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

Note 10.Segment Information

The Company has one operating segment and, therefore, one reportable segment, which comprises the discovery, development and commercialization of transformative therapies for cardio-metabolic diseases.

To date, the Company’s license agreement with Menarini, dated June 23, 2022, as amended (the “Menarini License”) and the Menarini Supply Agreement have been the only sources of revenue to the Company, and all such revenues derive from Italy.

The chief operating decision maker, who is the Company’s chief executive officer, assesses performance and decides how to allocate resources based on consolidated net loss and loss before tax, adjusted for certain non-cash and non-operating items such as share-based compensation, change in fair value of derivatives and foreign currency gains or losses. Adjusted loss before taxes is used to monitor budget versus actuals and evaluate the operations of the Company. The measure of segment assets is reported on the balance sheet as total consolidated assets. The future prospects of the Company are highly dependent upon the results of its ongoing clinical trials and interactions with regulatory agencies. Such results and interactions are utilized together with assessment of the comparison of budget versus actuals in order to make decisions regarding the allocation of resources.

The following table presents the adjusted loss before taxes for the Company’s single segment for each of the three and six months ended June 30, 2026 and 2025:

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

(In thousands of USD)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue

 

 

3,701

 

 

 

19,145

 

 

 

6,741

 

 

 

22,123

 

Interest income

 

 

5,810

 

 

 

7,055

 

 

 

11,460

 

 

 

14,406

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expense

 

 

12,657

 

 

 

9,900

 

 

 

24,449

 

 

 

20,063

 

External R&D expense

 

 

26,705

 

 

 

14,577

 

 

 

45,127

 

 

 

43,904

 

Manufacturing expense

 

 

2,781

 

 

 

4,289

 

 

 

10,357

 

 

 

10,130

 

Regulatory expense

 

 

1,277

 

 

 

1,025

 

 

 

1,979

 

 

 

2,042

 

Commercial programs

 

 

2,803

 

 

 

5,396

 

 

 

4,916

 

 

 

11,303

 

General and administrative expense

 

 

3,872

 

 

 

4,307

 

 

 

6,588

 

 

 

8,629

 

Depreciation and amortization

 

 

89

 

 

 

107

 

 

 

226

 

 

 

220

 

Segment adjusted loss before tax

 

 

(40,673

)

 

 

(13,401

)

 

 

(75,441

)

 

 

(59,762

)

Reconciliation to consolidated net loss

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense

 

 

(18,381

)

 

 

(15,179

)

 

 

(36,383

)

 

 

(30,392

)

Change in fair value - derivatives

 

 

(4,555

)

 

 

2,590

 

 

 

1,387

 

 

 

20,344

 

Foreign exchange gains/(losses)

 

 

(526

)

 

 

8,626

 

 

 

(2,139

)

 

 

12,919

 

Income tax expense

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Consolidated net loss for the period

 

 

(64,135

)

 

 

(17,364

)

 

 

(112,576

)

 

 

(56,891

)