Segment Information

12 Months Ended

Dec. 31, 2023

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 and earns revenue through licensing of the Company’s intellectual property. The contract research segment earns revenue from the provision of laboratory services. All intersegment revenue has been eliminated in the Company’s

consolidated statement of operations. All customers and revenue pertaining to the Company’s segments are based in the United States. 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, 2023, 2022 and 2021 are summarized in the tables below:

(In thousands)			Contract		Corporate		Total
Year Ended December 31, 2023	Therapeutics		Research		and Other		Company
Revenue from external customers	$	28,214	$	3,035	$	—	$	31,249
Intercompany revenue		—		16,543		(16,543)		—
Cost of revenue		—		18,941		(15,537)		3,404
Research and development		97,188		—		(1,006)		96,182
General and administrative		—		4,561		26,940		31,501
Licensing		14,658		—		—		14,658
Revaluation of contingent consideration		(26,900)		—		—		(26,900)
Intangible asset impairment		6,629		—		—		6,629
Restructuring expense		2,202		19		911		3,132
Loss from operations	$	(65,563)	$	(3,943)	$	(27,851)	$	(97,357)
(In thousands)			Contract		Corporate		Total
Year Ended December 31, 2022	Therapeutics		Research		and Other		Company
Revenue from external customers	$	25,356	$	4,396	$	—	$	29,752
Intercompany revenue		—		12,609		(12,609)		—
Cost of revenue		—		15,847		(11,824)		4,023
Research and development		78,599		—		(786)		77,813
General and administrative		—		3,505		21,628		25,133
Licensing		7,937		—		—		7,937
Revaluation of contingent consideration		4,700		—		—		4,700
Loss from operations	$	(65,880)	$	(2,347)	$	(21,627)	$	(89,854)
(In thousands)			Contract		Corporate		Total
Year Ended December 31, 2021	Therapeutics		Research		and Other		Company
Revenue from external customers	$	932	$	5,829	$	—	$	6,761
Intercompany revenue		—		7,618		(7,618)		—
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)