v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Operating segments are defined as components of an entity for which separate discrete financial information is available for evaluation by the CODM in deciding how to allocate resources and in assessing performance. For the three months ended March 31, 2026 and 2025, the Company has identified one operating and reportable segment. The Company defines its operating segment based on internally reported financial information that is regularly reviewed by the CODM to analyze financial performance, make decisions, and allocate resources. The Company's CEO is the CODM. The Company manages its operations as a single segment for purposes of assessing performance and making operating decisions. This segment encompasses the development and advancement of a product pipeline for the treatment of severe allergic reactions, including anaphylaxis, and the AdrenaVerse epinephrine prodrug pipeline platform. Additionally, the Company served as the exclusive manufacturer for its proprietary product, Libervant, while it had U.S. market access, and four licensed commercialized products.
The CODM reviews the segment's profit or loss based on net loss reported on the Condensed Statements of Operations and Comprehensive Loss. The CODM also considers forecast-to-actual variances on a monthly basis for expenses deemed significant. Furthermore, the CODM reviews the segment's assets based on total assets reported on the Condensed Balance Sheets. All long-lived assets are held in the United States. While the Company generated $14,446 and $8,720 in revenues for the three months ended March 31, 2026 and 2025, respectively, management expects the Company to continue to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through all stages of development and clinical trials, ultimately seeking regulatory approval and commencing commercialization activities for Anaphylm, if approved by the FDA. The CODM uses cash forecast models to guide investment decisions and assess entity-wide operating results and performance. Net loss is used to monitor budget and rolling forecasts versus actual results. The CODM views specific categories within R&D expenses, selling expenses, and general and administrative expenses as significant due to their direct correlation with cash burn and profitability.
The following table reconciles reported revenues to net loss under the significant expense principle for the three months ended March 31, 2026 and 2025:
Three Months Ended
March 31,
20262025
Revenues$14,446 $8,720 
Costs and expenses:
Total Manufacture and Supply Expenses
3,469 3,652 
R&D Project expenses:
Anaphylm project expenses
1,085 2,488 
AQST-108 project expenses558 195 
R&D other expenses:
Personnel costs1
2,242 2,132 
Other2
319 546 
Total Research and Development Expenses
4,204 5,361 
Selling expenses:
Personnel costs3
1,643 694 
Other4
277 2,262 
Total Selling expenses
1,920 2,956 
General & Administrative expenses:
Personnel costs5
5,509 4,840 
Other6
3,548 11,276 
Total General and Administrative Expenses
9,057 16,116 
Total Selling, General and Administrative Expenses
10,977 19,072 
Total costs and expenses18,650 28,085 
Loss from operations(4,204)(19,365)
Other income/(expenses), net
(3,853)(3,565)
Net loss before income taxes(8,057)(22,930)
Net loss$(8,057)$(22,930)
Comprehensive loss$(8,057)$(22,930)
1 - R&D Personnel costs include payroll expenses, share-based compensation expenses and severance
2 - Other R&D expenses include preclinical, consulting, maintenance, and testing fees
3 - Selling Personnel costs include payroll expenses, share-based compensation expenses and severance
4 - Other Selling expenses include commercialization and other related expenses
5 - G&A Personnel costs include payroll expenses, share-based compensation expenses and severance
6 - Other General and Administrative expenses include legal/patent fees, insurance fees, IT expenses, investor relations expenses, regulatory fees, facility and other costs