v3.26.1
Segment Information
3 Months Ended
Mar. 31, 2026
Segment Information  
Segment Information

15. Segment Information

We operate as a single business segment focused on revolutionizing care for patients with challenging respiratory and vascular diseases such as PAH and PH-ILD. The determination of a single business segment is consistent with the consolidated financial information regularly reviewed by our Chief Executive Officer, the chief operating decision maker (“CODM”), in assessing segment performance and deciding how to allocate resources on a consolidated basis. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.

The CODM measures segment profit and loss by net income (loss) as reported in the condensed consolidated income statements. The CODM uses net income (loss) to monitor budget and forecast versus actual results to assess segment performance and to allocate resources across the organization. The measure of segment assets is reported on the condensed consolidated balance sheet as total assets.

The following table summarizes segment revenue, segment income (loss), and significant segment expenses regularly reported to the CODM during the three months ended March 31, 2026 and 2025:

Three Months Ended March 31, 

2026

2025

Revenues:

Product sales, net

$

129,881

$

Service revenue, net

2,984

3,120

Total revenue

132,865

3,120

Cost of product sales

11,079

Cost of service revenue

773

1,517

Program expenses (1)

YUTREPIA

15,888

9,758

L606

5,822

3,268

Generic Treprostinil

(49)

151

Total program expenses

21,661

13,177

Non-program expenses (2)

 

6,197

 

3,770

Personnel, including stock-based compensation

31,651

20,081

Income (loss) from operations

 

61,504

 

(35,425)

Other income (expense), net

 

(4,722)

 

(2,942)

Income (loss) before income taxes

$

56,782

$

(38,367)

Income tax expense

 

3,920

 

Net income (loss)

$

52,862

$

(38,367)

(1)Includes external research and development and selling, general and administrative expenses
(2)Includes professional service fees, facilities & infrastructure expenses, insurance, depreciation & amortization, and other corporate expenses