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

11. Segment Reporting

 

We follow the accounting guidance of ASC Topic 280, Segment Reporting, which establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise engaging in business activities for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision-maker in deciding how to allocate resources and assess performance. The Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who reviews consolidated results including operating expenses and operating losses at a consolidated level only. The Company and its CODM do not distinguish between potential markets for the purpose of making decisions about resource allocation and performance assessment of its sole pre-revenue development program, MOLBREEVI, for the treatment of autoimmune PAP. Therefore, the Company has only one operating segment and one reportable segment, specialty pharmaceuticals within the respiratory system. The Company's only significant long-lived asset, IPR&D, is located in Denmark, and the Company currently does not generate any revenues and its operating expenses and losses are viewed on a consolidated basis by the CODM. Therefore, no geographical segments are presented. In addition to the significant expense categories included on the Company's consolidated statements of operations, refer below for disaggregated amounts that comprise research and development expenses and the segment net loss (in thousands):

 

 

 

For the three months ended September 30,

 

 

For the nine months ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development operating expenses
   excluding non-cash stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

Primary program research and development
   expenses (a)

 

$

18,574

 

 

$

15,414

 

 

$

50,481

 

 

$

46,862

 

Other research and development expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Payroll and benefits

 

 

3,639

 

 

 

3,514

 

 

 

10,257

 

 

 

9,611

 

Occupancy and other overhead and operating costs

 

 

478

 

 

 

557

 

 

 

1,679

 

 

 

1,631

 

Total other research and development expenses

 

 

4,117

 

 

 

4,071

 

 

 

11,936

 

 

 

11,242

 

Research and development operating expenses
   excluding non-cash stock-based compensation:

 

 

22,691

 

 

 

19,485

 

 

 

62,417

 

 

 

58,104

 

General and administrative expense excluding
   non-cash stock-based compensation

 

 

12,968

 

 

 

7,309

 

 

 

34,653

 

 

 

22,860

 

Other segment income (expense), net (b)

 

 

7,330

 

 

 

2,767

 

 

 

23,431

 

 

 

5,637

 

Segment net loss

 

$

(42,989

)

 

$

(29,561

)

 

$

(120,501

)

 

$

(86,601

)

 

a)
Primary program research and development expenses are comprised primarily of costs paid to third parties for clinical trials and product development manufacturing, nonclinical, regulatory, and quality assurance activities, and the portion of related research and development expenses incurred by our collaborators and third-party service providers, including contract research and manufacturing organizations that we are obligated to reimburse.
b)
Other segment income (expense), net includes interest income, interest expense, foreign currency exchange gain or loss, depreciation and amortization, non-cash stock-based compensation, loss on extinguishment of debt (for the nine months ended September 30, 2025), tax credit income, and the change in fair value of the royalty agreement derivative liability.