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

Note 11 - Segment Reporting

 

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources in assessing performance. The Company has one reportable segment: biotech. The biotech segment consists of the development of clinical and preclinical product candidates for the development of the Company’s proprietary new enhanced thermoacoustic technology platform. The Company’s chief operating decision maker (“CODM”) is the chief executive officer.

 

The accounting policies of the biotech segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the biotech segment based on net loss, which is reported on the income statement as consolidated net loss. The measure of segment assets is reported on the balance sheet as total consolidated assets.

 

To date, the Company has not generated any product revenue. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through all stages of development and clinical trials and, ultimately, seek regulatory approval.

 

As such, the CODM uses cash forecast models in deciding how to invest into the biotech segment. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results is used in assessing performance of the segment and in establishing management’s compensation, along with cash forecast models.

 

The table below summarizes the significant expense categories regularly reviewed by the CODM for the three and six months ended June 30, 2026, and 2025:

 

   Three Months   Three Months   Six Months   Six Months 
   Ended   Ended   Ended   Ended 
   June 30,   June 30,   June 30,   June 30, 
Operating Expenses  2026   2025   2026   2025 
Research and development  $233,665   $381,061   $1,010,075   $909,746 
Sales and marketing   5,813    68,834    10,091    137,825 
General and administrative   1,243,778    851,195    2,636,838    1,722,801 
Total operating expenses   1,483,256    1,301,090    3,657,004    2,770,372 
                     
Operating loss   (1,483,256)   (1,301,090)   (3,657,004)   (2,770,372)
                     
Other segment items (a)   1,643,200    75,178    2,505,515    508,130 
                     
Net income/(loss)  $159,944   $(1,225,912)  $(1,151,489)  $(2,262,242)
                     
Reconciliation of net loss                    
Adjustments and reconciling items   
-
    
-
    
-
    
-
 
                     
Consolidated net income/(loss)  $159,944   $(1,225,912)  $(1,151,489)  $(2,262,242)
   Six Months   Six Months 
   Ended   Ended 
   June 30,   June 30, 
Operating Expenses  2026   2025 
Research and development  $1,010,075   $909,746 
Sales and marketing   10,091    137,825 
General and administrative   2,636,838    1,722,801 
Total operating expenses   3,657,004    2,770,372 
           
Operating loss   (3,657,004)   (2,770,372)
           
Other segment items (a)   2,505,515    508,130 
           
Net loss  $(1,151,489)  $(2,262,242)
           
Reconciliation of net loss          
Adjustments and reconciling items   
-
    
-
 
           
Consolidated net loss  $(1,151,489)  $(2,262,242)

 

(a)Other segment items included in segment loss include digital asset staking compensation, changes in fair value of digital asset, changes in warrant liability and interest income.