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

11. Segment Information

The Company manages its operations as a single operating segment for the purpose of assessing performance and making operating decisions. The Company’s singular focus is on discovering and developing small molecule drugs with an emphasis on virology and immunology indications. The Company’s Chief Operating Decision Maker (“CODM”) is the Company’s Chief Executive Officer (“CEO”). The CODM reviews consolidated operating results and utilizes net loss from the statement of operations against budget forecasts as the primary measure of segment profit or loss in making decisions surrounding allocating resources and assessing performance of the Company. The CODM is regularly provided detailed expense information, including expenses by expense category and program. The CODM makes decisions surrounding capital and personnel allocation using this information on a consolidated basis. Asset information on a reportable segment basis is not disclosed as this information is not separately identified and internally reported to the Company’s CODM. The CODM is regularly provided information on total cash, which is inclusive of cash, cash equivalents and short-term and long-term marketable securities, as a measure of segment assets. As of June 30, 2026, the Company’s cash, cash equivalents and short-term and long-term marketable securities were $211,493. The following table presents selected financial information with respect to the Company’s single operating segment for the three and nine months ended June 30, 2026 and 2025 (in thousands):

 

 

Three Months Ended June 30,

 

 

Nine Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Royalty revenue

 

$

14,359

 

 

$

18,314

 

 

$

50,133

 

 

$

50,199

 

Total revenue

 

 

14,359

 

 

 

18,314

 

 

 

50,133

 

 

 

50,199

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

RSV

 

 

5,893

 

 

 

15,412

 

 

 

15,746

 

 

 

51,620

 

Total virology

 

 

5,893

 

 

 

15,412

 

 

 

15,746

 

 

 

51,620

 

KIT

 

 

4,232

 

 

 

4,057

 

 

 

12,803

 

 

 

11,902

 

STAT6

 

 

7,083

 

 

 

4,678

 

 

 

20,578

 

 

 

10,670

 

MRGPRX2

 

 

3,368

 

 

 

2,292

 

 

 

8,237

 

 

 

6,840

 

Total immunology

 

 

14,683

 

 

 

11,027

 

 

 

41,618

 

 

 

29,412

 

Early discovery

 

 

1,421

 

 

 

603

 

 

 

4,572

 

 

 

1,115

 

Other pipeline programs

 

 

129

 

 

 

168

 

 

 

492

 

 

 

784

 

Total other programs

 

 

1,550

 

 

 

771

 

 

 

5,064

 

 

 

1,899

 

General and administrative

 

 

9,469

 

 

 

9,997

 

 

 

28,046

 

 

 

34,231

 

Total operating expenses

 

 

31,595

 

 

 

37,207

 

 

 

90,474

 

 

 

117,162

 

Loss from operations

 

 

(17,236

)

 

 

(18,893

)

 

 

(40,341

)

 

 

(66,963

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(4,130

)

 

 

(1,618

)

 

 

(10,529

)

 

 

(5,294

)

Interest and investment income, net

 

 

1,901

 

 

 

2,285

 

 

 

6,407

 

 

 

7,376

 

Total other (expense) income, net

 

 

(2,229

)

 

 

667

 

 

 

(4,122

)

 

 

2,082

 

Loss before income taxes

 

 

(19,465

)

 

 

(18,226

)

 

 

(44,463

)

 

 

(64,881

)

Income tax (expense) benefit

 

 

(36

)

 

 

(29

)

 

 

(67

)

 

 

1,692

 

Net loss

 

$

(19,501

)

 

$

(18,255

)

 

$

(44,530

)

 

$

(63,189

)