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

Note 16. Segment Information

The Company manages its business activities on a consolidated basis and operates as one operating and reportable segment for the purposes of assessing performance and making operating decisions.

Operating segments are defined as components of an enterprise for which discrete financial information is available and is evaluated regularly by the CODM, in deciding how to allocate resources and assess performance.

The Company’s Chief Executive Officer, who is the CODM, reviews financial information on a consolidated basis for purposes of allocating and evaluating financial performance. The CODM evaluates the Company’s performance and resource allocation by analyzing consolidated net loss, as reported on the condensed consolidated statement of operations and comprehensive loss. This assessment involves comparing net loss across prior periods, the Company's forecast, and following the Orphai Acquisition, total expenditures related to LAM-001 product development.

The measure of segment assets reviewed by the CODM is the consolidated total assets, as reported on the condensed consolidated balance sheets. The following table presents the measure of segment assets regularly provided to the CODM (in thousands):

 

 

June 30, 2026

 

 

December 31, 2025

 

Cash, cash equivalents and short-term investments

 

 

115,981

 

 

 

17,752

 

 

The following table presents financial information, including significant segment expenses, which are regularly provided to the CODM and included within condensed consolidated statements of operations and comprehensive loss (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development:

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

$

2,105

 

 

$

1,294

 

 

$

4,019

 

 

$

2,614

 

Stock-based compensation

 

 

3,182

 

 

 

438

 

 

 

3,724

 

 

 

873

 

Clinical and contract manufacturing

 

 

1,173

 

 

 

5,342

 

 

 

4,773

 

 

 

12,069

 

Other

 

 

(999

)

 

 

(521

)

 

 

(210

)

 

 

(858

)

General and administrative:

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

2,102

 

 

 

1,038

 

 

 

3,438

 

 

 

2,765

 

Stock-based compensation

 

 

8,911

 

 

 

834

 

 

 

9,655

 

 

 

1,785

 

Consulting and professional costs

 

 

4,981

 

 

 

786

 

 

 

6,539

 

 

 

2,252

 

Other

 

 

632

 

 

 

684

 

 

 

1,261

 

 

 

1,329

 

Acquired in-process research and development

 

 

59,000

 

 

 

—

 

 

 

59,000

 

 

 

—

 

Gain on Orphai Acquisition

 

 

(1,305

)

 

 

—

 

 

 

(1,305

)

 

 

—

 

Intangible asset impairment charge

 

 

—

 

 

 

—

 

 

 

67,808

 

 

 

—

 

Fair value adjustment for contingent consideration

 

 

—

 

 

 

532

 

 

 

(64,330

)

 

 

2,456

 

Total operating expenses

 

 

79,782

 

 

 

10,427

 

 

 

94,372

 

 

 

25,285

 

Loss from operations

 

 

(79,782

)

 

 

(10,427

)

 

 

(94,372

)

 

 

(25,285

)

Fair value adjustment for debt

 

 

—

 

 

 

(501

)

 

 

12,168

 

 

 

(945

)

Fair value adjustment for warrants

 

 

4,507

 

 

 

(4,464

)

 

 

35,623

 

 

 

(4,464

)

Warrant issuance costs

 

 

(874

)

 

 

(872

)

 

 

(874

)

 

 

(872

)

Other segment items

 

 

661

 

 

 

215

 

 

 

7,879

 

 

 

487

 

Net loss

 

$

(75,488

)

 

$

(16,049

)

 

$

(39,576

)

 

$

(31,079

)

 

Other segment items within net loss include interest income, other income (expense), net, and income tax expense.

The Company’s long-lived assets consist primarily of property, plant and equipment, net, and operating lease right-of-use assets are maintained in Italy. As of June 30, 2026 and December 31, 2025, no individual country other than the U.S. accounted for 10% or more of these assets.