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SEGMENT INFORMATION AND CONCENTRATIONS
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION AND CONCENTRATIONS

NOTE 6 – SEGMENT INFORMATION AND CONCENTRATIONS

 

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The Company considers its chief executive officer to be the Company’s CODM. The CODM manages its operations and allocates resources based on the Company’s consolidated results and therefore operates as one segment.

 

Segment revenue, profit or loss, significant segment expenses and other segment items - The accounting policies of the Company’s single operating and reportable segment are the same as those described in the summary of significant accounting policies. The Company’s method for measuring segment profitability includes net income (loss), which the CODM uses to assess performance and make decisions for resource allocation, consistent with the measurement principals for net income (loss) as reported on the Company’s consolidated statements of operations. The significant expenses regularly reviewed by the CODM are consistent with those reported on the Company’s consolidated statements of operations, and while research and development are reviewed on a more disaggregated basis, as shown below, all other expenses are not regularly reviewed on a more disaggregated basis for purposes of assessing segment performance and deciding how to allocate resources.

 

Information about significant segment expenses regularly provided to the CODM is as follows (in thousands):

 

                         
    Three Months Ended June 30,  
    (in thousands)  
    2026     2025     Change  
Research and development expenses:                        
Direct expenses – TNX – 102 SL   $ 3,524     $ 1,463     $ 2,061  
Direct expenses – TNX – 801     2,215       95       2,120  
Direct expenses – TNX – 1500     630       1,003       (373 )
Direct expenses – TNX – 1900     870       200       670  
Direct expenses – TNX – 4800     1,206       1,250       (44 )
Direct expenses – Other programs     2,424       1,626       798  
Internal staffing, overhead and other     8,548       5,183       3,365  
Total research & development   $ 19,417     $ 10,820     $ 8,597  

 

             
    Six Months Ended June 30,
    (in thousands)
    2026   2025   Change
Research and development expenses:            
Direct expenses – TNX - 102 SL   $ 5,002     $ 2,498     $ 2,504  
Direct expenses – TNX -  801     3,275       413       2,862  
Direct expenses – TNX - 1500     4,907       1,385       3,522  
Direct expenses – TNX - 1900     1,761       336       1,425  
Direct expenses – TNX - 4800     2,600       1,250       1,350  
Direct expenses – Other programs     3,520       2,078       1,442  
Internal staffing, overhead and other     16,565       10,296       6,269  
Total research & development   $ 37,630     $ 18,256     $ 19,374  

 

Our direct research and development expenses consist principally of external costs for clinical, nonclinical and manufacturing, such as fees paid to contractors, consultants and contract research organizations in connection with our development work. Included in "Internal Staffing, Overhead and Other" is overhead, supplies, research and development employee costs (including stock option expenses), travel, regulatory and legal.

 

The Company has three products that accounted for $13.5 million and $20.4 million, respectively, representing 100% of total revenues during the three and six months ended June 30, 2026. The Company had two products that accounted for $2.0 million and $4.4 million, respectively, representing 100% of total revenues during the three and six months ended June 30, 2025.

 

As of June 30, 2026, accounts receivable from three customers accounted for 36%, 31%, and 18% of accounts receivable. As of December 31, 2025, accounts receivable from three customers accounted for 34%, 29%, and 28% of total accounts receivable.

 

For the three months ended June 30, 2026, revenues from five customers accounted for 29%, 26%, 21%, 7% and 6% of net product revenues. For the three months ended June 30, 2025, revenues from five customers accounted for 30%, 19%, 17%, 17% and 15% of net product revenues. For the six months ended June 30, 2026, revenues from five customers accounted for 29%, 27%, 20%, 7% and 7% of net product revenues. For the six months ended June 30, 2025, revenues from five customers accounted for 22%, 21%, 21%, 18% and 14% of net product revenues.