Note 8 - Segment Reporting

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note 8 - Segment Reporting

Operating segments are defined as components of an entity for which separate discrete financial information is made available and that is regularly evaluated by the chief operating decision maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The Company manages its operations as a single segment (the “Segment”) for the purposes of assessing performance and making operating decisions. The CODM of the Segment is the Company’s Chief Executive Officer. The Segment is focused on pioneering the discovery and development of gene therapies for use in patient populations with unmet medical needs. The accounting policies for the Segment are the same as those described in Note 2, Summary of Significant Accounting Policies. The CODM assesses the performance of the Segment and decides how to allocate resources based on net loss that is reported on the condensed consolidated statements of operations. Further, the following represents information about segment loss and significant segment expenses:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Revenues	$	—		$	—		$	—		$	—
Less:
Clinical and regulatory		1,680,061			1,740,207			5,046,279			5,845,783
Manufacturing		188,532			589,548			1,144,195			1,109,388
Research		313,323			240,701			950,640			236,855
General and administrative support		1,144,444			1,331,484			4,192,630			6,605,217
Non-cash expenses(1)		19,553			421,498			663,243			3,041,195
Other income		2,405			8,080			14,056			58,851
Plus:
Other financing costs		(455,549	)		—			(455,549	)		—
Realized and unrealized loss		(183	)		(629	)		(262	)		(1,115	)
Segment and net loss	$	3,799,240		$	4,315,987		$	12,438,742		$	16,780,702

(1) Includes $19,553 and $420,226 of stock-based compensation expense for the three months ended  September 30, 2025 and 2024, respectively, and $0 and $1,272 of depreciation and amortization expense for the three months ended  September 30, 2025 and 2024, respectively. Includes $663,243 and $3,034,966 of stock-based compensation expense for the nine months ended September 30, 2025 and 2024, respectively, and $0 and $6,230 of depreciation and amortization expense for the nine months ended September 30, 2025 and 2024, respectively, inclusive of the amount stated in the preceding sentence.