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

Note 10. Segment Reporting

 

The Company operates as one operating segment. The Company’s chief operating decision maker (“CODM”) is its chief executive officer, who reviews financial information presented on a condensed consolidated basis. The CODM uses expected research and development study and material costs; cash, cash equivalents and marketable securities balances; operating losses; and budget projections to assess financial performance and allocate resources.

 

 

Cash, cash equivalents and marketable securities were as follows at June 30, 2026 and December 31, 2025:

  

   June 30, 2026   December 31, 2025 
Cash  $1,384,101   $2,883,305 
Cash equivalents   5,276,069    1,539,533 
Marketable securities   701,085    5,696,386 

 

Research and development study and material costs were as follows during the three and six months ended June 30, 2026 and 2025:

 

   2026   2025   2026   2025 
   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2026   2025   2026   2025 
Research and development studies  $883,252   $1,884,150   $1,653,211   $3,947,886 
Research and development materials   44,714    62,046    79,158    124,561 
Research and development costs  $927,966   $1,946,196   $1,732,369   $4,072,447 

 

These financial metrics are used by the CODM to make key operating decisions, such as which research and development studies to commence, extend or discontinue. See the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025, as well as the condensed consolidated statements of operations for the three and six months ended June 30, 2026 and 2025.