Quarterly report [Sections 13 or 15(d)]

Segment Data

v3.25.3
Segment Data
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Data
13.
SEGMENT DATA

The Company defines its segments on the basis of the way in which internally reported financial information is regularly reviewed by the Chief Operating Decision Maker (“CODM”) to analyze financial performance, make decisions, and allocate resources. The Company's CODM is the Chief Executive Officer. The Company manages its operations as a single operating and reportable segment, which is the production and sale of nutraceuticals and plant-based foods. As internal reporting is based on the consolidated results, the Company has identified one reporting and reportable segment. The CODM uses net loss and cash flow information in the budget and forecasting process and considers budget-to-actual variances on a regular basis when making decisions about the allocation of operating and capital resources. The measure of the operating segment assets is reported on the consolidated balance sheet as total assets.

The Company's reportable segment product sales, net and net loss for the three and nine months ended September 30, 2025 and 2024 consisted of the following (in thousands):

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Product sales, net

 

$

3,256

 

 

$

3,865

 

 

$

10,482

 

 

$

11,821

 

Cost of goods sold

 

 

1,677

 

 

 

2,087

 

 

 

5,401

 

 

 

6,330

 

Gross profit

 

 

1,579

 

 

 

1,778

 

 

 

5,081

 

 

 

5,491

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expense

 

 

24

 

 

 

29

 

 

 

104

 

 

 

93

 

Sales expense

 

 

691

 

 

 

820

 

 

 

2,140

 

 

 

2,426

 

Marketing expense

 

 

429

 

 

 

530

 

 

 

1,248

 

 

 

1,526

 

General and administrative expense

 

 

710

 

 

 

740

 

 

 

2,506

 

 

 

2,990

 

Benefit from reversal of accrued payroll taxes

 

 

—

 

 

 

—

 

 

 

(522

)

 

 

—

 

Total operating expenses

 

 

1,854

 

 

 

2,119

 

 

 

5,476

 

 

 

7,035

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

 

 

(275

)

 

 

(341

)

 

 

(395

)

 

 

(1,544

)

Gain on extinguishment of debt

 

 

—

 

 

 

—

 

 

 

(38

)

 

 

—

 

Other expense, net

 

 

107

 

 

 

115

 

 

 

388

 

 

 

118

 

Loss before income taxes

 

 

(382

)

 

 

(456

)

 

 

(745

)

 

 

(1,662

)

Income tax expense

 

 

—

 

 

 

—

 

 

 

7

 

 

 

6

 

Net loss

 

$

(382

)

 

$

(456

)

 

$

(752

)

 

$

(1,668

)