three or six months ended June 30, 2026 or the comparable periods in 2025.

The following table provides the operating financial results of the Biotechnology segment:

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

2026

 

 

2025

 

2026

 

 

2025

 

Total revenues

 

$

—

 

 

$

—

 

$

—

 

 

$

—

 

Significant segment expenses:

 

 

 

 

 

 

 

 

 

 

 

Research and development expense

 

 

174

 

 

 

935

 

 

486

 

 

 

1,743

 

General and administrative expense

 

 

889

 

 

 

1,514

 

 

2,180

 

 

 

3,731

 

Loss (Gain) on disposal of assets

 

 

(9

)

 

 

60

 

 

28

 

 

 

86

 

Gain on lease termination

 

 

—

 

 

 

—

 

 

—

 

 

 

(5,974

)

Total operating expenses

 

 

(1,054

)

 

 

(2,509

)

 

(2,694

)

 

 

414

 

Interest and dividend income

 

 

11

 

 

 

56

 

 

11

 

 

 

88

 

Gain on settlement of accounts payable

 

 

—

 

 

 

—

 

 

 

 

 

 

Change in fair value of contingent liability

 

 

(52

)

 

 

(159

)

 

(240

)

 

 

(295

)

Other income (expense)

 

 

(26

)

 

 

(9

)

 

(26

)

 

 

182

 

Total other income

 

 

(67

)

 

 

(112

)

 

(255

)

 

 

(25

)

Segment net (loss) income

 

$

(1,121

)

 

$

(2,621

)

$

(2,949

)

 

$

389