Segment Information

12 Months Ended

Dec. 31, 2021

Segment Information

Segment Information

19. 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.  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 years ended December 31, 2021, 2020 and 2019 are summarized in the tables below:

(In thousands)			Contract		Corporate		Total
Year Ended December 31, 2021	Therapeutics		Research		and Other		Company
Total revenue	$	932	$	13,447	$	(7,618)	$	6,761
Cost of revenue		—		11,885		(7,172)		4,713
Research and development		44,259		—		(446)		43,813
General and administrative		—		3,047		20,572		23,619
Revaluation of contingent consideration		24,339		—		—		24,339
Loss from operations	$	(67,666)	$	(1,485)	$	(20,572)	$	(89,723)
(In thousands)			Contract		Corporate		Total
Year Ended December 31, 2020	Therapeutics		Research		and Other		Company
Total revenue	$	696	$	13,319	$	(7,533)	$	6,482
Cost of revenue		—		12,228		(7,095)		5,133
Research and development		29,777		—		(439)		29,338
General and administrative		—		2,794		17,736		20,530
Revaluation of contingent consideration		2,393		—		—		2,393
Loss from operations	$	(31,474)	$	(1,703)	$	(17,735)	$	(50,912)
Income (loss) from discontinued operations	$	140	$	—	$	(1)	$	139
(In thousands)			Contract		Corporate		Total
Year Ended December 31, 2019	Therapeutics		Research		and Other		Company
Revenue, net	$	—	$	16,824	$	(12,597)	$	4,227
Cost of revenue		—		16,253		(12,198)		4,055
Research and development		64,564		—		(399)		64,165
Revaluation of contingent consideration		734		—		—		734
Goodwill impairment		18,504		—		—		18,504
General and administrative		620		2,738		24,469		27,827
Loss from operations	$	(84,422)	$	(2,167)	$	(24,469)	$	(111,058)
Loss from discontinued operations	$	(46,305)	$	—	$	(1,507)	$	(47,812)

Intersegment Revenue

Revenue for the contract research segment included $7.6 million, $7.5 million and $12.6 million for services performed on behalf of the therapeutics segment for the years ended December 31, 2021, 2020 and 2019, respectively.  All intersegment revenue has been eliminated in the Company’s consolidated statement of operations.