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

Note 9. Segment Information

The Company operates in one business segment, which includes all activities related to the discovery, development and commercialization of messenger RNA medicines. The determination of a single business segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker (“CODM”). The Company’s CODM is its Chief Executive Officer, who reviews and evaluates consolidated net loss for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods. The CODM does not evaluate the operating segment using asset or liability information.

The following table presents information about reported segment revenues, segment loss, and significant segment expenses:

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

(in thousands)

2026

 

 

 

2025

 

 

2026

 

 

 

2025

 

Revenues

 

$

2,959

 

 

 

$

28,301

 

 

$

5,020

 

 

 

$

57,683

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LUNAR-COVID

 

 

391

 

 

 

 

3,831

 

 

 

993

 

 

 

 

9,640

 

LUNAR-OTC

 

 

1,870

 

 

 

 

2,901

 

 

 

4,588

 

 

 

 

4,477

 

BARDA

 

 

642

 

 

 

 

2,459

 

 

 

966

 

 

 

 

4,941

 

LUNAR-CF, net

 

 

2,593

 

 

 

 

4,629

 

 

 

9,124

 

 

 

 

11,777

 

Early-stage programs

 

 

92

 

 

 

 

167

 

 

 

335

 

 

 

 

164

 

Discovery technologies

 

 

1,341

 

 

 

 

2,439

 

 

 

3,095

 

 

 

 

4,627

 

Payroll and benefits

 

8,731

 

 

 

 

10,611

 

 

 

16,350

 

 

 

 

23,654

 

Facilities and equipment

 

 

1,855

 

 

 

 

2,542

 

 

 

3,591

 

 

 

 

5,191

 

Total research and development

 

 

17,515

 

 

 

 

29,579

 

 

 

39,042

 

 

 

 

64,471

 

General and administrative

 

 

10,989

 

 

 

 

10,338

 

 

 

20,454

 

 

 

 

21,654

 

Other (1)

 

 

(1,760

)

 

 

 

(2,436

)

 

 

(3,727

)

 

 

 

(5,186

)

Net loss

$

(23,785

)

 

 

$

(9,180

)

 

$

(50,749

)

 

 

$

(23,256

)

(1) Primarily includes interest income.