v3.26.1
Note 12 - Segment Reporting 1
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Notes to Financial Statements    
Segment Reporting [Text Block]

NOTE 12. Segment Reporting

 

The Company operates in one reportable segment, which is the discovery and development of oral recombinant protein vaccines, based on its proprietary oral vaccine platform. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The determination of a single business segment is consistent with the consolidated financial information regularly reviewed by the Chief Executive Officer as chief operating decision maker (the “CODM”) in assessing segment performance and deciding how to allocate resources on a consolidated basis.

 

The CODM uses consolidated net income (loss) to evaluate the Company’s spend and monitor budget versus actual results. The monitoring of budgeted versus actual results is used in assessing performance of the segment and in establishing resource allocation across the organization. The measure of segment assets is reported on the consolidated balance sheets as total assets.

 

The Company’s segment revenue, segment loss, significant segment expenses, and other segment items consist of the following (in thousands):

 

  

Three Months Ended March 31,

 
  

2026

  

2025

 

Revenue

 $39,227  $20,876 

Less:

        

Research and development

        

External program costs:

        

Norovirus program

  48   1,556 

COVID-19 program

  20,393   15,718 

Other programs

  —   306 

Preclinical research

  81   399 

Process Development

  —   46 

Internal research and development costs

  8,891   12,719 

General and administrative

  4,641   5,067 

Interest income

  (551)  (437)

Non-cash interest expense related to sale of future royalties

  505   997 

Other segment items(A)

  11   1 

Provision for income taxes

  29   95 

Segment net income (loss)

 $5,179  $(15,591)

Reconciliation of net income (loss)

        

Adjustments and reconciling items

  —   — 

Net income (loss)

 $5,179  $(15,591)

 

(A) Other segment items included in other income (expense), net.

  

NOTE 14.  Segment Reporting

 

The Company operates in one reportable segment, which is the discovery and development of oral recombinant protein vaccines, based on its proprietary oral vaccine platform. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The determination of a single business segment is consistent with the consolidated financial information regularly reviewed by the Chief Executive Officer as chief operating decision maker (the “CODM”) in assessing segment performance and deciding how to allocate resources on a consolidated basis.

 

The CODM uses consolidated net income (loss) to evaluate the Company's spend and monitor budget versus actual results. The monitoring of budgeted versus actual results is used in assessing performance of the segment and in establishing resource allocation across the organization. The measure of segment assets is reported on the consolidated balance sheets as total assets.

 

Our segment revenue, segment loss, significant segment expenses, and other segment items consist of the following (in thousands):

 

  

Year Ended December 31,

 
  

2025

  

2024

 

Revenue

 $237,258  $28,700 

Less:

        

Research and development

        

External program costs:

        

Norovirus program

  3,638   3,178 

COVID-19 program

  155,049   16,883 

Other programs

  345   32 

Preclinical research

  767   1,909 

Process Development

  46   271 

Internal research and development costs

  41,731   51,940 

General and administrative

  17,608   20,780 

Interest income

  (1,596)  (2,543)

Non-cash interest expense related to sale of future royalties

  2,823   2,969 

Other segment items(A)

  44   (31)

Provision for income taxes

  476   260 

Segment net income (loss)

 $16,327  $(66,948)

Reconciliation of net income (loss)

        

Adjustments and reconciling items

  —   — 

Net income (loss)

 $16,327  $(66,948)

 

(A) Other segment items included in other income (expense), net.