v3.26.3
Segment Reporting
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting

Note 10 – Segment Reporting

 

The Company has determined that it currently operates in a single segment, Medical Device development, located in a single geographic location, the United States. The accounting policies of the segment are the same as those described in the summary of significant accounting policies set forth in the Company’s Form 10-K, filed with the SEC on March 26, 2026. Since the Company operates in a single segment, the measure of segment total assets and loss from operations is the same as that reported on the accompanying balance sheets as total assets, and the accompanying statement of operations as loss from operations, respectively.

 

The Company’s chief operating decision maker (“CODM”) is the chief executive officer. The CODM uses operating expenses to measure performance against progress in its clinical trials and its product development. The following table sets forth segment expenses.

 

(In thousands)  2026   2025   2026   2025 
   For the Three Months Ended
September 30,		   For the Nine Months Ended
September 30,		 
(In thousands)  2026   2025   2026   2025 
Research and Development:                    
Employee expense  $1,420   $1,329   $3,767   $4,028 
Clinical   1,233    859    2,747    2,691 
Product   143    251    333    799 
Other   80    146    216    515 
Total research and development   2,876    2,585    7,063    8,033 
Selling, General and Administrative Expense:                    
Employee expense   743    1,251    2,703    4,795 
Professional fees   396    335    1,145    1,224 
Reserve for (recovery of) uncollectible prepaid clinical costs   -    (291)   -    335 
Occupancy   164    165    483    480 
Insurance   150    146    440    466 
Other   205    692    558    1,553 
Total selling, general and administrative expense   1,658    2,298    5,329    8,853 
Loss from Operations   4,534    4,883    12,392    16,886 
Adjustments and reconciling items   (167)   (344)   (576)   (1,150)
Net Loss  $4,367   $4,539   $11,816   $15,736 

 

Adjustments and reconciling items between loss from operations and net loss consist of interest income and realized and unrealized gains and losses related to the Company’s investments in U.S. Treasury securities.