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

Note 11: Segment Information

We regularly review our operating segments and the approach used by management to evaluate performance and allocate resources. We manage our business as a single operating segment. The Company’s Chief Executive Officer is considered to be the Company’s chief operating decision maker under the requirements of Topic 280 of the ASC “Segments”. The primary measure of profit/loss reviewed by the chief operating decision maker (“CODM”) is net loss before noncontrolling interest.

The Company does not have any product candidates approved for sale and has not generated any revenue from product sales. The Company recognizes lease revenue related to lease agreements held with certain third parties which leased space in the buildings which also house the Company’s manufacturing operations.

We manage our assets on a total company basis, not by operating segment. Therefore, our CODM does not regularly review any asset information other than total Company assets. See the Company’s Condensed Consolidated Balance Sheets for total assets. The majority of the Company’s long-lived assets are located in the United States.

The following table provides selected income statement information for our single reportable segment (in thousands):

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Net loss before noncontrolling interest

$

(46,436

)

 

$

(36,965

)

 

$

(89,057

)

 

$

(74,917

)

Rental income

 

150

 

 

 

221

 

 

 

376

 

 

 

451

 

Depreciation and amortization

 

1,449

 

 

 

1,491

 

 

 

2,883

 

 

 

2,875

 

Equity-based compensation

 

5,594

 

 

 

6,540

 

 

 

10,539

 

 

 

12,957

 

Income tax expense

 

–

 

 

 

848

 

 

 

–

 

 

 

1,439

 

Interest expense

 

(1

)

 

 

(1

)

 

 

(16

)

 

 

(1

)

Interest income

 

1,938

 

 

 

3,593

 

 

 

4,265

 

 

 

7,620

 

 

The following table provides significant expense categories that are regularly reported to the CODM (in thousands):

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue

$

150

 

 

$

221

 

 

$

376

 

 

$

451

 

 

 

 

 

 

 

 

 

 

 

 

 

Clinical trial expense

 

14,185

 

 

 

7,188

 

 

 

27,346

 

 

 

14,711

 

Cash compensation

 

13,316

 

 

 

13,811

 

 

 

27,545

 

 

 

27,064

 

Cash operating expenses

 

13,705

 

 

 

11,595

 

 

 

24,560

 

 

 

24,739

 

Other segment items (1)

 

5,380

 

 

 

4,592

 

 

 

9,982

 

 

 

8,854

 

Net loss before noncontrolling interest

$

(46,436

)

 

$

(36,965

)

 

$

(89,057

)

 

$

(74,917

)
(1)
Other segment items primarily include interest income, equity-based compensation and depreciation.