v3.26.1
Note 12 - Segment Reporting
 6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Segment Reporting [Text Block]

NOTE 12. Segment Reporting

 

The Company operates in one reportable segment, which is the discovery and development of oral recombinant protein vaccines, based on its proprietary oral vaccine platform. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The determination of a single business segment is consistent with the consolidated financial information regularly reviewed by the Chief Executive Officer as chief operating decision maker (the “CODM”) in assessing segment performance and deciding how to allocate resources on a consolidated basis.

 

The CODM uses consolidated net loss to evaluate the Company’s spend and monitor budget versus actual results. The monitoring of budgeted versus actual results is used in assessing performance of the segment and in establishing resource allocation across the organization. The measure of segment assets is reported on the consolidated balance sheets as total assets.

 

The Company’s segment revenue, segment loss, significant segment expenses, and other segment items consist of the following (in thousands):

 

  

Three Months Ended June 30,

  

Six Months Ended June 30,

 
  

2026

  

2025

  

2026

  

2025

 

Revenue

 $27,185  $39,730  $66,413  $60,606 

Less:

                

Research and development

                

External program costs:

                

Norovirus program

  139   1,152   186   2,708 

COVID-19 program

  25,922   36,475   46,316   52,193 

Other programs

  —   40   —   346 

Preclinical research

  53   225   134   624 

Process Development

  —   —   —   46 

Internal research and development costs

  7,640   11,843   16,531   24,562 

General and administrative

  6,603   4,598   11,244   9,665 

Interest income

  (578)  (310)  (1,129)  (747)

Non-cash interest expense related to sale of future royalties

  538   672   1,043   1,669 

Other segment items(A)

  333   1   345   2 

Provision for income taxes

  29   20   58   115 

Segment net loss

 $(13,494) $(14,986) $(8,315) $(30,577)

Reconciliation of net loss

                

Adjustments and reconciling items

  —   —   —   — 

Net loss

 $(13,494) $(14,986) $(8,315) $(30,577)

 

(A) Other segment items included in Other income (expense), net.