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Segment Information
 3 Months Ended
Mar. 31, 2020
Segment Information  
Segment Information

16. Segment Information

 

The Company has two reportable segments, therapeutics and contract research.  The therapeutics segment is focused on identifying and developing innovative therapies to address significant unmet needs for immuno-inflammatory diseases. The contract research segment earns revenue from the provision of laboratory services to clients through Confluence, the Company’s wholly-owned subsidiary.  Contract research revenue is generally evidenced by contracts with clients which are on an agreed upon fixed-price, fee-for-service basis.  Corporate and other includes general and administrative expenses as well as eliminations of intercompany transactions.  The Company does not report balance sheet information by segment since it is not reviewed by the chief operating decision maker, and all of the Company’s tangible assets are held in the United States. 

 

The Company’s results of operations by segment for the three months ended March  31, 2020 and 2019 are summarized in the tables below:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract

 

Corporate

 

Total

Three Months Ended March 31, 2020

 

Therapeutics

 

Research

 

and Other

 

Company

Total revenue

 

$

218

 

$

3,407

 

$

(2,218)

 

$

1,407

Cost of revenue

 

 

 —

 

 

3,386

 

 

(2,117)

 

 

1,269

Research and development

 

 

9,545

 

 

 —

 

 

(101)

 

 

9,444

General and administrative

 

 

 —

 

 

753

 

 

5,447

 

 

6,200

Loss from operations

 

$

(9,327)

 

$

(732)

 

$

(5,447)

 

$

(15,506)

Loss from discontinued operations

 

$

(257)

 

$

 —

 

$

(1)

 

$

(258)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract

 

Corporate

 

Total

Three Months Ended March 31, 2019

 

Therapeutics

 

Research

 

and Other

 

Company

Total revenue

 

$

 —

 

$

5,190

 

$

(3,927)

 

$

1,263

Cost of revenue

 

 

 —

 

 

5,037

 

 

(3,830)

 

 

1,207

Research and development

 

 

19,740

 

 

 —

 

 

(97)

 

 

19,643

General and administrative

 

 

 —

 

 

531

 

 

6,933

 

 

7,464

Loss from operations

 

$

(19,740)

 

$

(378)

 

$

(6,933)

 

$

(27,051)

Loss from discontinued operations

 

$

(9,415)

 

$

 —

 

$

(869)

 

$

(10,284)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intersegment Revenue

 

Revenue for the contract research segment included $2,218 and $3,927 for services performed on behalf of the therapeutics segment for the three months ended March 31, 2020 and 2019, respectively.  All intersegment revenue has been eliminated in the Company’s condensed consolidated statement of operations.