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

NOTE 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 (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. Historically, the Company operated as a single reporting segment, focused on developing essential medicines for the treatment of chronic diseases: cancer, cardiovascular, and neurodegenerative disorders. However, as a result of the asset acquisition that occurred during March of 2026, the Company now reports under two reportable segments: Biotech and Mining. Because the Mining segment was established in connection with that acquisition, comparative segment information for the three and six months ended June 30, 2025 reflects only the Biotech segment.

 

The Company has two reportable segments: (i) biotechnology operations focused on research and development activities, and (ii) mineral resource development and exploration. The Company’s measure of segment profit or loss for each reportable segment is net loss. The Chief Operating Decision Maker (“CODM”), identified as the Company’s Chief Executive Officer, evaluates performance and allocates resources between the biotechnology and mining segments.

 

The CODM reviews financial information for each segment, as well as on a consolidated basis, to assess performance, forecast future operating results, and determine the appropriate allocation of resources consistent with the Company’s overall strategic objectives. Operating expenses are reviewed for each segment to monitor budget-to-actual performance. In addition, the CODM utilizes net loss metrics in competitive benchmarking analyses against peer companies within each respective industry, and this analysis, together with budget monitoring, is used in evaluating segment performance and resource allocation decisions.

 

The following table reflects segment profit or loss, significant expense categories and other segment items regularly provided to the CODM when managing the Company’s reportable segments. A reconciliation to the consolidated net loss for the three and six months ended June 30, 2026 and 2025 is included at the bottom of the tables below.

 

 

    For the Three Months Ended June 30,  
    2026           2025  
    Biotech     Mining     Total     Biotech     Total  
Significant segment expenses                              
General and administrative(1)   $ 78,505     $ 499,437     $ 577,942     $ 729,572     $ 729,572  
Research and development     400,536       -       400,536       238,700       238,700  
Exploration and evaluation     -       561,030       561,030       -       -  
Professional fees     726,341       3,226,093       3,952,434       924,580       924,580  
Interest expense (income)     4,888       -       4,888       1,760,025       1,760,025  
Other segment items     3,463       -       3,463       318,878       318,878  
Total operating and segment expenses   $ 1,213,733     $ 4,286,560     $ 5,500,293     $ 3,971,755     $ 3,971,755  
                                         
Reconciliation of net loss                                        
Change in fair value of warrant liabilities                   $ (1,815,233 )             121,476  
Consolidated net loss                   $ 3,685,060             $ 4,093,231  

 

    For the Six Months Ended June 30,  
    2026           2025  
    Biotech     Mining     Total     Biotech     Total  
Significant segment expenses                              
General and administrative(1)   $ 6,166,587     $ 623,684     $ 6,790,271     $ 1,579,854     $ 1,579,854  
Research and development     721,807       -       721,807       238,700       238,700  
Exploration and evaluation     -       561,030       561,030       -       -  
Professional fees     3,496,522       3,434,601       6,931,123       1,661,266       1,661,266  
Interest expense (income)     6,503       -       6,503       2,313,962       2,313,962  
Impairment expense     2,045,253       -       2,045,253       -       -  
Other segment items     (12,843 )     -       (12,843 )     425,470       425,470  
Total operating and segment expenses   $ 12,423,829     $ 4,619,315     $ 17,043,143     $ 6,219,252     $ 6,219,252  
                                         
Reconciliation of net loss                                        
Change in fair value of warrant liabilities                     499,120               107,961  
Consolidated net loss                   $ 17,542,263             $ 6,327,213  

 

(1) Excludes impairment of licenses and patents; includes share based compensation expense

 

Segment assets for Mining comprise intangible assets of $48.4 million as of June 30, 2026. Segment assets for Biotech comprise intangible assets of $0.2 million and $2.3 million as of June 30, 2026 and December 31, 2025, respectively.