Segment and Geographic Information

12 Months Ended

Dec. 31, 2025

Segment and Geographic Information

Segment and Geographic Information

16. Segment and Geographic Information

Segment Information

The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The Company has determined that it operates in one operating segment and the CODM regularly reviews information and business activities on a consolidated basis to allocate resources and assess performance. Segment income and revenues consist of income

from purchased receivables through RPAs, AAAs, and CPPAs, revenue from the licenses of intellectual property and related milestone and royalties, and revenue from the sale of future revenue streams. The Company derives income and revenues primarily from the U.S., Switzerland, and the Asia Pacific. The CODM uses net income (loss) reported in the consolidated statements of operations to evaluate income (loss) generated from segment assets (return on assets) in deciding whether to invest into the Company’s consolidated operations, such as to broaden its royalty portfolios or to repurchase its common stock. The measure of segment assets is reported on the balance sheet as total consolidated assets. Consolidated net income (loss) is used to monitor budget versus actual results. The Company does not have intra-entity sales or transfers (other than as was necessary to secure the VABYSMO royalty backed loan from Blue Owl).

Presented in the table below is segment information for the years ended December 31, 2025 and 2024 (in thousands):

	Year Ended December 31,
	2025		2024
Income and revenues	$	52,149	$	28,487
Business development and deal related costs		(6,654)		(2,971)
Other segment items:
Research and development expenses		(1,712)		(2,875)
Depreciation of property and equipment		(11)		(10)
Other general and administrative expenses(1)		(29,427)		(31,497)
Credit losses on purchased receivables		—		(30,904)
Amortization of intangible assets		(2,961)		(206)
Gains on acquisitions		21,224		19,316
Change in fair value of embedded derivative related to RPA		—		8,100
Change in fair value of derivatives related to Castle Creek		93		—
Interest expense		(13,031)		(13,840)
Other income, net		12,145		6,921
Income tax expense		(103)		5,658
Segment and consolidated net income (loss)	$	31,712	$	(13,821)

(1) Other general and administrative expenses for the years ended December 31, 2025 and 2024 are general and administrative expenses of $36.1 million and $34.5 million, net of business development and deal related costs and depreciation of property and equipment, respectively.

Geographic Information

Income and revenue attributed to the following geographic regions was as follows (in thousands) based on the location of the partners and licensees:

	Year Ended December 31,
	2025		2024
United States	$	23,092	$	12,062
Switzerland		23,957		14,800
Europe (excluding Switzerland)		—		500
Asia Pacific		4,100		1,125
Australia		1,000		—
Total	$	52,149	$	28,487

The Company’s property and equipment is held in the U.S.