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Segment Reporting | 12 Months Ended
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Dec. 31, 2025
Segment Reporting |
Segment Reporting | Note 15 – Segment Reporting The Company has two operating and reporting segments (ophthalmic technology and digital assets). The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The chief operating decision maker (“CODM”), who is the Company’s chief executive officer, utilizes the Company’s financial information on an aggregate basis for purposes of making operating decisions, allocating resources and assessing financial performance, as well as for making strategic operations decisions and managing the organization. The following table summarizes the activity of the Company’s segments for the years ended December 31, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Years Ended December 31,
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
​ | ​ | Ophthalmic | ​ | Digital | ​ | Corporate/ | ​ | ​ | ​ | ​ | Ophthalmic | ​ | Digital | ​ | Corporate/ | ​ | ​ | ​
​ | ​ ​ ​ | Technology | ​ ​ ​ | Assets | ​ ​ ​ | Other | ​ ​ ​ | Total | ​ ​ ​ | Technology | ​ ​ ​ | Assets | ​ ​ ​ | Other | ​ ​ ​ | Total
Revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue | ​ | $ | 14,720 | ​ | $ | 798,735 | ​ | $ | — | ​ | $ | 813,455 | ​ | $ | 57,336 | ​ | $ | — | ​ | $ | — | ​ | $ | 57,336
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
Cost of revenue | ​ | ​ | (48) | ​ | ​ | (303,242) | ​ |  | — | ​ | ​ | (303,290) | ​ | ​ | (3,927,228) | ​ | ​ | — | ​ | ​ | — | ​ |  | (3,927,228)
Gross Income (Loss) | ​ | ​ | 14,672 | ​ | ​ | 495,493 | ​ |  | — | ​ | ​ | 510,165 | ​ | ​ | (3,869,892) | ​ | ​ | — | ​ | ​ | — | ​ |  | (3,869,892)
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
Research and Development: | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
Salaries and benefits | ​ | ​ | 1,099,840 | ​ | ​ | — | ​ |  | — | ​ | ​ | 1,099,840 | ​ | ​ | 6,215,323 | ​ | ​ | — | ​ | ​ | — | ​ |  | 6,215,323
Direct clinical and non-clinical expenses | ​ | ​ | 151,180 | ​ | ​ | — | ​ |  | — | ​ | ​ | 151,180 | ​ | ​ | 3,072,416 | ​ | ​ | — | ​ | ​ | — | ​ |  | 3,072,416
Facilities expenses | ​ | ​ | 190,182 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 190,182 | ​ | ​ | 834,406 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 834,406
Non-cash stock based compensation expenses | ​ | ​ | 389,245 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 389,245 | ​ | ​ | 623,049 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 623,049
Supplies and materials | ​ | ​ | 25,130 | ​ | ​ | — | ​ |  | — | ​ | ​ | 25,130 | ​ | ​ | 2,195,608 | ​ | ​ | — | ​ | ​ | — | ​ |  | 2,195,608
Other Expenses(1) | ​ | ​ | 42,165 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 42,165 | ​ | ​ | 409,457 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 409,457
Depreciation expense | ​ | ​ | 12,688 | ​ | ​ | — | ​ |  | — | ​ | ​ | 12,688 | ​ | ​ | 1,112,463 | ​ | ​ | — | ​ | ​ | — | ​ |  | 1,112,463
Realized gain - digital assets | ​ | ​ | — | ​ | ​ | (8,321,844) | ​ |  | — | ​ | ​ | (8,321,844) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ |  | —
Unrealized gain/loss - digital assets | ​ | ​ | — | ​ | ​ | 9,030,413 | ​ |  | — | ​ | ​ | 9,030,413 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ |  | —
Impairment loss - digital assets | ​ | ​ | — | ​ | ​ | 27,188,768 | ​ |  | — | ​ | ​ | 27,188,768 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ |  | —
Impairment loss - other assets | ​ | ​ | — | ​ | ​ | — | ​ |  | — | ​ | ​ | — | ​ | ​ | 11,207,897 | ​ | ​ | — | ​ | ​ | — | ​ |  | 11,207,897
Gain on covered call option | ​ | ​ | — | ​ | ​ | (157,570) | ​ |  | — | ​ | ​ | (157,570) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ |  | —
Provision for credit losses | ​ | ​ | — | ​ | ​ | 405,331 | ​ |  | — | ​ | ​ | 405,331 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ |  | —
Reacquisition of license rights | ​ | ​ | — | ​ | ​ | — | ​ |  | — | ​ | ​ | — | ​ | ​ | 4,864,600 | ​ | ​ | — | ​ | ​ | — | ​ |  | 4,864,600
Segment loss | ​ | ​ | 1,910,430 | ​ | ​ | 28,145,098 | ​ |  | — | ​ | ​ | 30,055,528 | ​ | ​ | 30,535,219 | ​ | ​ | — | ​ | ​ | — | ​ |  | 30,535,219
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciling Items | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
Selling, general and administrative expense (2) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 17,175,698 | ​ | ​ | 17,175,698 | ​ | ​ | 14,333,114 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 14,333,114
Other (income) expense, net (3) | ​ | ​ | — | ​ | ​ | — | ​ |  | (1,406,626) | ​ | ​ | (1,406,626) | ​ | ​ | (1,080,208) | ​ | ​ | — | ​ | ​ | — | ​ |  | (1,080,208)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Income (Loss) | ​ | $ | (1,895,758) | ​ | $ | (27,649,605) | ​ | $ | (15,769,072) | ​ | $ | (45,314,435) | ​ | $ | (49,818,433) | ​ | $ | — | ​ | $ | — | ​ | $ | (49,818,433)
(1) | Other research and development expenses include outsourced engineering and IT systems used for research and development.
(2) | Selling, general and administrative expenses primarily include professional fees, general and administrative compensation expenses, general strategic consulting, Nasdaq/SEC fees, insurance and facilities expenses.
(3) | Other (income) expense, net includes interest income, interest expense and gain on extinguishment of liabilities.
​ The following table summarizes the segment assets for the years ended December 31, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2025 | ​ | December 31, 2024
​ | ​ ​ ​ | Ophthalmic | ​ ​ ​ | Digital | ​ ​ ​ | Corporate/ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | Ophthalmic | ​ ​ ​ | Digital | ​ ​ ​ | Corporate/ | ​ ​ ​ | ​ | ​
​ | ​ | Technology | ​ | Assets | ​ | Other | ​ | Total | ​ | Technology | ​ | Assets | ​ | Other | ​ | Total
Segment Assets |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Cash | ​ | $ | — | ​ | $ | — | ​ | $ | 6,443,467 | ​ | $ | 6,443,467 | ​ | $ | 2,121,463 | ​ | $ | — | ​ | $ | — | ​ | $ | 2,121,463
Digital assets | ​ |  | — | ​ |  | 43,872,033 | ​ |  | — | ​ |  | 43,872,033 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
All other assets | ​ |  | 132,652 | ​ |  | — | ​ |  | 1,316,104 | ​ |  | 1,448,756 | ​ |  | 1,546,296 | ​ |  | — | ​ |  | — | ​ |  | 1,546,296
Total Assets | ​ | $ | 132,652 | ​ | $ | 43,872,033 | ​ | $ | 7,759,571 | ​ | $ | 51,764,256 | ​ | $ | 3,667,759 | ​ | $ | — | ​ | $ | — | ​ | $ | 3,667,759
​

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