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Segments
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segments

16. Segments

 

The Company has one operating segment focused on the research and development of clinical assets. The accounting policies of the single operating segment are identical to those described in Note 1. The CODM, which the Company has identified as Andrew Regan, Chief Executive Officer, manages the Company’s operations on a consolidated basis, assesses performance for the operating segment and decides how to allocate resources based on consolidated net loss, which is reported on the condensed consolidated statements of operations and comprehensive loss. Depreciation expense, amortization expense, stock-based compensation expense, and non-cash lease expense are significant noncash items included in consolidated net loss reviewed by the CODM and are reported on the consolidated statements of cash flows. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. Expenditures for additions to long-lived assets, which include purchases of property and equipment, are included in total consolidated assets reviewed by the chief operating decision maker and are reported on the consolidated statements of cash flows.

 

The CODM uses consolidated net loss and budget-to-actual variances to assess the performance of the operating segment and determine if the Company is progressing towards its goals.

 

 

The following table presents certain financial data for the Company’s reportable segment (in thousands):

 

Schedule of Financial Data for the Company’s Reportable Segment 

   2025   2024 
   March 31, 
   2025   2024 
Research & development expense – clinical asset development  $189   $128 
Research & development expense – related parties   1,120    - 
General and administrative expenses – legal & professional fees   760    245 
General and administrative expenses – accounting & audit fees   544    647 
General and administrative expenses – salaries, payroll and stock-based compensation   693    986 
General and administrative expenses – other   703    949 
Loss from segment operations  $4,009   $2,955 

 

Other segment items consist of the items within Note 13 to the condensed consolidated financial statements.