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

Note 12 — Segments

 

The Company operates as one operating segment. The Company’s CODM is its Chief Executive Officer who reviews financial information presented on a consolidated net loss basis as reported on the condensed consolidated statement of operations, in order to make decisions about allocating resources and assessing performance for the entire Company. The CODM also utilizes the Company’s long-range plan, which includes product development roadmaps and long-range financial models, as a key input to resource allocation. The CODM function approves key operating and strategic decisions. The CODM function views the Company’s operations and manages its business on a consolidated basis and as a single reportable operating segment.

 

The CODM function is regularly provided with the following significant segment expenses. Significant expenses include research and development and general and administrative expenses, which are each separately presented in the Company’s condensed consolidated statements of operations. The CODM reviews significant expenses within both the research and development and the general and administrative categories. Other segment items within net loss include interest expense, loss on change in fair value of convertible notes, gain on change in fair value of warrant liabilities, loss on disposal of digital assets, gain on extinguishment of PPP loan, financing costs and other income. See the condensed consolidated financial statements for other financial information regarding the Company’s operating segment.

 

    Three Months Ended
June 30,		     Six Months Ended
June 30,		  
    2026     2025     2026     2025  
Operating expenses:                                
Research personnel compensation costs, including stock-based compensation   $ 289     $ 320     $ 586     $ 658  
Contract research organization and regulatory costs     431       —       1,066       —  
Administrative personnel compensation costs, including stock-based compensation     653       401       1,352       736  
Rent and office costs     96       118       223       318  
Legal and accounting costs     379       110       1,599       649  
Other expenses (1)     697       54       1,725       66  
Total segment expenses     2,545       1,003       6,551       2,427  
Loss from operations     (2,545 )     (1,003 )     (6,551 )     (2,427 )
Other income (expense):                                
Loss on change in the fair value of convertible notes     (4,251 )     (153 )     (5,048 )     (309 )
Gain on change in fair value of warrant liabilities     418       —       676       —  
Loss on disposal of digital assets     —       —       (295 )     —  
Interest expense (including related parties amounts of $5 and $533 for the three months ended June 30, 2026 and 2025, and $10 and $1,142 for the six months ended June 30, 2026 and 2025, respectively)     (21 )     (1,193 )     (39 )     (2,328 )
Gain on extinguishment of PPP loan     —       —       1,391       —  
Financing costs     (2,410 )     —       (2,470 )     —  
Other income     54       1       125       —  
Total other expense, net     (6,210 )     (1,345 )     (5,660 )     (2,637 )
Net loss   $ (8,755 )   $ (2,348 )   $ (12,211 )   $ (5,064 )

 

(1) Other expenses includes public relations costs, insurance costs, third party professional services and consulting costs and small balances of research materials and supplies.

 

The Company has no significant long-lived assets recognized on the condensed consolidated balance sheets. The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets.