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

 

(12) Segment Reporting

 

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company operates as a single reporting segment, focused on leveraging its proprietary technology platform to augment therapeutics through effective oral delivery of products and product candidates. The Company’s measure of segment profit or loss is net income (loss). The CODM is the chief executive officer (“CEO”). The CODM manages and allocates resources to the operations of the Company on a total company basis. Managing and allocating resources on a consolidated basis enables the CEO to assess the overall level of resources available and how to best deploy these resources across functions, therapeutic target areas and research and development projects that are in line with the Company’s long-term company-wide strategic goals. Consistent with this decision-making process, the CEO uses consolidated financial information for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets. Operating expenses are used to monitor budget versus actual results. The review of budgeted versus actual results is used in assessing performance of the segment. All the Company’s long-lived assets are held in the United States and all the Company’s revenues are primarily related to TLANDO.

 

 

The following table is representative of the significant expense categories regularly provided to the CODM when managing the Company’s single reporting segment. A reconciliation to the consolidated net income (loss) for the three and six months ended June 30, 2025 and 2024 is included in the table below.

 

   2025   2024   2025   2024 
   Three Months Ended June 30,   Six Months Ended June 30, 
   2025   2024   2025   2024 
Total revenues  $622,849   $89,565   $716,713   $7,706,738 
Program expenses (1)                    
LPCN 1154  1,042,929    1,024,607    1,049,621    2,677,093 
Other research and development programs  155,415    (30,916)   176,388    139,101 
Non-program expenses (2)   735,511    1,252,539    1,736,128    2,759,176 
Personnel costs   1,028,142    1,033,638    2,112,907    1,999,836 
Stock-based compensation   65,205    102,265    136,207    201,571 
Total segment operating income (loss)   (2,404,353)   (3,292,568)   (4,494,538)   (70,039)
Other income (loss) (3)   198,637    223,934    423,949    515,026 
Net income (loss)  $(2,205,716)  $(3,068,634)  $(4,070,589)  $444,987 

 

  (1) Includes external research and development expenses.
  (2) Includes general and administrative expenses, information technology, infrastructure, facilities, and intellectual property, and legal and professional fees.
  (3) Includes interest income and loss on warrant liability.