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

11. Segment Reporting

 

We follow the accounting guidance of ASC Topic 280, Segment Reporting, which establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise engaging in business activities for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision-makers in deciding how to allocate resources and assess performance. The Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who reviews consolidated results including operating expenses and operating losses at a consolidated level only. The Company and its CODM do not distinguish between potential markets for the purpose of making decisions about resource allocation and performance assessment of its sole pre-revenue

development program, MOLBREEVI, for the treatment of autoimmune PAP. Therefore, the Company has only one operating segment and one reportable segment, specialty pharmaceuticals within the respiratory system. The Company's only significant long-lived asset, IPR&D, is located in Denmark, and the Company currently does not generate any revenues and its operating expenses and losses are viewed on a consolidated basis by the CODM. Therefore, no geographical segments are presented. In addition to the significant expense categories included on the Company's consolidated statements of operations, refer below for disaggregated amounts that comprise research and development expenses and the segment net loss (in thousands):

 

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development operating costs and expenses excluding
   non-cash stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

Primary program research and development expenses (a)

 

$

16,708

 

 

$

13,579

 

 

$

31,447

 

 

$

26,043

 

Payroll and benefits

 

 

3,210

 

 

 

2,946

 

 

 

6,098

 

 

 

5,603

 

Occupancy and other overhead and operating costs

 

 

448

 

 

 

492

 

 

 

1,074

 

 

 

875

 

Total other research and development expenses

 

 

3,658

 

 

 

3,438

 

 

 

7,172

 

 

 

6,478

 

Research and development operating costs and expenses excluding
   non-cash stock-based compensation:

 

 

20,366

 

 

 

17,017

 

 

 

38,619

 

 

 

32,521

 

General and administrative expense excluding non-cash stock-based
   compensation

 

 

8,371

 

 

 

3,944

 

 

 

15,551

 

 

 

8,626

 

Other segment income (expense), net (b)

 

 

1,664

 

 

 

1,282

 

 

 

2,870

 

 

 

1,442

 

Segment net loss

 

$

(30,401

)

 

$

(22,243

)

 

$

(57,040

)

 

$

(42,589

)

 

a)
Primary program research and development expenses are comprised primarily of costs paid to third parties for clinical trials and product development manufacturing, nonclinical, regulatory, and quality assurance activities, and the portion of related research and development expenses incurred by our collaborators and third-party service providers, including contract research and manufacturing organizations that we are obligated to reimburse.
b)
Other segment income (expense), net includes interest income, interest expense, foreign currency exchange gain or loss, depreciation and amortization, non-cash stock-based compensation, loss on extinguishment of debt and tax credit income.