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

3. SEGMENT

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Group’s chief operating decision maker (the “CODM”) in deciding how to allocate resources and assessing performance. NovaBridge operated as a single segment company during the first half of 2025. In October 2025, NovaBridge established Visara Inc. (“Visara”) and began operating as a two segment company (“oncology” and “ophthalmology”). Beginning in the six month period ending June 30, 2026 the Group renamed its oncology and ophthalmology segments to NovaBridge and Visara, respectively. The prior periods have been conformed to the new names. The Group’s Chief Executive Officer remained the CODM for the period ending June 30, 2026.

During the six months ended June 30, 2026, the Group began separately disaggregating NovaBridge research and development expense into “GIVA” and “Other oncology” as a significant segment expense category reviewed by the CODM. The Group also began presenting the cash and cash equivalents balance to be reviewed by the CODM.

The Group’s CODM is regularly provided with the following disaggregated expense information included in the consolidated statements of comprehensive loss:

 

 

Six Months Ended, June 30

 

 

 

2026

 

 

2025

 

 

 

NovaBridge

 

 

Visara

 

 

Total

 

 

NovaBridge

 

Segment revenue

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Segment research and development expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Direct clinical development expenses

 

 

7,925

 

 

 

54

 

 

 

7,979

 

 

 

189

 

GIVA

 

 

7,925

 

 

 

—

 

 

 

7,925

 

 

 

202

 

Other oncology

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(13

)

Employee-related expenses

 

 

3,408

 

 

 

1,340

 

 

 

4,748

 

 

 

2,775

 

Other research and development expenses(1)

 

 

1,040

 

 

 

562

 

 

 

1,602

 

 

 

1,107

 

Segment administrative expenses(2)

 

 

23,135

 

 

 

3,281

 

 

 

26,416

 

 

 

8,309

 

Other segment items(3)

 

 

(2,832

)

 

 

(45

)

 

 

(2,877

)

 

 

(3,726

)

Segment net loss

 

$

(32,676

)

 

$

(5,192

)

 

$

(37,868

)

 

$

(8,654

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

165,464

 

 

$

25,173

 

 

$

190,637

 

 

$

165,404

 

 

 

 

(1)
Other research and development expenses include R&D services and other R&D overhead expenses.
(2)
Segment administrative expenses includes administrative employee benefit and other overhead expenses, and professional service fees.
(3)
Other segment items include interest income, foreign currency exchange gains and losses, gains on the sale of equity securities, and amortization and depreciation expense and other overhead expenses.