Note 12 - Segment Reporting

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Segment Reporting [Text Block]

NOTE 12. Segment Reporting

The Company operates in one reportable segment, which is the discovery and development of oral recombinant protein vaccines, based on its proprietary oral vaccine platform. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The determination of a single business segment is consistent with the consolidated financial information regularly reviewed by the Chief Executive Officer as chief operating decision maker (the “CODM”) in assessing segment performance and deciding how to allocate resources on a consolidated basis.

The CODM uses consolidated net income (loss) to evaluate the Company’s spend and monitor budget versus actual results. The monitoring of budgeted versus actual results is used in assessing performance of the segment and in establishing resource allocation across the organization. The measure of segment assets is reported on the consolidated balance sheets as total assets.

The Company’s segment revenue, segment loss, significant segment expenses, and other segment items consist of the following (in thousands):

	Three Months Ended March 31,
	2026			2025
Revenue	$	39,227		$	20,876
Less:
Research and development
External program costs:
Norovirus program		48			1,556
COVID-19 program		20,393			15,718
Other programs		—			306
Preclinical research		81			399
Process Development		—			46
Internal research and development costs		8,891			12,719
General and administrative		4,641			5,067
Interest income		(551	)		(437	)
Non-cash interest expense related to sale of future royalties		505			997
Other segment items(A)		11			1
Provision for income taxes		29			95
Segment net income (loss)	$	5,179		$	(15,591	)
Reconciliation of net income (loss)
Adjustments and reconciling items		—			—
Net income (loss)	$	5,179		$	(15,591	)

(A) Other segment items included in other income (expense), net.