Segment Information

3 Months Ended

Mar. 31, 2024

Segment Information

Segment Information

13. 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 three months ended March 31, 2024 and 2023 are summarized in the tables below:

(In thousands)			Contract		Corporate		Total
Three Months Ended March 31, 2024	Therapeutics		Research		and Other		Company
Revenue from external customers	$	1,741	$	657	$	—	$	2,398
Intercompany revenue		—		3,666		(3,666)		—
Cost of revenue		—		4,024		(3,432)		592
Research and development		8,760		—		(233)		8,527
General and administrative		—		1,108		4,742		5,850
Licensing		1,031		—		—		1,031
Revaluation of contingent consideration		2,800		—		—		2,800
Restructuring expense		1,318		217		994		2,529
Loss from operations	$	(12,168)	$	(1,026)	$	(5,737)	$	(18,931)
(In thousands)			Contract		Corporate		Total
Three Months Ended March 31, 2023	Therapeutics		Research		and Other		Company
Revenue from external customers	$	1,638	$	890	$	—	$	2,528
Intercompany revenue		—		4,011		(4,011)		—
Cost of revenue		—		4,547		(3,739)		808
Research and development		22,859		—		(272)		22,587
General and administrative		—		1,062		7,728		8,790
Licensing		1,061		—		—		1,061
Revaluation of contingent consideration		(800)		—		—		(800)
Loss from operations	$	(21,482)	$	(708)	$	(7,728)	$	(29,918)