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

17. Segment information

The Company has one operating segment focused on the business of developing rare disease therapies. The chief operating decision maker, its Chief Executive Officer, assesses performance for the entity and decides how to allocate resources based on consolidated net loss before income tax, which is reported on the condensed consolidated statements of operations and comprehensive loss. The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets.

The chief operating decision maker uses consolidated net loss before income tax and budget-to-actual variances for consolidated net loss before income tax to assess the performance of the operating segment.

The following table presents certain financial data for the Company’s reportable segment, including significant segment expenses regularly provided to the chief operating decision maker to assess performance of the Company.

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

($'000)

 

 

($'000)

 

 

($'000)

 

 

($'000)

 

Revenue

 

$

—

 

 

$

500

 

 

$

—

 

 

$

500

 

Cost of revenue

 

 

—

 

 

 

(132

)

 

 

—

 

 

 

(132

)

Research and development expenses

 

 

 

 

 

 

 

 

 

 

 

 

Setrusumab (BPS-804/UX143)

 

 

(1,112

)

 

 

(3,687

)

 

 

(5,164

)

 

 

(5,930

)

Alvelestat (MPH-966)

 

 

(426

)

 

 

(1,396

)

 

 

(869

)

 

 

(2,761

)

Etigilimab (MPH-313)

 

 

(220

)

 

 

(224

)

 

 

(414

)

 

 

(431

)

Other

 

 

(50

)

 

 

(66

)

 

 

(108

)

 

 

(181

)

General and administrative expenses

 

 

(5,222

)

 

 

(5,494

)

 

 

(9,241

)

 

 

(12,766

)

Other segment items

 

 

25

 

 

 

(4,117

)

 

 

2,072

 

 

 

(5,802

)

Net loss before income tax

 

$

(7,005

)

 

$

(14,616

)

 

$

(13,724

)

 

$

(27,503

)

Other segment items consist of interest income, interest expense, change in fair value of warrants, foreign currency transaction (loss)/gain, net and benefit from research and development tax credit. These are disclosed in the condensed consolidated statements of operations and comprehensive loss.