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

Segment Reporting

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

Note 11 – Segment Reporting

 

We manage our operations as a single segment, focused on developing the next generation of cancer therapy drugs. As our CODM, our CEO manages and allocates resources at a consolidated level. He assesses performance, monitors budget versus actual results, and decides how to allocate resources based on net loss that also is reported on the consolidated statement of operations and comprehensive loss as consolidated net loss.

 

The accounting policies of our single operating segment are the same as those described in the summary of significant accounting policies in Note 2. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets. In 2024 and 2023, all our long-lived assets were held in the United States. Expenditures for the addition of long-lived assets are reported on the consolidated statements of cash flows as purchases of property and equipment. We do not have intra-entity sales or transfers since our only subsidiary is currently dormant.

 

The following table presents reportable segment profit and loss, including significant expense categories, attributable to our reportable segment for the years ended December 31, 2024 and 2023:

    2024     2023  
    Year ended December 31,  
    2024     2023  
Preclinical, clinical trial and other costs   $ 5,450,963     $ 3,817,669  
Research and development personnel expense(1)     1,818,183       1,981,849  
General and administrative personnel expense(2)     1,981,756       1,737,792  
Administrative and facilities expense(3)     2,800,304       3,919,751  
Interest income, net     (201,088 )     (335,541 )
Total   $ 11,850,118     $ 11,121,520  

 

(1) Research and development personnel costs include employee stock-based compensation expense of $169,414 and $363,956 for the year ended December 31, 2024, and 2023, respectively.

 

(2) General and administrative personnel costs include employee stock-based compensation expense of $186,925 and $387,854 for the year ended December 31, 2024, and 2023, respectively, and are net of reimbursements received from CorLyst, LLC.

 

(3) Administrative & facilities expense primarily consists of facilities expenses, office expenses, legal costs, insurance, consulting, travel, and other administrative costs.