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

Note 8: Segment

 

The Company operates and manages its business as one reportable segment and one operating segment, which is the business of developing and commercializing recombinant protein products using the Company’s proprietary microbial platforms, including DapibusTM and C1. The Company’s chief operating decision maker, or CODM, is the Company’s senior management team that includes the Chief Executive Officer, President & Chief Operating Officer and Chief Financial Officer. The CODM assesses performance for the segment and decides how to allocate resources based on consolidated net loss that is also reported on the consolidated statements of operations.

 

The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. The Company operates in the U.S. and Europe. All material long-lived assets of the Company reside in the U.S. For geographic information about the Company’s product revenue, see Note 1, Concentration. Long-lived assets primarily consist of operating lease right-of-use assets.

 

The CODM uses consolidated net loss to evaluate the Company’s spending and monitor budget versus actual results. The monitoring of budgeted versus actual results is used in assessing the performance of segment and in establishing resource allocation across the organization. Factors used in determining the reportable segment include the nature of the Company’s operating activities, the organizational and reporting structure and the type of information reviewed by the CODM to allocate resources and evaluate financial performance. The accounting policies of the segment are the same as those described in Note 1 of the notes to the consolidated financial statements included in our Annual Report on Form 10-K filed on March 25, 2026, as amended on April 30, 2026.

 

The CODM reviews cash, cash equivalents, restricted cash and investment securities as a measure of segment assets. As of June 30, 2026 and December 31, 2025, the Company’s cash, cash equivalents, restricted cash and its investment securities, including accrued interest were $4.8 million and $8.6 million, respectively.

 

The following table presents information about segment revenue, significant segment expenses and segment operating loss for the three and six months ended June 30, 2026 and 2025:

 

   2026   2025   2026   2025 
   Three Months Ended June 30,   Six Months Ended June 30, 
   2026   2025   2026   2025 
Total revenues  $961,138  $966,630  $2,072,094  $1,360,202
Total cost of revenues   984,165    613,591    1,776,005    911,249 
                     
Research and development expenses:                    
Outside contracted services   174,568    486,585    517,289    842,841 
Personnel related costs   147,646    107,528    251,415    212,210 
Facilities, overhead, and other   296    18,125    19,609    35,132 
General and administrative expenses:                   
Compensation and related expenses   561,150    581,276    1,254,254    1,213,798 
Business consulting expenses   365,798    71,100    554,687    252,327 
Legal and professional services   343,160    209,579    847,455    540,676 
Other G&A expenses   285,494    251,354    525,504    494,850 
Share-based compensation expenses   144,372    340,462    283,671    565,492 
Foreign currency exchange loss (gain), net   8,693    16,098    (898)   23,170 
Other Income (expenses), net   69,680    64,706    121,670    89,810 
Net loss  $2,123,884   $1,793,774   $4,078,567   $3,821,353