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

NOTE 12. Segment Information

The Company operates in one business segment, which includes all activities related to the discovery, development and commercialization of messenger RNA medicines. The determination of a single business segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker (“CODM”). The Company’s CODM is its Chief Executive Officer, who reviews and evaluates consolidated net loss for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods. The CODM does not evaluate the operating segment using asset or liability information.

The following table presents information about reported segment revenues, segment loss, and significant segment expenses:

 

For the Year Ended December 31,

 

(in thousands)

2025

 

 

2024

 

 

2023

 

Revenues

 

$

82,031

 

 

$

152,310

 

 

$

166,799

 

Less:

 

 

 

 

 

 

 

 

Research and development:

 

 

 

 

 

 

 

 

 

LUNAR-COVID

 

 

16,115

 

 

 

70,464

 

 

 

81,262

 

LUNAR-OTC

 

 

5,748

 

 

 

9,509

 

 

 

9,315

 

BARDA

 

 

8,366

 

 

 

7,807

 

 

 

5,465

 

LUNAR-CF, net

 

 

17,489

 

 

 

17,227

 

 

 

14,666

 

Early-stage programs

 

 

594

 

 

 

16,096

 

 

 

12,460

 

Discovery technologies

 

 

8,016

 

 

 

6,278

 

 

 

6,405

 

Payroll and benefits

 

43,987

 

 

 

57,474

 

 

 

50,924

 

Facilities and equipment

 

 

11,897

 

 

 

10,301

 

 

 

11,636

 

Total research and development

 

 

112,212

 

 

 

195,156

 

 

 

192,133

 

General and administrative

 

 

46,079

 

 

 

52,823

 

 

 

52,871

 

Other (1)

 

 

(10,477

)

 

 

(14,728

)

 

 

(48,480

)

Net loss

$

(65,783

)

 

$

(80,941

)

 

$

(29,725

)

 

(1) Primarily includes interest income and expense, foreign currency gains and losses, and income taxes. The year ended December 31, 2023 includes a $34.0 million gain on debt extinguishment related to forgiveness of the Singapore Loan.