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

11. Segment Information

ASC 280, “Segment Reporting,” establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate discrete financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company and the Company’s CODM view the Company’s operations and manage its business on the basis of one reportable segment, which is focused on the prevention and treatment of disease by developing and commercializing therapeutics that modulate the innate immune system.

The CODM of the Company is the Chief Executive Officer. The CODM assesses the performance of the Company and decides how to allocate resources based upon consolidated net loss that is also reported within the condensed consolidated statements of operations. The measure of segment assets that is reviewed by the CODM is reported within the condensed consolidated balance sheets as consolidated total assets. The CODM uses consolidated net loss to monitor period-over-period results and decides where to allocate and invest additional resources within the business to continue growth. The following is a summary of the significant expense categories and consolidated net loss details provided to the CODM:

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Segment operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development:

 

 

 

 

 

 

 

 

 

 

 

 

GEM-AKI program expenses

 

$

(816,437

)

 

$

(286,125

)

 

$

(2,247,519

)

 

$

(1,002,127

)

GEM-CKD program expenses

 

 

—

 

 

 

(286,125

)

 

 

(78,978

)

 

 

(1,002,128

)

GEM-AKI manufacturing expenses

 

 

(61,684

)

 

 

—

 

 

 

(606,630

)

 

 

—

 

Other expenses(1)

 

 

(112,180

)

 

 

(24,897

)

 

 

(424,214

)

 

 

(69,080

)

Personnel expenses (including stock-based compensation)

 

 

(522,597

)

 

 

(325,710

)

 

 

(1,450,842

)

 

 

(1,026,332

)

General and administrative

 

 

(1,870,678

)

 

 

(1,020,154

)

 

 

(5,330,134

)

 

 

(3,399,559

)

Change in fair value of warrant liability

 

 

—

 

 

 

611

 

 

 

—

 

 

 

2,071

 

Interest income

 

 

68,063

 

 

 

35,512

 

 

 

233,996

 

 

 

82,901

 

Other income and expenses, net(2)

 

 

—

 

 

 

(288

)

 

 

256,373

 

 

 

11,611

 

Net loss

 

$

(3,315,513

)

 

$

(1,907,176

)

 

$

(9,647,948

)

 

$

(6,402,643

)

 

(1)

Other research and development expenses primarily consist of facilities charges, third party consultant costs, costs related to other product candidates, and other unallocated costs.

(2)

Consists of foreign currency transaction gains and losses. In 2026, this also includes a Delaware franchise tax refund for overpaid fees.