v3.25.4
Segments
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Segments [Abstract]    
Segments

Note 12 – Segments

 

The Company operates as one operating segment. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer, Ben Hwang, who reviews financial information presented on a consolidated net loss basis as reported on the consolidated condensed statement of operations and comprehensive loss in order to make decisions about allocating resources and assessing performance for the entire Company. The CODM also utilizes the Company’s long-range plan, which includes product development roadmaps and long-range financial models, as a key input to resource allocation. The CODM function approves of key operating and strategic decisions. The CODM function views the Company’s operations and manages its business on a consolidated basis and as a single reportable operating segment. The CODM function is regularly provided with the following significant segment expenses. Significant expenses include research and development and general and administrative expenses, which are each separately presented in the Company’s consolidated condensed statements of operations and comprehensive loss. The CODM reviews significant expenses within both the research and development and the general and administrative categories. Other segment items within net loss include interest income, interest expense and gain (loss) on change in fair value of related party loan. See the consolidated condensed financial statements for other financial information regarding the Company’s operating segment.

   Three Months Ended
September 30,		 
   2025   2024 
Government grant revenue  $
-
   $75 
Operating expenses:          
Research personnel compensation costs, including stock-based compensation   287    380 
CRO and regulatory costs   315    
-
 
Administrative personnel compensation costs, including stock-based compensation   4,125    302 
Rent and office costs   97    34 
Legal and accounting costs   976    426 
Transaction costs   15,060    
-
 
           
Other expenses(1)   848    36 
Total segment expenses   21,708    1,178 
Loss from operations   (21,708)   (1,103)
Other income (expense)   
-
    
-
 
Gain (loss) on change in the fair value of related party     convertible debt   258    (319)
Gain on change in the fair value of warrant liabilities   884    
-
 
Loss on change in the fair value of digital assets   (28)   
-
 
Interest expense   (169)   (1,073)
Financing costs   (1.443)   
-
 
Other income (loss)   15    (1)
Total other expense, net   (484)   (1,394)
Net loss and comprehensive loss   (22,192)   (2,497)

 

(1)Other expenses includes small balances of research materials and supplies along with insurance costs and other third party service providers.

 

   Nine Months Ended
September 30,		 
   2025   2024 
Government grant revenue  $
-
   $100 
Operating expenses:          
Research personnel compensation costs, including stock-based compensation   945    1,198 
CRO and regulatory costs   315    15 
Administrative personnel compensation costs, including stock-based compensation   4,861    1,014 
Rent and office costs   415    196 
Legal and accounting costs   1,625    1,018 
Transaction costs   15,060    
-
 
           
Other expenses(1)   915    77 
Total segment expenses   24,136    3,518 
Loss from operations   (24,136)   (3,418)
Other income (expense)          
(Loss) on change in the fair value of related party convertible debt   (52)   (427)
Gain on change in the fair value of warrant liabilities   884    
-
 
Loss on change in the fair value of digital assets   (28)   
-
 
Interest expense   (2,496)   (3,138)
Financing costs   (1,443)   
-
 
Other income   15    5 
Total other expense, net   (3,210)   (3,560)
Net loss and comprehensive loss   (27,256)   (6,978)

 

(1)Other expenses includes small balances of research materials and supplies along with insurance costs and other third party service providers.

 

The Company has no significant long-lived assets recognized on the Consolidated Balance Sheets.

Note 14 — Segments

 

The Company operates as one operating segment. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer, Ben Hwang, who reviews financial information presented on a consolidated net loss basis as reported on the consolidated statement of operations in order to make decisions about allocating resources and assessing performance for the entire Company. The CODM also utilizes the Company’s long-range plan, which includes product development roadmaps and long-range financial models, as a key input to resource allocation. The CODM function approves of key operating and strategic decisions. The CODM function views the Company’s operations and manages its business on a consolidated basis and as a single reportable operating segment. The CODM function is regularly provided with the following significant segment expenses. Significant expenses include research and development and general and administrative expenses, which are each separately presented in the Company’s Consolidated Statements of Operations. The CODM reviews significant expenses within both the research and development and the general and administrative categories. Other segment items within net loss include interest income, interest expense and loss on change in fair value of related party loan. See the consolidated financial statements for other financial information regarding the Company’s operating segment.

   Year Ended
December 31,		 
   2024   2023 
Government grant revenue  $100   $45 
Operating expenses:          
Research personnel compensation costs, including stock-based compensation   1,350    1,641 
CRO and regulatory costs   36    186 
Administrative personnel compensation costs, including stock-based compensation   1,592    1,434 
Rent and office costs   279    365 
Legal and accounting costs   1,223    2,287 
Other expenses(1)   120    202 
Total segment expenses   4,600    6,115 
Loss from operations   (4,500)   (6,070)
Other income (expenses)          
Loss on change in the fair value of related party Tasly convertible debt   (311)   (22)
Interest expense (including related parties amounts of $2,400 and $2,530 for the year ended December 31, 2024 and 2023, respectively)   (4,424)   (4,283)
Other income   5    94 
Total other expense, net   (4,730)   (4,211)
Net loss and comprehensive loss  $(9,230)  $(10,281)
(1) Other expenses includes small balances of research materials and supplies along with insurance costs.

 

The Company has no significant long-lived assets recognized on the Consolidated Balance Sheets.