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SEGMENT REPORTING | 12 Months Ended
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Dec. 31, 2024
SEGMENT REPORTING |
SEGMENT REPORTING | NOTE 3 – SEGMENT REPORTING Operating segments comprised of the components of an entity in which separate information is available for evaluation by the Company’s chief operating decision maker, or group of decision makers, in determining how to allocate resources in evaluating performance. The Company consists of a single reporting segment: life science. The life science segment is comprised of the Company’s development and commercialization of therapeutics that target lipid-signaling modulation pathways, including the endocannabinoid system (the “ECS”), a network of receptors and neurotransmitters that form a biochemical communication system throughout the body. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. The accounting policies of the life science segment are as described in the summary of significant accounting policies. The CODM evaluates the performance of the life science segment based on the Company’s net loss as reported on the income statement as consolidated net loss. The Company’s segment assets are reported on the balance sheet as its total consolidated assets. The Company has not generated any revenue since its inception and expects to continue to incur losses into the foreseeable future as it continues to conduct research and development related activities through all stages of product development and clinical trials and subsequently seek approval from the respective regulatory authorities. The Company’s CODM utilizes cash forecast models to determine the Company’s investment in the life sciences segment. These models are reviewed regularly to monitor the Company’s operating results and performance and compared to the Company’s cash-based forecasts.
|  | Year ended |
|  | December 31, |
|  | 2024 |  |  | 2023 |
General and administrative |  |  |  |  |  |
Employee and director compensation |  | $ | 1,173 |  |  | $ | 1,091 |
Stock-based compensation |  |  | 501 |  |  |  | 710 |
Professional fees |  |  | 1,133 |  |  |  | 1,101 |
Other general and administrative (a) |  |  | 1,308 |  |  |  | 1,332 |
Total general and administrative |  | $ | 4,115 |  |  | $ | 4,234 |
|  | Year ended |
|  | December 31, |
|  | 2024 |  |  | 2023 |
Research and development |  |  |  |  |  |
Employee compensation |  | $ | 1,166 |  |  | $ | 983 |
Stock-based compensation |  |  | 317 |  |  |  | 310 |
Professional fees |  |  | 5,169 |  |  |  | 4,531 |
Research and development tax credits (b) |  |  | (1,349 | ) |  |  | (1,206 | )
Other research and development (c) |  |  | 690 |  |  |  | 1,078 |
Total research and development |  | $ | 5,993 |  |  | $ | 5,696 |
(a) | Consists of sales and marketing, investor relations, travel and other office expenses.
(b) | Reflects tax credits from United Kingdom government recorded directly as a reduction of research and development expense upon receipt.
(c) | Consists of supplies and other items used in research and development activities.

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- Definition The entire disclosure for reporting segments including data and tables. 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