v3.26.3
Segment Reporting
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting

12. Segment Reporting

The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions, and thus reports as a single reportable segment. The Company’s interim Chief Executive Officer, who is the Chief Operating Decision Maker (“CODM”), manages and allocates resources to the operations of the Company on a total company basis by assessing the overall level of resources available and how to best deploy these resources across functions and research and development projects that are in line with the Company’s long-term company-wide strategic goals. The CODM uses the Company’s consolidated net income (loss) to monitor actual results versus the budget in assessing segment performance and the allocation of resources. The measure of segment assets is reported on the consolidated balance sheets as total assets.

 

The Company's reportable segment net (loss) income for the three and nine months ended September 30, 2026 and 2025, consisted of the following (in thousands):

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Grant revenue

$

593

 

 

$

351

 

 

$

1,687

 

 

$

351

 

Significant segment expenses:

 

 

 

 

 

 

 

 

 

 

 

Live biotherapeutics platform

$

2,297

 

 

$

6,165

 

 

$

13,705

 

 

$

17,096

 

SER-155

 

282

 

 

 

1,220

 

 

 

1,028

 

 

 

2,841

 

R&D personnel-related (including stock-based compensation)

 

2,732

 

 

 

5,229

 

 

 

12,332

 

 

 

17,431

 

G&A personnel-related (including stock-based compensation)

 

1,964

 

 

 

3,863

 

 

 

7,926

 

 

 

11,761

 

Professional fees

 

1,753

 

 

 

2,035

 

 

 

4,909

 

 

 

7,370

 

Facility-related and other

 

1,731

 

 

 

3,578

 

 

 

7,744

 

 

 

12,486

 

Impairment of long-lived assets

 

5,705

 

 

 

—

 

 

 

11,512

 

 

 

—

 

Gain on sale of VOWST Business (2)

 

—

 

 

 

(27,222

)

 

 

(25,000

)

 

 

(79,588

)

Other segment expense (income) (1)

 

415

 

 

 

(2,721

)

 

 

(851

)

 

 

(10,077

)

Net (loss) income

$

(16,286

)

 

$

8,204

 

 

$

(31,618

)

 

$

21,031

 

 

[1] Other segment expense (income) includes manufacturing services expenses, research and development expenses on early stage programs, interest income and other expense (income), net.

[2] See Note 3, Discontinued Operations and TSA, for further details.