v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting

12. Segment Reporting

Our co-Chief Executive Officers, who are the Chief Operating Decision Makers (“CODMs”), manage and allocate resources to the operations of our company on a total company basis by assessing the overall level of resources available and how to best deploy these resources across functions and research and development projects that are in line with our long-term company-wide strategic goals. The CODMs use the Company’s consolidated net income (loss) to monitor actual results versus the budget in assessing segment performance and the allocation of resources. The measure of segment assets is reported on the consolidated balance sheets as total assets.

 

The Company's reportable segment net income (loss) for the three and six months ended June 30, 2025 and 2024, consisted of the following (in thousands):

 

Three Months Ended
June 30,

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Significant segment expenses:

 

 

 

 

 

 

 

 

 

 

 

Live biotherapeutics platform

$

5,808

 

 

$

6,687

 

 

$

10,931

 

 

$

15,851

 

SER-155

 

1,044

 

 

 

2,207

 

 

 

1,621

 

 

 

4,607

 

R&D personnel-related (including stock-based compensation)

 

6,084

 

 

 

6,906

 

 

 

12,202

 

 

 

14,751

 

G&A personnel-related (including stock-based compensation)

 

3,725

 

 

 

5,698

 

 

 

7,898

 

 

 

12,339

 

Professional fees

 

2,155

 

 

 

2,091

 

 

 

5,335

 

 

 

4,719

 

Facility-related and other

 

4,373

 

 

 

5,276

 

 

 

8,908

 

 

 

10,951

 

Gain on sale of VOWST Business

 

(185

)

 

 

—

 

 

 

(52,366

)

 

 

—

 

Other segment expense (income) (1)

 

(3,149

)

 

 

(2,669

)

 

 

(7,356

)

 

 

(4,119

)

Net income (loss) from continuing operations

 

(19,855

)

 

 

(26,196

)

 

 

12,827

 

 

 

(59,099

)

Net (loss) from discontinued operations, net of tax (2)

 

—

 

 

 

(6,674

)

 

 

—

 

 

 

(13,904

)

Net income (loss)

$

(19,855

)

 

$

(32,870

)

 

$

12,827

 

 

$

(73,003

)

[1] Other segment (expense) income includes manufacturing services expenses, research and development expenses on early stage programs, interest income and other (expense) income, net.

[2] See Note 3, Discontinued Operations and TSA, for further details.