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Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Information  
Segment Information

(11) Segment Information

The Company is a clinical-stage biopharmaceutical company and has not generated any revenue since commencing significant operations in 2008. The Company’s operations are organized and reported as a single reportable segment, which includes all activities related to the discovery, development, and commercialization of our lead product candidate, buntanetap, which is designed to address AD, PD, and potentially other chronic neurodegenerative diseases. This presentation is consistent with how the Company’s chief operating decision maker (“CODM”), its Chief Executive Officer, assesses the performance of the Company and makes operating decisions. The accounting policies of the segment are the same as those described in the summary of significant accounting policies (see Note 2). The CODM assesses performance and decides how to allocate resources based on net loss as reported on the statements of operations. The CODM uses net loss to monitor actual operating results, assess cash runway, and benchmark against the Company’s competitors. The measure of segment assets is reported on the balance sheets as total assets. The Company’s assets are held in the United States.

When evaluating the Company’s financial performance, the CODM regularly reviews the following expense categories that comprise net loss. The table below sets forth the Company’s segment information as reviewed by the CODM:

​

​

​

​

​

​

​

Three Months Ended

​

March 31, 

​

2025

    

2024

Program expenses related to clinical-stage product candidates

$

(4,217,214)

​

$

(5,912,029)

Program expenses related to preclinical and discovery programs

​

(30,600)

​

​

(108,338)

Personnel-related expenses (including stock-based compensation)

​

(1,397,874)

​

​

(1,194,687)

General and administrative professional and consultant fees

​

(444,865)

​

​

(369,353)

Other segment items¹

​

(192,128)

​

​

(225,400)

Interest income

​

187,612

​

​

44,168

Other non-cash income items²

​

558,000

​

​

6,698,692

Net Loss

$

(5,537,069)

​

$

(1,066,947)

​

¹ Other segment items included in net loss include insurance expenses, information technology expenses, listing/printing fees, warrant commissions and other miscellaneous expenses.

² Other non-cash income items includes the change in fair value of our liability classified warrants.