Annual report [Section 13 and 15(d), not S-K Item 405]

Segment Information

v3.25.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION

NOTE 14 – 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 central nervous system (CNS) disorders and other diseases, including RASopathies and certain cancers. 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 years ended December 31, 2024, and 2023 is included at the bottom of the table below.

 

    As of December 31,  
    2024     2023  
Significant segment expenses            
General and administrative (1)   $ 5,786,293     $ 6,306,707  
Pre-clinical research (1)     1,479,896       3,584,483  
CMC (1)     1,463,530       2,490,729  
Clinical development (1)     4,097,521       1,652,808  
License milestone payments    
-
       250,000  
Depreciation and amortization     649,029       648,454  
Share based compensation expense     773,693       592,269  
Other segment items (2)    
-
       453,911  
Total operating and segment expenses   $ 14,249,962     $ 15,979,361  
                 
Reconciliation of net loss                
Change in fair value of warrant liabilities     77,806       (56,245 )
Interest and dividends, net     (423,184 )     (415,368 )
Adjustments and reconciling items (3)    
-
       453,910  
Segment and consolidated net loss   $ 13,904,584     $ 15,961,658  

  

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