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

15. Segment Disclosures

The Company has one reportable segment, which consists of the development of clinical and preclinical product candidates through risk-reward sharing partnerships with leading medical device companies. The Company’s CODM, its Chief Executive Officer, manages the Company's operations on a consolidated basis for the purpose of assessing performance and allocating resources based on net loss that also is reported on the condensed consolidated statement of operations and comprehensive loss as consolidated net loss. Net loss is used by the CODM to make key strategic and operational decisions. The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets. The majority of the Company's long-lived assets are held in the United States.

The following table presents selected financial information, including significant expenses regularly reviewed by the CODM, about the Company’s single operating segment for the three months ended March 31, 2026 and 2025:

  ​ ​ ​

Three Months Ended March 31, 

2026

2025

(in thousands)

 

  ​

 

  ​

Partnership revenue

$

$

732

Product revenue

 

110

 

136

Expenses:

Cost of product revenues

 

32

 

44

Non-clinical development costs

 

4,050

 

4,465

Clinical development costs

 

3,574

 

2,942

Personnel and consulting costs

 

8,788

 

6,664

Stock-based compensation

 

2,851

 

2,965

Depreciation and amortization expense

 

90

 

83

Other segment expenses(1)

 

595

 

2,626

Interest expense (income), net

 

821

 

(166)

Net loss

$

(20,691)

$

(18,755)

(1)Other segment expenses primarily include the gain on the sale of strategic investments as well as general and administrative costs not presented in other line items.