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Note 9 - Segment
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 9:     Segment

 

The Company operates and manages its business as one reportable segment and one operating segment, which is the business of developing and commercializing synthetic protein products using the Company’s proprietary microbial platforms, including C1 and Dapibus™. The Company's chief operating decision maker, or CODM, is the Company's senior management team that includes the Chief Executive Officer, Chief Operating Officer and Chief Financial Officer. The CODM assesses performance for the segment and decides how to allocate resources based on consolidated net loss that is also reported on the consolidated statements of operations.

 

The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. The Company operates in the U.S. and Europe. All material long-lived assets of the Company reside in the U.S. For geographic information about the Company’s product revenues, see Note 1, Concentration. Long-lived assets primarily consist of operating lease right-of-use assets.

 

The CODM uses consolidated net loss to evaluate the Company's spend and monitor budget versus actual results. The monitoring of budgeted versus actual results is used in assessing performance of the segment and in establishing resource allocation across the organization. Factors used in determining the reportable segment include the nature of the Company's operating activities, the organizational and reporting structure and the type of information reviewed by the CODM to allocate resources and evaluate financial performance. The accounting policies of the segment are the same as those described in Note 1 of the notes to the consolidated financial statements included in this Annual Report on Form 10-K.

 

The CODM reviews cash, cash equivalents and investment securities as a measure of segment assets. As of December 31, 2024 and 2023, the Company’s cash, cash equivalents and investment securities were $9.3 million and $7.3 million, respectively.

 

The following table presents information about segment revenue, significant segment expenses and segment operating loss for the years ended December 31, 2024 and 2023:

 

  

Years Ended December 31,

 
  

2024

  

2023

 

Revenues

 $3,495,389  $2,898,806 

Cost of revenues

  1,194,624   1,975,849 
         

Research and development expenses:

        

Outside contracted services

  1,503,397   2,677,941 

Personnel related costs

  414,916   510,647 

Facilities, overhead, and other

  67,411   65,584 

General and administrative expenses:

      - 

Compensation and related expenses

  2,308,566   2,200,914 

Business consulting expenses

  764,326   305,348 

Legal and professional services

  998,630   931,038 

Other G&A expenses

  995,501   1,244,121 

Share-based compensation expenses

  1,126,279   1,178,686 

Foreign currency exchange loss

  22,561   38,417 

Other Income (expenses), net

  91,663   1,434,278 

Net loss

 $(5,809,159) $(6,795,461)