Note 13 - Segment Reporting

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

13. Segment Reporting

The Company operates in one reportable segment, pioneering differentiated therapies for the treatment of NI&I indications with significant unmet need.

Our CODM is our President and Chief Executive Officer, Carmine Stengone. The CODM uses operating expenses, as reported on our statements of operations and comprehensive income (loss). The CODM makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results of the Company as a whole using operating expenses. Net income (loss) is also a measure that is considered in monitoring budget versus actual results. The CODM does not review assets in evaluating the results of the Company, and therefore, such information is not presented.

Significant segment expenses within net income (loss) include research and development related to PIPE-791, PIPE-307, CTX-343, discovery programs and unallocated internal costs, general and administrative and interest income. Other segment items within net income (loss) include change in fair value of warrant liability, change in fair value of investor rights and obligations liability, interest expense, other expense, net and provision for (benefit from) income taxes.

The following table provides the operating financial results of our single reportable segment (in thousands):

	Years Ended
	December 31,
	2024			2023
Total revenue	$	—		$	50,000
Less: Significant and other segment expenses
Research and development
PIPE-791		11,257			11,181
PIPE-307		11,249			4,565
CTX-343		2,460			742
Discovery programs		4,789			3,457
Unallocated internal costs		8,667			7,658
General and administrative		12,472			6,320
Interest income		8,905			4,606
Other segment items (1)		(269	)		2,037
Net income (loss)	$	(42,258	)	$	22,270

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(1) Other segment items primarily include change in fair value of warrant liability, change in fair value of investor rights and obligations liability, interest expense, other expense, net, and provision for (benefit from) income taxes.

License revenue for the year ended December 31, 2023 was generated solely from the upfront payment from J&J pursuant to the J&J License Agreement. Revenue is primarily attributed to individual countries based on the location of the customer or licensee.