v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
The Company has defined its Chief Operating Decision Maker (“CODM”) as its Chief Executive Officer. The CODM manages the Company’s operations as a single operating segment, which comprises its single reportable segment, for the purposes of assessing performance and making operating decisions. The Company’s focus is on the research, development and commercialization of novel therapeutics for the treatment of rare diseases. The Company’s research, development and commercialization efforts are primarily focused on its lead molecule, mavorixafor, which is being marketed in the U.S. under the trade name XOLREMDI, for use as an oral, once-daily therapy in patients 12 years of age and older with WHIM syndrome to increase the number of circulating mature neutrophils and lymphocytes. The CODM uses the Company’s condensed consolidated net (loss) income to monitor actual results as compared to the budget in assessing segment performance and allocation of resources.

The Company derives its revenue from sales of XOLREMDI to its specialty pharmacy customer in the U.S. and from licensed rights to mavorixafor for other non-U.S. territories. The Company recognized $1.7 million and $2.7 million of revenue from its U.S. customer and $0.2 million and $28.1 million of revenue from its customer in the United Kingdom for the three and six months ended June 30, 2025, respectively. The Company recognized $0.6 million of revenue from its U.S. customer for the three and six months ended June 30, 2024.

The measure of profit for the segment is net (loss) income and consisted of the following for the three and six months ended June 30, 2025, and 2024:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Revenue from external customers $1,973 $563 $30,780 $563 
Compensation expense, excluding stock-based compensation, SARs compensation expense and severance expense9,903 11,639 21,473 22,224 
Direct research and development program expenses (X4P-001, mavorixafor) 9,413 10,742 17,825 21,408 
Gain on sale of non-financial assets— (105,000)— (105,000)
Other segment items (a)8,398 (7,651)16,941 22,864 
Net (loss) income (measure of segment profit)$(25,741)$90,833 $(25,459)$39,067 
(a) Other segment items primarily include cost of revenue, non-compensation departmental costs within sales, general and administrative departments, certain unallocated external costs within research and development, stock-based compensation expense, SARs compensation expense, severance expense, other income (expense), and provision for income taxes.

The CODM only receives and reviews information regarding segment assets at the consolidated level. Certain other entity-wide disclosures are included elsewhere in these condensed consolidated financials statements. As of June 30, 2025, the Company’s single operating segment had long-lived assets, including property and equipment and right-of-use assets, of $2.9 million, of which $2.4 million and $0.5 million were located in the U.S. and Austria, respectively. As of December 31, 2024, the operating segment’s long-lived assets were $4.8 million, of which $3.2 million and $1.7 million were located in the U.S. and Austria, respectively.