SEGMENT REPORTING

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

SEGMENT REPORTING

13. SEGMENT REPORTING

We are currently developing therapies for the treatment of hematologic malignancies. To date, our only source of product revenue has been from U.S. sales of RYTELO, which began shipping to customers in June 2024. Additionally, we have generated insignificant royalty and license fee revenue under agreements that out-license technology to various companies.

For the year ended December 31, 2024, we have identified one operating and reportable segment. We define our operating segments based on internally reported financial information that is regularly reviewed by the Chief Operating Decision Maker or CODM to analyze financial performance, make decisions, and allocate resources. Our Chief Executive Officer is the CODM.

The CODM reviews the segment's profit or loss based on net (loss) income reported on the consolidated statement of operations and comprehensive (loss) income and considers forecast-to-actuals variances on a quarterly basis for expenses that are deemed significant. Further, the CODM reviews the segment's assets based on total assets reported on the consolidated balance sheet. All long-lived assets are held in the United States.

Our CODM views specific categories within research and development expenses and selling, general and administrative expenses as significant given the correlation between cash burn and profitability. The following table reconciles reported revenues to net (loss) income under the significant expense principle for the years ended December 31, 2024 and 2023:

		December 31,		December 31,
		2024		2023
(in millions)
Revenues:
Product revenue, net		76.5		-
Royalties		0.5		0.2
Total revenues	$	77.0	$	0.2
Operating expenses:
Cost of goods sold		1.3		-
Research and development
Research and clinical expenses		67.9		74.9
Chemistry, manufacturing, and control expenses		26.2		$42.5
Selling, general and administrative
Commercial expenses		72.0		27.4
Other segment expenses*		83.3		49.4
Total operating expenses	$	250.7	$	194.2
Loss from operations		(173.7)		(193.9)
Total interest and other income (expense)		(0.9)		9.8
Net loss	$	(174.6)	$	(184.1)

*Other segment expenses includes stock-based compensation expense and other general and administrative expenses largely resulting from personnel costs for individuals in administrative functions and legal and professional fees.

Accordingly, the Company consists of a single operating and reportable segment and the consolidated financial statements and notes thereto are presented as a single reportable segment.