Segments (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of segment revenue and expenses to consolidated net loss (income)

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.