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Segment
 9 Months Ended
Sep. 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 Dapibus TM and C1. 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 September 30, 2025 and December 31, 2024, the Company’s cash, cash equivalents, restricted cash and cash equivalents and its investment securities, including accrued interest were $10.4 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 nine months ended September 30, 2025 and 2024:

 

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

   2025   2024   2025   2024 
  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
   2025   2024   2025   2024 
Total revenues  $1,164,617  $1,957,500  $2,524,819  $2,678,013
Total cost of revenues   1,024,003    395,894    1,935,252    841,805 
                     
Research and development expenses:                    
Outside contracted services   514,886    336,068    1,357,727    1,119,502 
Personnel related costs   39,656    108,715    251,866    297,256 
Facilities, overhead, and other   —    3,092    35,132    44,794 
General and administrative expenses:                    
Compensation and related expenses   591,228    553,472    1,805,026    1,803,375 
Business consulting expenses   115,402    149,457    367,729    566,809 
Legal and professional services   419,539    140,977    960,215    731,042 
Other G&A expenses   200,165    219,054    695,015    778,678 
Share-based compensation expenses   172,352    247,390    737,844    851,471 
Foreign currency exchange loss, net   12,755    5,995    35,925    14,044 
Other (Income) expenses, net   50,643    846    140,453    (112,484)
Net loss  $1,976,012   $203,460   $5,797,365   $4,258,279