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

11. Segments

The Company has one reportable segment which is drug development. The Company primarily derives revenue from its licensing of developed drugs in difficult-to-treat and drug-resistant infections and manages the business activities on a consolidated basis. The Company’s chief operating decision maker ("CODM") is the Chief Executive Officer. The CODM assesses performance for the drug development segment and decides how to allocate resources based on consolidated net income (loss) that also is reported on the consolidated statement of operations. The CODM uses budget, forecast, and actual results of the consolidated net income (loss) in deciding what drug development programs to further progress with its existing and planned capital resources. The measure of segment assets is reported on the balance sheet as consolidated assets.

The table below provides information about the Company's drug development segment and includes the reconciliation to consolidated net income (loss) for the three and six months ended June 30, 2026 and 2025, respectively (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue

 

$

235

 

 

$

1,364

 

 

$

235

 

 

$

1,620

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Clinical expense

 

 

2,019

 

 

 

2,506

 

 

 

4,036

 

 

 

4,217

 

Preclinical expense

 

 

189

 

 

 

1,032

 

 

 

434

 

 

 

1,969

 

Chemistry, manufacturing, and controls

 

 

138

 

 

 

1,771

 

 

 

692

 

 

 

2,273

 

IPR&D expense (Note 10)

 

 

—

 

 

 

—

 

 

 

8,000

 

 

 

—

 

Selling, general, and administrative

 

 

4,119

 

 

 

3,784

 

 

 

8,707

 

 

 

7,528

 

Interest expense

 

 

—

 

 

 

—

 

 

 

—

 

 

 

173

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

(685

)

 

 

(510

)

 

 

(1,168

)

 

 

(1,305

)

Other segment expense (income) (1)

 

 

(12,942

)

 

 

(334

)

 

 

(6,564

)

 

 

(959

)

Segment net income (loss)

 

 

7,397

 

 

 

(6,885

)

 

 

(13,902

)

 

 

(12,276

)

Reconciliation of segment net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments and reconciling items

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Consolidated net income (loss)

 

$

7,397

 

 

$

(6,885

)

 

$

(13,902

)

 

$

(12,276

)

 

(1) Other segment expense (income) includes other research and development expense, amortization of debt issuance costs and discount, other income, and the warrant liabilities fair value adjustment.