v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Information  
Segment Information

 

Note 13. Segment Information 

 

Operating segments are defined as components of an enterprise for which separate financial information is available for evaluation by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company has two operating and reporting segments, the Biopharm Division and the Neurostimulation Division. The Company’s CODM is its Chief Executive Officer who reviews the Company between Biopharm and Neurostimulation divisions. The Company’s primary focus is the Biopharm Division. The Company is pursuing the proposed sale of the Neurostimulation Division described in Note 1. The measure of segment loss is reported on the condensed consolidated statements of operations as net loss. The measure of segment assets is reported on the consolidated balance sheets as total assets.

 

The Company has not generated any product revenue since the merger of NPM and Second Sight. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it is a clinical-stage biopharmaceutical company.

 

During the three months ended September 30, 2026, the Biopharm Division and Neurostimulation Division incurred segment losses of $6.4 million and $0.9 million, respectively.

 

During the nine months ended September 30, 2026, the Biopharm Division and Neurostimulation Division incurred segment losses of $18.6 million and $1.8 million, respectively.

 

As of September 30, 2026, total assets for the Biopharm Division and the Neurostimulation Division were $34.7 million and $0.6 million, respectively. 

 

The following table provides information related to the Company’s operating segments based upon the Company's net loss for the three and nine months ended September 30, 2026 and 2025 (in thousands):

 

 

Three Months Ended September 30,

 

2026

 

2025

 

Biopharm Division

 

Neurostimulation Division

 

Total

 

Biopharm Division

 

Neurostimulation Division

 

Total

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel and related expenses

$

2,927

 

$

445

 

$

3,372

 

$

2,521

 

$

296

 

$

2,817

Office space rental related expenses

 

1,001

 

 

29

 

 

1,030

 

 

1,003

 

 

54

 

 

1,057

Development expenses

 

1,191

 

 

-

 

 

1,191

 

 

1,083

 

 

-

 

 

1,083

Professional services and insurance

 

984

 

 

285

 

 

1,269

 

 

1,201

 

 

172

 

 

1,373

Depreciation

 

129

 

 

-

 

 

129

 

 

101

 

 

4

 

 

105

Other general and administrative expenses

 

439

 

 

102

 

 

541

 

 

180

 

 

110

 

 

290

Other (income) expense, net

 

(280)

 

 

(2)

 

 

(282)

 

 

(237)

 

 

42

 

 

(195)

Segment net loss

$

6,391

 

$

859

 

$

7,250

 

$

5,852

 

$

678

 

$

6,530

 

 

Nine Months Ended September 30,

 

2026

 

2025

 

Biopharm Division

 

Neurostimulation Division

 

Total

 

Biopharm Division

 

Neurostimulation Division

 

Total

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel and related expenses

$

8,175

 

$

1,145

 

$

9,320

 

$

7,580

 

$

815

 

$

8,395

Office space rental related expenses

 

3,044

 

 

93

 

 

3,137

 

 

3,143

 

 

260

 

 

3,403

Development expenses

 

3,182

 

 

-

 

 

3,182

 

 

3,154

 

 

-

 

 

3,154

Professional services and insurance

 

3,202

 

 

626

 

 

3,828

 

 

4,018

 

 

638

 

 

4,656

Depreciation

 

387

 

 

-

 

 

387

 

 

299

 

 

8

 

 

307

Other general and administrative expenses

 

1,225

 

 

274

 

 

1,499

 

 

563

 

 

268

 

 

831

Other (income) expense, net

 

(614)

 

 

(339)

 

 

(953)

 

 

(894)

 

 

124

 

 

(770)

Segment net loss

$

18,601

 

$

1,799

 

$

20,400

 

$

17,863

 

$

2,113

 

$

19,976