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Segment Information | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Information | Note 10. Segment Information The Company has one operating segment and, therefore, one reportable segment, which comprises the discovery, development and commercialization of transformative therapies for cardio-metabolic diseases. To date the Menarini License has been the only source of revenue to the Company and all such revenues derive from Italy. The chief operating decision maker assesses performance and decides how to allocate resources based on consolidated net loss and earnings/(loss) before tax, adjusted for certain non-cash and non-operating items such as share-based compensation, change in fair value of derivatives and foreign currency gains or losses. Adjusted earnings/(loss) before taxes is used to monitor budget versus actuals and evaluate the operations of the Company. The measure of segment assets is reported on the balance sheet as total consolidated assets. The future prospects of the Company are highly dependent upon the results of its ongoing clinical trials and interactions with regulatory agencies. Such results and interactions are utilized together with assessment of the comparison of budget versus actuals in order to make decisions regarding the allocation of resources. The following table presents the adjusted earnings/(loss) before taxes for the Company's single segment for each of the three months ended March 31, 2025 and 2024:
|  | Three months ended March 31, |
(In thousands of USD) |  | 2025 |  |  | 2024 |
Revenue |  |  | 2,978 |  |  |  | 1,401 |
Interest income |  |  | 7,351 |  |  |  | 3,083 |
Less: |  |  |  |  |  |
Personnel expense |  |  | 10,163 |  |  |  | 5,269 |
External R&D expense |  |  | 29,327 |  |  |  | 32,604 |
Manufacturing expense |  |  | 5,841 |  |  |  | 3,661 |
Regulatory expense |  |  | 1,017 |  |  |  | 492 |
Commercial programs |  |  | 5,907 |  |  |  | 3,489 |
General and administrative expense |  |  | 4,322 |  |  |  | 3,419 |
Depreciation and amortization |  |  | 113 |  |  |  | 31 |
Segment adjusted loss before tax |  |  | (46,361 | ) |  |  | (44,481 | )
Reconciliation to consolidated net loss |  |  |  |  |  |
Share-based compensation expense |  |  | (15,213 | ) |  |  | (7,918 | )
Change in fair value - derivatives |  |  | 17,754 |  |  |  | (38,950 | )
Foreign exchange gains/(losses) |  |  | 4,293 |  |  |  | (2,418 | )
Income tax expense |  |  | — |  |  |  | — |
Consolidated net loss for the period |  |  | (39,527 | ) |  |  | (93,767 | )

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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