v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information
10.
Segment Information

 

The Company manages its operations as a single operating segment for the purpose of assessing performance and making operating decisions, resulting in a single reportable segment. The Company is focused on advancing next-generation medicines in immunology and inflammation for patients with serious diseases and major treatment gaps. The Company has earned revenue from collaboration agreements with third parties and grant revenue in connection with various government awards. The Company has determined that its Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer. The CODM reviews the Company’s

financial information on a consolidated basis for the purpose of allocating resources and assessing financial performance. The measure of segment assets is reported on the balance sheet as total consolidated assets. All of the Company’s tangible assets are held in the United States.

 

The accounting policies for the operating segment are consistent with the Company’s policies for the consolidated financial statements. The key measure of segment profit or loss that the CODM uses to allocate resources and assess performance is the Company’s consolidated profit or loss, as reported on the consolidated statements of operations and comprehensive loss. This is reviewed against budgeted expectations to assess segment performance and allocate resources. The Company's reportable segment net revenues, significant segment expenses and consolidated loss for the three and six months ended June 30, 2026 and 2025, consisted of the following (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Grant revenue

$

—

 

 

$

2,387

 

 

$

—

 

 

$

3,150

 

Collaboration revenue - related party

 

—

 

 

 

11,802

 

 

 

258

 

 

 

16,901

 

Collaboration revenue

 

—

 

 

 

—

 

 

 

—

 

 

 

12

 

Total revenues

 

—

 

 

 

14,189

 

 

 

258

 

 

 

20,063

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Tebipenem pivoxil

 

1,298

 

 

 

6,694

 

 

 

1,710

 

 

 

15,363

 

SPR720

 

—

 

 

 

349

 

 

 

—

 

 

 

797

 

SPR206

 

—

 

 

 

—

 

 

 

—

 

 

 

49

 

Research and development personnel related (including
   share-based compensation)

 

1,349

 

 

 

2,611

 

 

 

3,018

 

 

 

5,948

 

Facility related and other, research and development

 

787

 

 

 

1,018

 

 

 

1,615

 

 

 

2,121

 

General and administrative personnel related (including
   share-based compensation)

 

1,793

 

 

 

3,368

 

 

 

4,082

 

 

 

7,486

 

Professional and consultant fees

 

4,160

 

 

 

1,986

 

 

 

5,841

 

 

 

4,249

 

Facility related and other, general and administrative

 

539

 

 

 

524

 

 

 

1,456

 

 

 

967

 

Other segment items*

 

3

 

 

 

79

 

 

 

4

 

 

 

253

 

Interest income

 

(377

)

 

 

(740

)

 

 

(713

)

 

 

(1,604

)

Consolidated loss

$

(9,552

)

 

$

(1,700

)

 

$

(16,755

)

 

$

(15,566

)

 

*Other segment items include restructuring charges and other income, net.