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

11. Segments

The Company has one reportable segment which is drug development. The Company primarily derives revenue from its licensing of developed drugs in difficult-to-treat and drug-resistant infections and manages the business activities on a consolidated basis. The Company’s chief operating decision maker ("CODM") is the Chief Executive Officer. The CODM assesses performance for the drug development segment and decides how to allocate resources based on consolidated net loss that also is reported on the consolidated statement of operations. The CODM uses budget, forecast, and actual results of the consolidated net loss in deciding what drug development programs to further progress with its existing and planned capital resources. The measure of segment assets is reported on the balance sheet as consolidated assets.

The table below provides information about the Company's drug development segment and includes the reconciliation to consolidated net loss for the three and nine months ended September 30, 2026 and 2025, respectively (in thousands):

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue

 

$

—

 

 

$

334

 

 

$

235

 

 

$

1,955

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Clinical expense

 

 

3,415

 

 

 

1,729

 

 

 

7,450

 

 

 

5,943

 

Preclinical expense

 

 

573

 

 

 

1,131

 

 

 

1,005

 

 

 

3,097

 

Chemistry, manufacturing, and controls

 

 

373

 

 

 

792

 

 

 

1,067

 

 

 

3,065

 

IPR&D expense (Note 10)

 

 

—

 

 

 

—

 

 

 

8,000

 

 

 

—

 

Selling, general, and administrative

 

 

3,562

 

 

 

3,287

 

 

 

12,268

 

 

 

10,815

 

Interest expense

 

 

—

 

 

 

—

 

 

 

—

 

 

 

173

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

(617

)

 

 

(454

)

 

 

(1,786

)

 

 

(1,759

)

Other segment expense (income) (1)

 

 

1,152

 

 

 

2,440

 

 

 

(5,409

)

 

 

1,488

 

Segment net loss

 

 

(8,458

)

 

 

(8,591

)

 

 

(22,360

)

 

 

(20,867

)

Reconciliation of segment net loss

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments and reconciling items

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Consolidated net loss

 

$

(8,458

)

 

$

(8,591

)

 

$

(22,360

)

 

$

(20,867

)

 

(1) Other segment expense (income) includes other research and development expense, amortization of debt issuance costs and discount, other income, and the warrant liabilities fair value adjustment.