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

 

(12)Segment Reporting

 

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company operates as a single reporting segment, focused on leveraging its proprietary technology platform to augment therapeutics through effective oral delivery of products and product candidates. The Company’s measure of segment profit or loss is net income (loss). The CODM is the chief executive officer (“CEO”). The CODM manages and allocates resources to the operations of the Company on a total company basis. Managing and allocating resources on a consolidated basis enables the CEO to assess the overall level of resources available and how to best deploy these resources across functions, therapeutic target areas and research and development projects that are in line with the Company’s long-term company-wide strategic goals. Consistent with this decision-making process, the CEO uses consolidated financial information for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets. Operating expenses are used to monitor budget versus actual results. The review of budgeted versus actual results is used in assessing performance of the segment. All the Company’s long-lived assets are held in the United States.

 

 

The following table is representative of the significant expense categories regularly provided to the CODM when managing the Company’s single reporting segment. A reconciliation to the consolidated net loss for the three and nine months ended September 30, 2026 and 2025 is included at the bottom of the table below.

 

   2026   2025   2026   2025 
   Three Months Ended
September 30,		   Nine Months Ended
September 30,		 
   2026   2025   2026   2025 
Total revenues  $2,290,072   $114,574   $2,599,568   $831,287 
Program expenses (1)                    
Lead clinical candidate   1,089,005    1,440,851    3,887,033    2,490,471 
Other research and development programs   18,777    555,215    32,671    731,602 
Non-program expenses (2)   954,306    792,412    2,815,783    2,528,542 
Personnel costs   1,022,415    633,880    3,226,679    2,746,787 
Stock-based compensation   74,094    53,256    197,637    189,463 
Total segment operating income (loss)   (868,525)   (3,361,040)   (7,560,235)   (7,855,578)
Other income (loss) (3)   202,333    174,208    599,554    598,157 
Net income (loss)  $(666,192)  $(3,186,832)  $(6,960,681)  $(7,257,421)

 

  (1) Includes external research and development expenses.
  (2) Includes general and administrative expenses, information technology, infrastructure, facilities, intellectual property, and legal and professional fees.
  (3) Includes interest income and income tax expense.