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Segments | 12 Months Ended
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Dec. 31, 2024
Segments [Abstract] |
Segments |
15. | Segments
Operating segments are identified as components of an entity about which separate discrete financial information is available for evaluation by the CODM, or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s CODM, the Chief Executive Officer, views the Company’s operations as one operating segment, which is focused on creating new therapies for fibrotic disease based on targeting galectin proteins. The Company does not have revenue in the current comparative period, incurs expenses primarily in North America and manages the business activities on a consolidated basis. The accounting policies of the fibrotic disease therapeutics segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the fibrotic disease therapeutics segment and decides how to allocate resources based on net loss that also is reported on the income statement as consolidated net loss. The measure of segment assets is reported on the balance sheet as cash and cash equivalents. The Company has not generated any product revenue in the current period and expects to continue to incur significant expenses and operating losses for the foreseeable future as the Company advances its product candidates through all stages of development and clinical trials. As such, the CODM uses cash forecast models in deciding how to invest into the fibrotic disease therapeutics segment. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results, net cash used in operating activities for the period and cash on hand are used in assessing performance of the segment. The table below summarizes the significant expense categories regularly reviewed by the CODM for the years ended December 31, 2024 and 2023 (in thousands).
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
|  | (in thousands) |
Operating expenses: |  |  |  |  |  |
Research and development |  | $ | 36,571 |  |  | $ | 32,130 |
General and administrative |  |  | 5,862 |  |  |  | 5,942 |
Total operating expenses |  |  | 42,433 |  |  |  | 38,072 |
Total operating loss |  |  | (42,433 | ) |  |  | (38,072 | )
Other income (expense): |  |  |  |  |  |  |  |
Interest income |  |  | 336 |  |  |  | 230 |
Interest expense |  |  | (5,540 | ) |  |  | (2,792 | )
Change in fair value of derivatives |  |  | 590 |  |  |  | (432 | )
Total other expense |  |  | (4,614) |  |  |  | (2,994 | )
Net loss |  | $ | (47,047 | ) |  | $ | (41,066 | )
Preferred stock dividends |  |  | (153 | ) |  |  | (120 | )
Warrant modification |  |  | — |  |  |  | (3,619 | )
Net loss applicable to common stockholders |  | $ | (47,200 | ) |  | $ | (44,805 | )
Other segment items included in segment loss includes interest income and interest expense. The Company is a single operating segment and therefore the measure of segment net loss is the same as consolidated net loss and does not require reconciliation. For the years ended December 31, 2024 and 2023, the net cash used in operating activities was $41.8 million and $33.0 million, respectively. The table below summarizes the significant asset categories regularly reviewed by the CODM for the years ended December 31, 2024 and 2023 (in thousands).
|  | December 31, |
|  | 2024 |  |  | 2023 |
|  | (in thousands) |
Cash and cash equivalents |  | $ | 15,120 |  |  | $ | 25,660 |

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- Definition The entire disclosure for reporting segments including data and tables. 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