Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting

Segment Reporting

15. Segment Reporting

The Company operates and manages its business as one reportable operating segment, which is the business of developing a pathogen-specific bacteriophage therapeutics for the treatment of antibiotic-resistant and difficult-to-treat acute and chronic bacterial infections using its proprietary bacteriophage-based technology. The determination of a single business segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker (“CODM”). The Company’s CODM is its Chief Executive Officer, who reviews financial information on an aggregate basis for purposes of assessing performance, making operating decisions, allocating resources and evaluating financial performance. The Company maintains 99.5% of its $12.2 million property and equipment, net, within the United States.

The following table includes certain segment information for the years ended December 31, 2025 and 2024.

	Year Ended December 31,
	2025		2024
Grant and award revenue	$	4,904	$	5,174
Operating expenses
Research and development expenses:
AP-PA02: Non-Cystic Fibrosis Bronchiectasis		114		6,840
AP-PA02: Cystic Fibrosis		33		236
AP-SA02: Bacteremia		2,157		4,177
AP-SA02: Prosthetic Joint Infection		2		35
Expenses not allocated by projects		2,696		2,408
Total external research and development expenses		5,002		13,696
Research and development personnel expenses		9,199		10,764
Other research and development expenses		9,516		9,966
Total research and development expenses		23,717		34,426
General and administrative expenses:
General and administrative personnel expenses		4,897		4,935
Other general and administrative expenses		7,512		8,249
Total general and administrative expenses		12,409		13,184
Impairment expense		5,412		-
Total operating expenses		41,538		47,610
Operating loss		(36,634)		(42,436)
Other income (expense), net		(137,165)		23,520
Net loss	$	(173,799)	$	(18,916)