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Segment
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment

Note 8: 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 DapibusTM. The Company’s chief operating decision maker, or CODM, is the Company’s senior management team that includes the Chief Executive Officer, President & 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 spending and monitor budget versus actual results. The monitoring of budgeted versus actual results is used in assessing the performance of 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 June 30, 2025 and December 31, 2024, the Company’s cash, cash equivalents and investment securities were $7.3 million and $9.3 million, respectively.

 

The following table presents information about segment revenue, significant segment expenses and segment operating loss for the three and six months ended June 30, 2025 and 2024:

Schedule of Segment Revenue, Significant Segment Expenses and Segment Operating Loss 

                 
   Three Months Ended June 30,   Six Months Ended June 30, 
   2025   2024   2025   2024 
Total revenues  $966,630   $385,896   $1,360,202   $720,513 
Total cost of revenues   613,591    301,956    911,249    445,911 
                     
Research and development expenses:                    
Outside contracted services   486,585    395,188    842,841    783,434 
Personnel related costs   107,528    94,658    212,210    188,541 
Facilities, overhead, and other   18,125    13,552    35,132    41,702 
General and administrative expenses:   —    —    —    — 
Compensation and related expenses   581,276    583,423    1,213,798    1,249,903 
Business consulting expenses   71,100    210,980    252,327    417,352 
Legal and professional services   209,579    224,906    540,676    590,065 
Other G&A expenses   251,379    303,076    494,850    559,874 
Share-based compensation expenses   340,462    297,602    565,492    604,081 
Foreign currency exchange loss   16,098    3,146    23,170    8,049 
Other Income (expenses), net   64,706    2,632    89,810    (113,330)
Net loss  $1,793,774   $2,045,223   $3,821,353   $4,055,069