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

Note 10. Segment Reporting

The Company has one operating and reporting segment focused on the development and commercialization of its lead therapeutic product, VYKAT XR. The Company’s chief operating decision maker (CODM) is the chief executive officer who reviews product revenue, net, and cash operating expenses on a consolidated basis to make decisions about allocating resources and assessing performance for the entire Company. The CODM does not review assets at a level or category different than the amounts disclosed in the condensed consolidated balance sheet.

The following table presents selected financial information with respect to the Company's single operating segment for the three and six months ended June 30, 2025 and 2024 (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Product revenue, net

 

$

32,657

 

 

$

-

 

 

$

32,657

 

 

$

-

 

Net loss

 

 

(4,708

)

 

 

(21,854

)

 

 

(48,481

)

 

 

(43,252

)

Less total other income, net

 

 

1,817

 

 

 

3,014

 

 

 

3,787

 

 

 

5,091

 

Operating loss

 

 

(6,525

)

 

 

(24,868

)

 

 

(52,268

)

 

 

(48,343

)

Total operating expenses

 

 

39,182

 

 

 

24,868

 

 

 

84,925

 

 

 

48,343

 

Less non-cash expenses

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

(502

)

 

 

(494

)

 

 

(1,006

)

 

 

(984

)

Non-cash lease expense

 

 

(169

)

 

 

(70

)

 

 

(364

)

 

 

(139

)

Change in fair value of contingent consideration

 

 

(1,101

)

 

 

(1,637

)

 

 

(4,068

)

 

 

(2,038

)

Stock-based compensation

 

 

(9,698

)

 

 

(7,160

)

 

 

(24,377

)

 

 

(13,605

)

Cash operating expenses

 

$

27,712

 

 

$

15,507

 

 

$

55,110

 

 

$

31,577