Segment Reporting

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

12. Segment Reporting

Our Chief Executive Officer ("CEO"), who is the Chief Operating Decision Maker ("CODM"), manages and allocates resources to the operations of our company on a total company basis by assessing the overall level of resources available and how to best deploy these resources across functions and research and development projects that are in line with our long-term company-wide strategic goals. The CODM uses the Company’s consolidated net income (loss) to monitor actual results versus the budget in assessing segment performance and the allocation of resources. The measure of segment assets is reported on the consolidated balance sheets as total assets.

The Company's reportable segment net income (loss) for the three months ended March 31, 2025 and 2024, consisted of the following (in thousands):

	Three Months Ended March 31,
	2025			2024
Significant segment expenses:
Live biotherapeutics platform	$	5,123		$	9,164
SER-155		577			2,400
R&D personnel-related (including stock-based compensation)		6,118			7,845
G&A personnel-related (including stock-based compensation)		4,173			6,641
Professional fees		3,180			2,628
Facility-related and other		4,535			5,675
Gain on sale of VOWST Business		(52,181	)		-
Other segment expense (income) (1)		(4,207	)		(1,450	)
Net income (loss) from continuing operations		32,682			(32,903	)
Net (loss) from discontinued operations, net of tax (2)		-			(7,230	)
Net income (loss)	$	32,682		$	(40,133	)

[1] Other segment (expense) income includes research and development expenses on early stage programs, manufacturing services expenses, interest income and other (expense) income, net.

[2] See Note 3, Discontinued Operations and TSA, for further details.