Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

15. Segment Information

The CODM for the Company is the Chief Executive Officer (the "CEO"). The Company’s CEO reviews operating results on an aggregate basis and manages the Company’s operations as a whole for the purpose of evaluating financial performance and allocating resources. This decision-making process reflects the way in which financial information is regularly reviewed and used by the CODM to evaluate performance, set

operational targets, forecast future financial results, and allocate resources. Accordingly, the Company has determined that it has a single reportable and operating segment related to biopharmaceutical research and development.

The Company’s CODM assesses financial performance and allocates resources based on consolidated operating results which are also reported on the consolidated statements of operations. The measure of segment assets is reported on the balance sheet as total consolidated assets. The CODM utilizes consolidated operating results by comparing actual results against budgeted amounts. As part of this process, consolidated net loss is a critical performance measure used to evaluate the Company’s operating performance and guide strategic decisions and resource allocations, including additional investments in research and development. The table below provides information about the Company’s revenue, significant segment expenses and other segment expenses.

The table below provides information about the Company’s revenue, significant segment expenses and other segment expenses.

	For the Years Ended December 31,
($ in thousands)	2024				2023
Revenues	$	10			$	5
Less segment expenses:
Research and development		340					16,279
General and administrative			4,436				12,219
Gain on lease modification		-				(298)
Restructuring costs		-					1,269
Property and equipment and right-of-use asset impairment		-					4,803
Total operating and segment expense			4,776				34,272
Plus:
Interest expense		-				(1,921)
Other income, net		133					1,048
Segment Net loss	$	(4,633		)	$	(35,140)