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

11. Segment Information

The Company manages its operations as a single operating segment for the purpose of assessing performance and making operating decisions. The Company’s singular focus is on discovering and developing small molecule drugs with an emphasis on virology and immunology indications. The Company’s Chief Operating Decision Maker (“CODM”) is the Company’s Chief Executive Officer (“CEO”). The CODM reviews consolidated operating results and utilizes net loss from the Statement of Operations against budget forecasts as the primary measure of segment profit or loss in making decisions surrounding allocating resources and assessing performance of the Company. The CODM is regularly provided detailed expense information, including expenses by expense category and program. The CODM makes decisions surrounding capital and personnel allocation using this information on a consolidated basis. Asset information on a reportable segment basis is not disclosed as this information is not separately identified and internally reported to the Company’s CODM. The CODM is regularly provided information on total cash, which is inclusive of cash, cash equivalents and short-term and long-term marketable securities, as a measure of segment assets. As of March 31, 2026, the Company’s cash, cash equivalents and short-term and long-term marketable securities were $227,012. The following table presents selected financial information with respect to the Company’s single operating segment for the three and six months ended March 31, 2026 and 2025 (in thousands):

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Royalty revenue

 

$

17,159

 

 

$

14,926

 

 

$

35,774

 

 

$

31,885

 

Total revenue

 

 

17,159

 

 

 

14,926

 

 

 

35,774

 

 

 

31,885

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

RSV

 

 

4,933

 

 

 

17,794

 

 

 

9,854

 

 

 

36,207

 

Total virology

 

 

4,933

 

 

 

17,794

 

 

 

9,854

 

 

 

36,207

 

KIT

 

 

3,726

 

 

 

3,588

 

 

 

8,571

 

 

 

7,845

 

STAT6

 

 

6,394

 

 

 

3,705

 

 

 

13,495

 

 

 

5,993

 

MRGPRX2

 

 

2,612

 

 

 

2,471

 

 

 

4,869

 

 

 

4,548

 

Total immunology

 

 

12,732

 

 

 

9,764

 

 

 

26,935

 

 

 

18,386

 

Early discovery

 

 

1,572

 

 

 

153

 

 

 

3,151

 

 

 

512

 

Other pipeline programs

 

 

206

 

 

 

354

 

 

 

362

 

 

 

616

 

Total other programs

 

 

1,778

 

 

 

507

 

 

 

3,513

 

 

 

1,128

 

General and administrative

 

 

9,568

 

 

 

11,388

 

 

 

18,577

 

 

 

24,234

 

Total operating expenses

 

 

29,011

 

 

 

39,453

 

 

 

58,879

 

 

 

79,955

 

Loss from operations

 

 

(11,852

)

 

 

(24,527

)

 

 

(23,105

)

 

 

(48,070

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(3,316

)

 

 

(1,714

)

 

 

(6,399

)

 

 

(3,676

)

Interest and investment income, net

 

 

2,084

 

 

 

2,292

 

 

 

4,506

 

 

 

5,091

 

Total other (expense) income, net

 

 

(1,232

)

 

 

578

 

 

 

(1,893

)

 

 

1,415

 

Loss before income taxes

 

 

(13,084

)

 

 

(23,949

)

 

 

(24,998

)

 

 

(46,655

)

Income tax (expense) benefit

 

 

(7

)

 

 

1,305

 

 

 

(31

)

 

 

1,721

 

Net loss

 

$

(13,091

)

 

$

(22,644

)

 

$

(25,029

)

 

$

(44,934

)