Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

Note 10. Segment Information

The Company has one operating segment and, therefore, one reportable segment, which comprises the discovery, development and commercialization of transformative therapies for cardio-metabolic diseases.

To date the Menarini License has been the only source of revenue to the Company and all such revenues derive from Italy.

The chief operating decision maker assesses performance and decides how to allocate resources based on consolidated net loss and earnings/(loss) before tax, adjusted for certain non-cash and non-operating items such as share-based compensation, change in fair value of derivatives and foreign currency gains or losses. Adjusted earnings/(loss) before taxes is used to monitor budget versus actuals and evaluate the operations of the Company. The measure of segment assets is reported on the balance sheet as total consolidated assets. The future prospects of the Company are highly dependent upon the results of its ongoing clinical trials and interactions with regulatory agencies. Such results and interactions are utilized together with assessment of the comparison of budget versus actuals in order to make decisions regarding the allocation of resources.

The following table presents the adjusted earnings/(loss) before taxes for the Company's single segment for each of the three months ended March 31, 2025 and 2024:

	Three months ended March 31,
(In thousands of USD)	2025			2024
Revenue		2,978			1,401
Interest income		7,351			3,083
Less:
Personnel expense		10,163			5,269
External R&D expense		29,327			32,604
Manufacturing expense		5,841			3,661
Regulatory expense		1,017			492
Commercial programs		5,907			3,489
General and administrative expense		4,322			3,419
Depreciation and amortization		113			31
Segment adjusted loss before tax		(46,361	)		(44,481	)
Reconciliation to consolidated net loss
Share-based compensation expense		(15,213	)		(7,918	)
Change in fair value - derivatives		17,754			(38,950	)
Foreign exchange gains/(losses)		4,293			(2,418	)
Income tax expense		—			—
Consolidated net loss for the period		(39,527	)		(93,767	)