v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the CODM in making decisions regarding the allocation of resources and assessing performance. The Company's CODM is its chief executive officer. The Company views its operations and manages its business as one operating segment. The Company's operating segment derives its revenues from the Chiesi Collaboration Agreement. The CODM assesses performance for the Company's single operating segment and decides how to allocate resources based on research and development expenses incurred, which is a component of the Company's consolidated net loss as reported on the consolidated statement of operations and comprehensive loss. The measure of segment assets is reported on the balance sheet as
total consolidated assets. Further, segment depreciation expense and segment asset additions are consistent with consolidated amounts reported within the consolidated statement of cash flows given the Company's operations are aggregated within a single reportable segment. The CODM uses research and development expenses and results of clinical trial activities completed to date to evaluate how to allocate the Company's resources to advance seralutinib.
Significant segment expenses which are regularly reported to the CODM for purposes of making decisions regarding the allocation of resources are included within the table below and are reconciled to consolidated net loss (in thousands):
Three months ended June 30,Six months ended June 30,
2026202520262025
Total revenue$9,238 $11,489 $26,193 $21,378 
Less:
Seralutinib25,914 41,575 68,264 79,616 
Other segment items (1)
9,398 8,679 28,869 17,337 
     Interest income(268)(542)(622)(836)
     Interest expense2,705 2,744 5,460 5,490 
     Remeasurement of warrant liability(1,602)— (1,602)— 
     Remeasurement of derivative liability(4,113)— (4,113)— 
     Gain on debt extinguishment(43,846)— (43,846)— 
     Other income, net4,150 (2,694)3,547 (5,318)
Segment net gain (loss)$16,900 $(38,273)$(29,764)$(74,911)
(1) Other segment items include general and administrative expenses, which are provided to the CODM regularly, but are included within other segment items as they are not utilized as part of the decision making process as it relates to the allocation of resources. Further, R&D expenses for other terminated programs are also provided to the CODM. These costs include employee expenses, as well as allocations of consolidated overhead and stock compensation. Other segment items also include costs related to Respira (as defined in Note 13 below).