Segment Information

9 Months Ended

Sep. 30, 2024

Segment Information

Segment Information

14. 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 and nine months ended September 30, 2024 and 2023 are summarized in the tables below:

(In thousands)			Contract		Corporate		Total
Three Months Ended September 30, 2024	Therapeutics		Research		and Other		Company
Revenue from external customers	$	3,701	$	645	$	—	$	4,346
Intercompany revenue		—		3,035		(3,035)		—
Cost of revenue		—		3,485		(2,831)		654
Research and development		6,129		—		(205)		5,924
General and administrative		—		905		4,748		5,653
Licensing		1,754		—		—		1,754
Revaluation of contingent consideration		800		—		—		800
Restructuring expense		32		—		—		32
Loss from operations	$	(5,014)	$	(710)	$	(4,747)	$	(10,471)
(In thousands)			Contract		Corporate		Total
Three Months Ended September 30, 2023	Therapeutics		Research		and Other		Company
Revenue from external customers	$	8,577	$	705	$	—	$	9,282
Intercompany revenue		—		4,112		(4,112)		—
Cost of revenue		—		4,726		(3,878)		848
Research and development		24,110		—		(234)		23,876
General and administrative		—		1,174		5,917		7,091
Licensing		7,344		—		—		7,344
Revaluation of contingent consideration		1,700		—		—		1,700
Loss from operations	$	(24,577)	$	(1,083)	$	(5,917)	$	(31,577)
(In thousands)			Contract		Corporate		Total
Nine Months Ended September 30, 2024	Therapeutics		Research		and Other		Company
Revenue from external customers	$	7,583	$	1,926	$	—	$	9,509
Intercompany revenue		—		10,122		(10,122)		—
Cost of revenue		—		11,346		(9,476)		1,870
Research and development		23,555		—		(645)		22,910
General and administrative		—		3,033		13,184		16,217
Licensing		4,070		—		—		4,070
Revaluation of contingent consideration		3,800		—		—		3,800
Restructuring expense		1,650		217		1,032		2,899
Loss from operations	$	(25,492)	$	(2,548)	$	(14,217)	$	(42,257)
(In thousands)			Contract		Corporate		Total
Nine Months Ended September 30, 2023	Therapeutics		Research		and Other		Company
Revenue from external customers	$	11,210	$	2,469	$	—	$	13,679
Intercompany revenue		—		12,122		(12,122)		—
Cost of revenue		—		14,068		(11,370)		2,698
Research and development		72,490		—		(752)		71,738
General and administrative		—		3,490		20,708		24,198
Licensing		8,955		—		—		8,955
Revaluation of contingent consideration		(600)		—		—		(600)
Loss from operations	$	(69,635)	$	(2,967)	$	(20,708)	$	(93,310)