v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting

12. Segment Reporting

The Company’s interim Chief Executive Officer, who is the Chief Operating Decision Maker (“CODM”), manages and allocates resources to the operations of the Company on a total company basis by assessing the overall level of resources available and how to best deploy these resources across functions and research and development projects that are in line with the Company’s long-term company-wide strategic goals. The CODM uses the Company’s consolidated net income (loss) to monitor actual results versus the budget in assessing segment performance and the allocation of resources. The measure of segment assets is reported on the consolidated balance sheets as total assets.

 

The Company's reportable segment net income (loss) for the three and six months ended June 30, 2026 and 2025, consisted of the following (in thousands):

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Grant revenue

$

736

 

 

$

—

 

 

$

1,094

 

 

$

—

 

Significant segment expenses:

 

 

 

 

 

 

 

 

 

 

 

Live biotherapeutics platform

$

4,875

 

 

$

5,808

 

 

$

11,408

 

 

$

10,931

 

SER-155

 

99

 

 

 

1,044

 

 

 

746

 

 

 

1,621

 

R&D personnel-related (including stock-based compensation)

 

3,680

 

 

 

6,084

 

 

 

9,600

 

 

 

12,202

 

G&A personnel-related (including stock-based compensation)

 

2,671

 

 

 

3,725

 

 

 

5,962

 

 

 

7,898

 

Professional fees

 

1,442

 

 

 

2,155

 

 

 

3,156

 

 

 

5,335

 

Facility-related and other

 

2,948

 

 

 

4,373

 

 

 

6,013

 

 

 

8,908

 

Impairment of long-lived assets

 

5,807

 

 

 

—

 

 

 

5,807

 

 

 

—

 

Gain on sale of VOWST Business (2)

 

(25,000

)

 

 

(185

)

 

 

(25,000

)

 

 

(52,366

)

Other segment (income) expense (1)

 

(367

)

 

 

(3,149

)

 

 

(1,266

)

 

 

(7,356

)

Net income (loss)

$

4,581

 

 

$

(19,855

)

 

$

(15,332

)

 

$

12,827

 

[1] Other segment (income) expense includes manufacturing services expenses, research and development expenses on early stage programs, interest income and other (income) expense, net.

[2] See Note 3, Discontinued Operations and TSA, for further details.