Current report

SEGMENT REPORTING

v3.25.2
SEGMENT REPORTING
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
SEGMENT REPORTING    
SEGMENT REPORTING

NOTE 3 – SEGMENT REPORTING

 

Operating segments comprised of the components of an entity in which separate information is available for evaluation by the Company’s chief operating decision maker, or group of decision makers, in determining how to allocate resources in evaluating performance. The Company consists of a single reporting segment: life science. The life science segment is comprised of the Company’s development of therapeutics that target lipid-signaling modulation pathways, including the endocannabinoid system (the “ECS”), a network of receptors and neurotransmitters that form a biochemical communication system throughout the body. The Company’s CODM is its Chief Executive Officer.

 

The accounting policies of the life science segment are as described in the summary of significant accounting policies. The CODM evaluates the performance of the life science segment based on the Company’s net loss as reported on the income statement as consolidated net loss. The Company’s segment assets are reported on the balance sheet as its total consolidated assets.

 

The Company has not generated any revenue since its inception and expects to continue to incur losses into the foreseeable future as it continues to conduct research and development related activities through all stages of product development and clinical trials and subsequently seek approval from the respective regulatory authorities.

 

The Company’s CODM utilizes cash forecast models to determine the Company’s investment in the life sciences segment. These models are reviewed regularly to monitor the Company’s operating results and performance and compared to the Company’s cash-based forecasts.

 

 

 

Three months ended

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

General and administrative

 

 

 

 

 

 

Employee and director compensation

 

 $ 239

 

 

 $ 244

 

Stock-based compensation

 

 

 114

 

 

 

 139

 

Professional fees

 

 

 325

 

 

 

 390

 

Other general and administrative (a)

 

 

 317

 

 

 

 309

 

Total general and administrative

 

 

 995

 

 

 

 1,082

 

 

 

 

Three months ended

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Research and development

 

 

 

 

 

 

Employee compensation

 

 $ 233

 

 

 $ 229

 

Stock-based compensation

 

 

 78

 

 

 

 74

 

Professional fees

 

 

 1,010

 

 

 

 973

 

Other research and development (b)

 

 

 63

 

 

 

 231

 

Total research and development

 

 

 1,384

 

 

 

 1,507

 

      

(a)

Consists of sales and marketing, investor relations, travel and other office expenses.

 

 

(b)

Consists of supplies and other items used in research and development activities.

NOTE 3 – SEGMENT REPORTING

 

Operating segments comprised of the components of an entity in which separate information is available for evaluation by the Company’s chief operating decision maker, or group of decision makers, in determining how to allocate resources in evaluating performance. The Company consists of a single reporting segment: life science. The life science segment is comprised of the Company’s development and commercialization of therapeutics that target lipid-signaling modulation pathways, including the endocannabinoid system (the “ECS”), a network of receptors and neurotransmitters that form a biochemical communication system throughout the body. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer.

 

The accounting policies of the life science segment are as described in the summary of significant accounting policies. The CODM evaluates the performance of the life science segment based on the Company’s net loss as reported on the income statement as consolidated net loss. The Company’s segment assets are reported on the balance sheet as its total consolidated assets.

 

The Company has not generated any revenue since its inception and expects to continue to incur losses into the foreseeable future as it continues to conduct research and development related activities through all stages of product development and clinical trials and subsequently seek approval from the respective regulatory authorities.

 

The Company’s CODM utilizes cash forecast models to determine the Company’s investment in the life sciences segment. These models are reviewed regularly to monitor the Company’s operating results and performance and compared to the Company’s cash-based forecasts.

 

 

 

Year ended

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

General and administrative

 

 

 

 

 

 

Employee and director compensation

 

 $ 1,173

 

 

 $ 1,091

 

Stock-based compensation

 

 

 501

 

 

 

 710

 

Professional fees

 

 

 1,133

 

 

 

 1,101

 

Other general and administrative (a)

 

 

 1,308

 

 

 

 1,332

 

      Total general and administrative

 

 $ 4,115

 

 

 $ 4,234

 

 

 

 

Year ended

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

Research and development

 

 

 

 

 

 

Employee compensation

 

 $ 1,166

 

 

 $ 983

 

Stock-based compensation

 

 

 317

 

 

 

 310

 

Professional fees

 

 

 5,169

 

 

 

 4,531

 

Research and development tax credits (b)

 

 

 (1,349 )

 

 

 (1,206 )

Other research and development (c)

 

 

 690

 

 

 

 1,078

 

      Total research and development

 

 $ 5,993

 

 

 $ 5,696

 

 

(a)

Consists of sales and marketing, investor relations, travel and other office expenses.

 

 

(b)

Reflects tax credits from United Kingdom government recorded directly as a reduction of research and development expense upon receipt.

 

 

(c)

Consists of supplies and other items used in research and development activities.