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 12 – Segment Reporting

 

The Company has one reportable segment focused on Isomyosamine (formerly MYMD-1). The Company’s chief operating decision maker (“CODM”), who is responsible for evaluating financial performance and allocating resourses, is the President and Chief Medical Officer. The accounting policies of the single segment are the same as those described in the summary of significant accounting policies. The CODM does not use assets to assess the segment. The CODM assesses performance for the single segment and decides how to allocate resources based on net operating loss excluding stock-based compensation and warrant issuance expenses. The CODM uses a non-GAAP measure, net of operating loss excluding stock-based compensation and warrant issuance expenses, as the primary measure of operating performance and to monitor the Company’s cash burn and adherence to budget.

 

To date, the Company has not generated any product revenue and has incurred losses and negative cash flows from operations since inception.

 

The following table presents certain financial data for the Company’s reportable segment and a reconciliation to the Company’s consolidated net loss.

 

    2024     2023  
Product Revenue   $ -     $ -  
Product Cost of Sales     -       -  
                 
Gross Income     -       -  
                 
Operating Expenses                
Administrative Expenses     4,161,907       5,442,886  
Research and Development Expenses     3,441,010       7,867,795  

Segment Net Loss

     (7,602,917 )     (13,310,681 )
                 

Reconcilement of Net Loss

                
Adjustments and Reconciling Items                
Stock Based Compensation     1,057,271       3,049,537  
Series F Warrant Issuance Expenses     -       762,834  
Series F-1 Warrant Issuance Expenses     539,097       -  
Series G Warrant Issuance Expenses     969,505       -  
Interest and Dividend Income     351,809       455,570  
Gains on Sales of Marketable Securities     976       416  
Unrealized Gains on Marketable Securities     671       514  
Change in Fair Value of Derivative Liabilities     (388,000 )     3,088,800  
Change in Fair Value of Warrant Liabilities     (4,410,000 )     9,756,000  
Loss on Issuance of Series F-1 Convertible Preferred Stock     (3,737,000 )     -  
Loss on Issuance of Series G Convertible Preferred Stock     (5,109,000 )     -  
Casualty Gain/(Loss)     100,000       (178,198 )
Total Adjustments and Reconciling Items     (15,756,417

) 		    9,310,731  
                 
Consolidated Net Loss   $ (23,359,334 )   $ (3,999,950 )

 

Segment assets are not reviewed by the CODM and, accordingly, asset information is not presented.