v3.25.4
Segment Information
3 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information

11. Segment Information

The Company manages its operations as a single operating segment for the purpose of assessing performance and making operating decisions. The Company’s singular focus is on discovering and developing small molecule drugs with an emphasis on virology and immunology indications. The Company’s Chief Operating Decision Maker (“CODM”) is the Company’s Chief Executive Officer (“CEO”). The CODM reviews consolidated operating results and utilizes net loss from the Statement of Operations against budget forecasts as the primary measure of segment profit or loss in making decisions surrounding allocating resources and assessing performance of the Company. The CODM is regularly provided detailed expense information, including expenses by expense category and program. The CODM makes decisions surrounding capital and personnel allocation using this information on a consolidated basis. Asset information on a reportable segment basis is not disclosed as this information is not separately identified and internally reported to the Company’s CODM. The CODM is regularly provided information on total cash, which is inclusive of cash, cash equivalents and short-term and long-term marketable securities, as a measure of segment assets. As of December 31, 2025, the Company’s cash, cash equivalents and short-term and long-term marketable securities were $241,904. The following table presents selected financial information with respect to the Company’s single operating segment for the three months ended December 31, 2025 and 2024 (in thousands):

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Revenue

 

 

 

 

 

 

Royalty revenue

 

$

18,615

 

 

$

16,959

 

Total revenue

 

 

18,615

 

 

 

16,959

 

Operating expenses:

 

 

 

 

 

 

RSV

 

 

4,921

 

 

 

18,415

 

Total virology

 

 

4,921

 

 

 

18,415

 

KIT

 

 

4,845

 

 

 

4,257

 

STAT6

 

 

7,101

 

 

 

2,287

 

MRGPRX2

 

 

2,257

 

 

 

2,077

 

Total immunology

 

 

14,203

 

 

 

8,621

 

Early discovery

 

 

1,579

 

 

 

359

 

Other programs for out-licensing

 

 

156

 

 

 

261

 

Total other programs

 

 

1,735

 

 

 

620

 

General and administrative

 

 

9,009

 

 

 

12,846

 

Loss from operations

 

 

(11,253

)

 

 

(23,543

)

Other income (expense):

 

 

 

 

 

 

Interest expense

 

 

(3,083

)

 

 

(1,962

)

Interest and investment income, net

 

 

2,422

 

 

 

2,799

 

Total other (expense) income, net

 

 

(661

)

 

 

837

 

Loss before income taxes

 

 

(11,914

)

 

 

(22,706

)

Income tax (expense) benefit

 

 

(24

)

 

 

416

 

Net loss

 

$

(11,938

)

 

$

(22,290

)