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

15. Segments

The Company views its operations and manages its business as one operating segment and reporting unit. Our operating segments are determined based on how our Co-Chief Executive Officers, who collectively serve as our chief operating decision makers, or CODM, manage our business, regularly access discrete financial information, and evaluate performance for operating decision-making purposes, including allocation of resources or capital to specific compounds or projects in line with the Company’s overall strategies and goals. The Company’s entire business is managed by a single management team, which reports to the CODM. The accounting policies of the Company's segment are the same as those described in Note 2 Significant Accounting Policies.

The CODM assess segment performance and decide how to allocate resources based on consolidated net loss. The CODM use net loss to monitor budget and forecast versus actual results in assessing segment performance and to determine how to allocate resources. The measure of segment assets used in determining how to manage and allocate resources is reported on the consolidated balance sheets as total assets. For the years ended December 31, 2025 and 2024, all of the Company's long-lived assets were held within the U.S.

The following table reconciles segment revenue and expenses to consolidated net loss (income) for the years ended December 31, 2025 and 2024 (in thousands):

 

Year Ended December 31,

 

 

2025

 

 

2024

 

Product revenue, net

 

$

—

 

 

$

87,371

 

 

 

 

 

 

 

 

Less1,5:

 

 

 

 

 

 

Cost of sales2

 

 

—

 

 

 

124,633

 

Direct research and development expenses by program:

 

 

 

 

 

 

Avexitide

 

 

24,100

 

 

 

2,766

 

AMX0035 - PSP

 

 

17,260

 

 

 

16,917

 

AMX0035 - ALS

 

 

1,756

 

 

 

36,727

 

Other programs

 

 

15,004

 

 

 

8,698

 

Acquired in-process research and development

 

 

—

 

 

 

36,203

 

Personnel-related research and development3

 

 

32,284

 

 

 

38,976

 

Selling, general and administrative

 

 

62,887

 

 

 

114,331

 

Restructuring expenses

 

 

—

 

 

 

22,851

 

(Benefit) provision for income taxes

 

 

46

 

 

 

(393

)

Interest income

 

 

(9,302

)

 

 

(13,809

)

Other segment items4

 

 

700

 

 

 

1,214

 

Net loss

 

$

(144,735

)

 

$

(301,743

)

 

1. The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. As the Company has one reportable segment, there were no intersegment eliminations for the years ended December 31, 2025 and 2024.

2. Includes inventory impairment and loss on firm purchase commitments of zero and $118.7 million during years ended December 31, 2025 and 2024, respectively.

3. The Company does not allocate personnel and other similar costs to specific programs because these costs are deployed across multiple programs.

4. Other segment items primarily consists of net realized and unrealized losses on foreign exchange transactions

5. Depreciation and amortization expense of $0.5 million and $0.9 million during the years ended years ended December 31, 2025 and 2024, respectively, are allocated across the significant expense captions.