v3.26.1
Segment information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment information

16. Segment information

The Company has one operating segment focused on the business of developing rare disease therapies. The chief operating decision maker, its Chief Executive Officer, assesses performance for the entity and decides how to allocate resources based on consolidated net loss before income tax, which is reported on the condensed consolidated statements of operations and comprehensive loss. The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets.

The chief operating decision maker uses consolidated net loss before income tax and budget-to-actual variances for consolidated net loss before income tax to assess the performance of the operating segment.

The following table presents certain financial data for the Company’s reportable segment, including significant segment expenses regularly provided to the chief operating decision maker to assess performance of the Company.

 

 

 

Three Months Ended
March 31,

 

 

2026

 

 

2025

 

 

($'000)

 

 

($'000)

 

Research and development expenses

 

 

 

 

 

 

Setrusumab (BPS-804/UX143)

 

$

(4,052

)

 

$

(2,244

)

Alvelestat (MPH-966)

 

 

(443

)

 

 

(1,365

)

Etigilimab (MPH-313)

 

 

(194

)

 

 

(207

)

Other

 

 

(58

)

 

 

(114

)

General and administrative expenses

 

 

(4,019

)

 

 

(7,272

)

Other segment items

 

 

2,047

 

 

 

(1,685

)

Net loss before income tax

 

$

(6,719

)

 

$

(12,887

)

Other segment items consist of interest income, interest expense, change in fair value of warrants, foreign currency transaction gain/(loss) and benefit from research and development tax credit. These are disclosed in the condensed consolidated statements of operations and comprehensive loss.