Quarterly report [Sections 13 or 15(d)]

Segment Information

v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Information [Abstract]  
SEGMENT INFORMATION

NOTE 10 – SEGMENT INFORMATION

 

The Company views its operations and manages its business as one operating and reportable segment, which is the business of research and development of innovative treatments for RASopathies, MAPK pathway-driven tumors and other diseases, including central nervous system (CNS) disorders. The determination of a single operating segment is consistent with the consolidated financial information regularly provided to the CODM. Consistent with the operational structure, the Chief Executive Officer, as the CODM, reviews and evaluates net loss for purposes of assessing performance, making operating decisions, allocating resources available and how to best deploy these resources across functions, therapeutic areas and research and development projects, and planning and forecasting for future periods on a consolidated basis. Operating expenses are used to monitor budget versus actual results in assessing performance of the segment. Total assets are monitored by the CODM on a consolidated basis which is reported on the face of the consolidated balance sheets. All the Company’s long-lived assets are held in the United States.

 

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 loss for the three months ended March 31, 2026, and 2025 is included at the bottom of the table below.

 

    Three Months Ended
March 31,		  
  2026     2025  
Significant segment expenses            
General and administrative (1)     1,640,086       1,696,425  
Pre-clinical research (1)     374,361       61,993  
CMC (1)     658,398       224,597  
Clinical development (1)     1,907,076       1,434,804  
Depreciation and amortization     157,541       161,708  
Share based compensation expense     139,182       98,558  
Other segment items (2)     -       2,094  
Total operating and segment expenses     4,876,644       3,680,179  
                 
Reconciliation of net loss                
Change in fair value of warrant liabilities     1,542,132       76,867  
Realized foreign currency translation loss from dissolution of subsidiaries     -       (7,171 )
Foreign currency gain/(loss)     (9,491 )     -  
Other income     24,183       -  
Change in fair value of derivative warrant liability     -       -  
Interest and dividends, net     450,338       47,245  
Segment and consolidated net loss     (2,007,162 )     (3,563,238 )

 

(1) includes personnel costs and excludes share-based compensation expense and impairment expense
   
(2) includes litigation settlements, loss from sale of assets, and loss on asset write offs