v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information
10.
Segment Information

The Company manages its operations as a single operating segment for the purpose of assessing performance and making operating decisions, resulting in a single reportable segment. The Company’s singular focus is on identifying and developing novel treatments for rare diseases and diseases with high unmet need. The Company earns revenue from collaboration agreements with third parties and grant revenue in connection with various government awards. The Company has determined that its Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer. The CODM reviews the Company’s financial information on a consolidated basis for the purpose of allocating resources and assessing financial performance. The measure of segment assets is reported on the balance sheet as total consolidated assets. All of the Company’s tangible assets are held in the United States.

The accounting policies for the operating segment are consistent with the Company’s policies for the consolidated financial statements. The key measure of segment profit or loss that the CODM uses to allocate resources and assess performance is the Company’s consolidated profit or loss, as reported on the consolidated statements of operations and comprehensive loss. This is reviewed against budgeted expectations to assess segment performance and allocate resources. The Company's reportable segment net revenues, significant segment expenses and consolidated profit (loss) for the quarters ended March 31, 2026 and 2025, consisted of the following (in thousands):

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Revenues:

 

 

 

 

 

Grant Revenue

$

—

 

 

$

763

 

Collaboration revenue - related party

 

258

 

 

 

5,099

 

Collaboration revenue

 

—

 

 

 

12

 

Total revenues

 

258

 

 

 

5,874

 

 

 

 

 

 

 

Less:

 

 

 

 

 

Tebipenem HBr

 

412

 

 

 

8,669

 

SPR720

 

—

 

 

 

449

 

SPR206

 

—

 

 

 

49

 

Research and development personnel related (including share-based compensation)

 

1,669

 

 

 

3,337

 

Facility related and other, research and development

 

828

 

 

 

1,102

 

General and administrative personnel related (including share-based compensation)

 

2,290

 

 

 

4,118

 

Professional and consultant fees

 

1,681

 

 

 

2,263

 

Facility related and other, general and administrative

 

916

 

 

 

443

 

Other segment items*

 

1

 

 

 

174

 

Interest income

 

(336

)

 

 

(864

)

Consolidated loss

$

(7,203

)

 

$

(13,866

)

 

*Other segment items include restructuring charges, impairment of long-term asset and other income, net.