Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company operates its business primarily in the United States and Europe on a consolidated basis in one reportable segment - the research, development, manufacture and distribution of hepatic delivery systems for the use in the treatment of specific conditions (the “reportable segment”). The Company’s chief operating decision maker (“CODM”) is comprised of a single management team consisting of the Chief Financial Officer, Chief Operating Officer, Chief Medical Officer and General Manager that reports to the Chief Executive Officer. The CODM uses consolidated gross profit and net income or loss, which can be found on the Consolidated Statements of Operations and Comprehensive Income (Loss), to assess financial performance. These financial metrics are used to monitor budget versus actual results. Significant segment expenses reviewed by the CODM are presented in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). The measure of segment assets provided to the chief operating decision maker is reported on the balance sheet as total consolidated assets.

Revenues from external customers are attributed to geographic areas based on the location of the customer. The following table shows the disaggregated revenue by geographic location for the twelve months ended December 31, 2025 and 2024. No individual foreign country is material to the consolidated results.

	Twelve Months Ended December 31,
	2025		2024
Foreign	$	6,396	$	4,902
United States	78,835		32,303
Total revenue	$	85,231	$	37,205

As of December 31, 2025 and 2024, substantially all of the Company’s long-lived assets were located in the United States; long-lived assets located in any individual foreign country were not material.