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Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting

Segment Reporting

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10. Segment Reporting

Operating segments are defined as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (CODM), or decision-making group, in making decisions on how to allocate resources and assess performance. The Company views its operations and manages its business in one operating segment related to the development of clinical and preclinical product candidates for neurodegenerative disorders, such as Alzheimer’s disease and DLB. The Company’s Chief Executive Officer (“CEO”) serves as the CODM.

The CEO manages and allocates resources to the operations of the Company on a consolidated 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 and research and development projects that are in line with the Company’s strategic goals. Consistent with this decision-making process, the CEO uses consolidated financial information for purposes of evaluating performance, cash forecasting, allocating resources and setting incentive targets. The CEO bases this assessment on the Company’s consolidated net loss. The measure of segment assets is reported on the consolidated balance sheets as total assets.

The table below is a summary of the segment loss, including significant segment expenses:

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​	​	​	​	​	​	​
​		Nine Months Ended September 30,
​	​	2025		​	2024
Grant income	​	$	13,407	​	$	16,516
Less:	​		​	​		​
Clinical programs	​	​	16,486	​	​	22,312
R&D Personnel costs(1)	​	​	6,221	​	​	7,520
Preclinical programs	​	​	262	​	​	784
Manufacturing	​	​	1,901	​	​	1,926
Other research and development expenses	​	​	222	​	​	176
General and administrative expenses(2)	​	​	7,307	​	​	7,311
Equity-based compensation	​	​	1,729	​	​	3,214
Other segment items(3)	​		(577)	​		(598)
Segment and consolidated net loss	​	$	(20,144)	​	$	(26,129)

⁽¹⁾ R&D Personnel costs exclude equity-based compensation

⁽²⁾ General and administrative expenses exclude equity-based compensation

⁽³⁾ Other segment items include, Other income, net, Interest expense and Loss on currency translation from liquidation of subsidiary.

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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