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Segment Information
 9 Months Ended
Sep. 30, 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:

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​

​

​

​

​

​

​

​

​

​

​

​

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Three Months Ended

​

Nine Months Ended

​

​

September 30, 

​

September 30, 

​

    

2025

    

2024

​

2025

    

2024

Program expenses related to clinical-stage product candidates1

​

$

(4,799,800)

​

$

(1,078,604)

​

$

(11,595,094)

​

$

(8,858,608)

Program expenses related to preclinical and discovery programs

​

​

(119,507)

​

​

(200,759)

​

​

(333,746)

​

​

(661,572)

Program expenses related to clinical manufacturing candidates

​

​

(679,713)

​

​

(862,378)

​

​

(2,196,348)

​

​

(3,487,187)

Personnel-related expenses (including stock-based compensation)

​

​

(1,218,491)

​

​

(1,125,522)

​

​

(4,113,009)

​

​

(4,666,720)

General and administrative professional and consultant fees

​

​

(468,749)

​

​

(491,027)

​

​

(1,206,263)

​

​

(1,250,575)

Other segment items2

​

​

(148,715)

​

​

(629,321)

​

​

(544,649)

​

​

(1,035,394)

Interest income

​

​

152,317

​

​

135,430

​

​

531,324

​

​

205,576

Other non-cash income (expense) items3

​

​

20,000

​

​

(8,386,176)

​

​

438,000

​

​

1,028,764

Net Loss

​

$

(7,262,658)

​

$

(12,638,357)

​

$

(19,019,785)

​

$

(18,725,716)

​

1 For the three months ended September 30, 2025 $4.1 million of this expense relates to our AD 6 month trial and $0.7 million of this expense relates to our PD Open Label Extension study. The remaining $0.1 million reflects clinical costs not specifically associated with either study.

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

3 Other non-cash income (expense) items includes financing costs from our ELOC and change in fair value of our liability classified warrants.