| Segment Reporting |
14. Segment Reporting The Company operates and manages its business as one reportable operating segment, which is the business of developing pathogen-specific bacteriophage therapeutics for the treatment of antibiotic-resistant and difficult-to-treat acute and chronic bacterial infections using its proprietary bacteriophage-based technology. The determination of a single business segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker (“CODM”). The Company’s CODM is its Chief Executive Officer, who reviews financial information on an aggregate basis for purposes of assessing performance, making operating decisions, allocating resources and evaluating financial performance. The Company maintains 99.6% of its $11.2 million property and equipment, net within the United States. The following table includes certain segment information for the periods presented (in thousands): | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Grant and award revenue | | $ | 2,510 | | $ | 2,169 | | $ | 3,299 | | $ | 2,660 | Operating expenses | | | | | | | | | | | | | Research and development expenses: | | | | | | | | | | | | | AP-PA02: Non-Cystic Fibrosis Bronchiectasis | | | 16 | | | 152 | | | (10) | | | (288) | AP-PA02: Cystic Fibrosis | | | 8 | | | 14 | | | 8 | | | 25 | AP-SA02: Bacteremia | | | 426 | | | 1,011 | | | 541 | | | 1,663 | AP-SA02: Prosthetic Joint Infection | | | - | | | 1 | | | - | | | 2 | Expenses not allocated by projects | | | 839 | | | 592 | | | 1,733 | | | 1,112 | Total external research and development expenses | | | 1,289 | | | 1,770 | | | 2,272 | | | 2,514 | Research and development personnel expenses | | | 3,535 | | | 2,293 | | | 6,160 | | | 4,606 | Other research and development expenses | | | 2,762 | | | 2,331 | | | 5,265 | | | 4,703 | Total research and development expenses | | | 7,586 | | | 6,394 | | | 13,697 | | | 11,823 | General and administrative expenses: | | | | | | | | | | | | | General and administrative personnel expenses | | | 3,045 | | | 1,191 | | | 4,507 | | | 2,592 | Other general and administrative expenses | | | 2,191 | | | 1,428 | | | 4,192 | | | 3,280 | Total general and administrative expenses | | | 5,236 | | | 2,619 | | | 8,699 | | | 5,872 | Total operating expenses | | | 12,822 | | | 9,013 | | | 22,396 | | | 17,695 | Operating loss | | | (10,312) | | | (6,844) | | | (19,097) | | | (15,035) | Other income (expense), net | | | 84,453 | | | (9,451) | | | (22,108) | | | (7,791) | Net income (loss) | | $ | 74,141 | | $ | (16,295) | | $ | (41,205) | | $ | (22,826) |
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