v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Operating segments are defined as components of an entity for which separate discrete financial information is available for evaluation by the CODM in deciding how to allocate resources and in assessing performance. For the six months ended June 30, 2025 and 2024, the Company has identified one operating and reportable segment. The Company defines its operating segment based on internally reported financial information that is regularly reviewed by the CODM to analyze financial performance, make decisions, and allocate resources. The Company's CEO is the CODM. The Company manages its operations as a single segment for purposes of assessing performance and making operating decisions. This segment encompasses the development and advancement of a product pipeline for the treatment of severe allergic reactions, including anaphylaxis, and the Adrenaverse epinephrine prodrug pipeline platform. Additionally, the Company serves as the exclusive manufacturer for its proprietary product, Libervant, while it had U.S. market access, and four licensed commercialized products.
The CODM reviews the segment's profit or loss based on net loss reported on the Condensed Statements of Operations and Comprehensive Loss. The CODM also considers forecast-to-actual variances on a monthly basis for expenses deemed significant. Furthermore, the CODM reviews the segment's assets based on total assets reported on the Condensed Balance Sheets. All long-lived assets are held in the United States. While the Company generated $10,003 and $20,099 in revenues for the three months ended June 30, 2025 and 2024, respectively, and $18,723 and $32,152 in revenues for the six months ended June 30, 2025 and 2024, respectively, management expects the Company to continue to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through all stages of development and clinical trials, ultimately seeking regulatory approval. The CODM uses cash forecast models to guide investment decisions and assess entity-wide operating results and performance. Net loss is used to monitor budget and rolling forecasts versus actual results. The CODM views specific categories within R&D expenses, selling expenses, and general and administrative expenses as significant due to their direct correlation with cash burn and profitability.
The following table reconciles reported revenues to net loss under the significant expense principle for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended
June 30,
2025202420252024
Revenues$10,003 $20,099 $18,723 $32,152 
Costs and expenses:
Total Manufacture and Supply Expenses
4,561 4,526 8,213 8,915 
R&D Project expenses:
Anaphylm project expenses
1,204 1,700 3,692 4,847 
AQST-108 project expenses190 — 385 789 
Libervant project expenses
— — — 17 
R&D other expenses:
Personnel costs1
2,218 2,039 4,350 3,743 
Other2
493 423 1,039 698 
Total Research and Development Expenses
4,105 4,162 9,466 10,094 
Selling expenses:
Personnel costs3
608 254 1,302 1,186 
Other4
2,912 814 5,174 955 
Total Selling expenses
3,520 1,068 6,476 2,141 
General & Administrative expenses:
Personnel costs5
5,176 4,918 10,016 9,579 
Other6
4,009 5,370 15,285 10,325 
Total General and Administrative Expenses
9,185 10,288 25,301 19,904 
Total Selling, General and Administrative Expenses
12,705 11,356 31,777 22,045 
Total costs and expenses21,371 20,044 49,456 41,054 
Loss from operations(11,368)55 (30,733)(8,902)
Other income/(expenses), net
(2,180)(2,800)(5,745)(6,671)
Net loss before income taxes(13,548)(2,745)(36,478)(15,573)
Net loss$(13,548)$(2,745)$(36,478)$(15,573)
Comprehensive loss$(13,548)$(2,745)$(36,478)$(15,573)
1 - R&D Personnel costs include payroll expenses, share-based compensation expenses and severance
2 - Other Research and Development expenses include preclinical, consulting, maintenance, and testing fees
3 - Selling Personnel costs include payroll expenses and severance
4 - Other Selling expenses include commercialization and other related expenses
5 - G&A Personnel costs include payroll expenses, share-based compensation expenses and severance
6 - Other General and Administrative expenses include legal/patent fees, insurance fees, IT expenses, investor relations expenses, regulatory fees, facility and other costs