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

Segment Information

v3.26.1
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Information [Abstract]  
SEGMENT INFORMATION

NOTE 13 – 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, 2025, and 2024 is included at the bottom of the table below.

 

    Twelve Months Ended
December 31,		  
Significant segment expenses   2025     2024  
General and administrative (1)   $ 7,778,869     $ 5,786,293  
Pre-clinical research     378,343       1,479,896  
CMC     1,887,466       1,463,530  
Clinical development (1)     5,685,715       4,097,521  
Depreciation and amortization     662,585      
-
  
Share based compensation expense     297,467       649,029  
Impairment expense     4,162,911      
-
  
Other segment items (2)     3,939       773,693  
Total operating and segment expenses     20,857,295       14,249,962  
                 
Reconciliation of net loss                
Change in fair value of warrant liabilities     115,301       (77,806 )
Realized foreign currency translation loss from dissolution of subsidiaries     (7,171 )    
-
  
Foreign currency gain/(loss)     30,376      
-
  
Other income     380,532      
-
  
Change in fair value of derivative warrant liability     (416,619 )        
Interest and dividends, net     327,193       423,184  
Segment and consolidated net loss   $ 20,427,683     $ 13,904,584  

 

(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