Quarterly report [Sections 13 or 15(d)]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES

The following potentially dilutive securities have been excluded from the computations of weighted average shares of Common Stock outstanding as of March 31, 2026 and 2025, respectively, as they would be anti-dilutive:

 

    2026     2025  
    As of March 31,  
    2026     2025  
Shares underlying options outstanding     9,055       9,531  
Shares underlying convertible preferred stock     101,448       —  
Shares underlying warrants outstanding     1,348,294       429,029  
Shares underlying unvested restricted stock     3,859       14,348  
Anti-dilutive securities     1,462,656       452,908  
SCHEDULE OF REVENUE RECOGNITION

 

    2026     2025  
   

For the Three Months Ended March 31,

  
    2026     2025  
Patient service fees1   $ 1,082,210     $ 1,570,382  
Histology service fees     250,516       263,754  
Medical director fees     17,461       16,588  
Department of Defense observational studies     1,131       —  
Other revenues     209       2,873  
Total net revenue   $ 1,351,527     $ 1,853,597  

 

 

  1 Patient services fees include direct billing for CyPath® Lung diagnostic test of approximately $361,000 and $169,000 for the three months ended March 31, 2026 and 2025, respectively.
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE

Property and equipment are carried at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful life of the asset. Amortization of leasehold improvements is computed using the shorter of the lease term or estimated useful life of the asset. Additions and improvements are capitalized, while repairs and maintenance are expensed as incurred. Useful lives of each asset class are as follows:

 

Asset Category   Useful Life
Computer equipment   3-5 years
Computer software   3 years
Equipment   3-5 years
Furniture and fixtures   5-7 years
Vehicles   5 years
Leasehold improvements   Lesser of lease term or useful life
SCHEDULE OF INTANGIBLE ASSETS

 

    March 31,     December 31,  
    2026     2025  
Cost                
Trade names and trademarks     150,000       150,000  
Customer relationships     700,000       700,000  
Cost     2,254,486       2,254,486  
Accumulated amortization                
Trade names and trademarks     (21,111 )     (19,028 )
Customer relationships     (126,667 )     (114,166 )
Accumulated amortization     (147,778 )     (133,194 )
Total finite-lived intangible assets, net   $ 702,222     $ 716,806  
                 
Goodwill   $ 1,404,486     $ 1,404,486  
                 
Total intangibles assets, net   $ 2,106,708     $ 2,121,292  
SCHEDULE OF ESTIMATED AMORTIZATION OF INTANGIBLE ASSETS

The estimated amortization expense related to amortizable intangible assets for each of the five succeeding fiscal years and thereafter as of March 31, 2026 is as follows:

 

As of March 31, 2026      
2026   $ 43,750  
2027     58,333  
2028     58,333  
2029     58,333  
2030     58,333  
Thereafter     425,140  
Total   $ 702,222
SCHEDULE OF SEGMENT INFORMATION

 

    2026     2025  
    As of March 31,  
    2026     2025  
Net revenues:                
Diagnostic R&D   $ 1,131     $ —  
Laboratory services     1,350,396       1,853,597  
Total net revenues     1,351,527       1,853,597  
                 
Operating expenses:                
Diagnostic R&D     (683,747 )     (505,739 )
Laboratory services     (1,832,592 )     (2,267,656 )
General corporate activities     (2,452,164 )     (1,707,341 )
Total operating loss     (3,616,976 )     (2,627,139 )
                 
Non-operating income (expense), net     (13,634 )     (24,583 )
Net loss before income taxes     (3,630,610 )     (2,651,722 )
Income tax expense     —       (8,695 )
Net loss   $ (3,630,610 )   $ (2,660,417 )