Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment and Geographic Information

Schedule of segment information

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.

Schedule of income and revenue by geographical region

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