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

16. Segment Reporting

The Company operates as a single reportable and operating segment dedicated to the research and development, commercialization, and sale of mAbs in the U.S. to deliver protection from serious viral infectious diseases.

The determination of a single reportable segment is consistent with the consolidated financial information regularly reviewed by the Chief Operating Decision Maker (the “CODM”) in assessing performance and deciding how to allocate resources on a consolidated basis.

The CODM assesses performance and allocates resources based on the Company’s net loss reported on the consolidated statements of operations and comprehensive loss. The CODM’s area of focus is period over period fluxes and budget-to-actual variances when assessing performance and deciding how to allocate resources. The Company’s reportable segment derives its revenue from sales of its product, PEMGARDA. No asset information has been provided for the reportable segment as the CODM does not regularly review asset information by reportable segment.

The following table presents information about reported segment revenues, and significant segment expenses as provided to the CODM (in thousands). Certain prior period segment expense amounts have been recast to reflect the current year presentation.

 

 

 

Three Months Ended June 30,

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Product revenue, net

 

$

14,285

 

 

$

11,786

 

 

$

28,029

 

 

$

23,090

 

Total revenue

 

 

14,285

 

 

 

11,786

 

 

 

28,029

 

 

 

23,090

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of product revenue

 

 

1,273

 

 

 

685

 

 

 

2,305

 

 

 

1,519

 

Direct, external research and development expenses by program:

 

 

 

 

 

 

 

 

 

 

 

 

Pemivibart(1)

 

 

265

 

 

 

906

 

 

 

453

 

 

 

2,297

 

VYD2311(2)

 

 

20,350

 

 

 

1,011

 

 

 

43,153

 

 

 

2,513

 

VBY329(3)

 

 

80

 

 

 

41

 

 

 

244

 

 

 

83

 

VMS063(4)

 

 

182

 

 

 

50

 

 

 

311

 

 

 

50

 

Early-stage programs

 

 

175

 

 

 

75

 

 

 

204

 

 

 

160

 

Total direct, external research and development expenses by program

 

 

21,052

 

 

 

2,083

 

 

 

44,365

 

 

 

5,103

 

Personnel expense (research and development)

 

 

3,532

 

 

 

2,743

 

 

 

6,699

 

 

 

5,923

 

Stock-based compensation (research and development)

 

 

741

 

 

 

787

 

 

 

1,474

 

 

 

1,618

 

Other research and development expense

 

 

4,042

 

 

 

3,960

 

 

 

7,560

 

 

 

7,570

 

Total research and development expense

 

 

29,367

 

 

 

9,573

 

 

 

60,098

 

 

 

20,214

 

Selling, general and administrative

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing costs

 

 

6,961

 

 

 

3,341

 

 

 

12,179

 

 

 

6,301

 

Personnel expense (selling, general and administrative)

 

 

9,847

 

 

 

5,230

 

 

 

17,535

 

 

 

10,720

 

Stock-based compensation (selling, general and administrative)

 

 

2,154

 

 

 

2,393

 

 

 

4,118

 

 

 

4,388

 

Other selling, general and administrative expense

 

 

10,503

 

 

 

5,624

 

 

 

20,750

 

 

 

11,930

 

Total selling, general and administrative expense

 

 

29,465

 

 

 

16,588

 

 

 

54,582

 

 

 

33,339

 

Total operating costs and expenses

 

 

60,105

 

 

 

26,846

 

 

 

116,985

 

 

 

55,072

 

Loss from operations

 

 

(45,820

)

 

 

(15,060

)

 

 

(88,956

)

 

 

(31,982

)

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net(5)

 

 

1,427

 

 

 

400

 

 

 

3,163

 

 

 

1,033

 

Total other income, net

 

 

1,427

 

 

 

400

 

 

 

3,163

 

 

 

1,033

 

Net loss

 

$

(44,393

)

 

$

(14,660

)

 

$

(85,793

)

 

$

(30,949

)
(1)
In March 2023, the Company announced the nomination of VYD222 (pemivibart) as a novel mAb therapeutic option for COVID-19.
(2)
In March 2024, the Company announced the nomination of VYD2311 as a novel mAb therapeutic option for COVID-19.
(3)
In November 2025, the Company announced the nomination of VBY329 as an RSV mAb candidate for preclinical development.
(4)
In April 2026, the Company announced the nomination of VMS063 as a measles mAb candidate for preclinical development.
(5)
Includes interest income of $1,503 and $405 for the three months ended June 30, 2026 and 2025, respectively, and interest income of $3,246 and $1,033 for the six months ended June 30, 2026 and 2025, respectively.