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Segment Information
 3 Months Ended
Mar. 31, 2026
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 Company’s license agreement with Menarini, dated June 23, 2022, as amended (the “Menarini License”) and the Menarini Supply Agreement have been the only sources of revenue to the Company, and all such revenues derive from Italy.

The chief operating decision maker, who is the Company’s chief executive officer, assesses performance and decides how to allocate resources based on consolidated net loss and 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 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 loss before taxes for the Company’s single segment for each of the three months ended March 31, 2026 and 2025:

 

 

Three months ended March 31,

 

(In thousands of USD)

 

2026

 

 

2025

 

Revenue

 

 

3,040

 

 

 

2,978

 

Interest income

 

 

5,650

 

 

 

7,351

 

Less:

 

 

 

 

 

 

Personnel expense

 

 

11,792

 

 

 

10,163

 

External R&D expense

 

 

18,422

 

 

 

29,327

 

Manufacturing expense

 

 

7,576

 

 

 

5,841

 

Regulatory expense

 

 

702

 

 

 

1,017

 

Commercial programs

 

 

2,113

 

 

 

5,907

 

General and administrative expense

 

 

2,716

 

 

 

4,322

 

Depreciation and amortization

 

 

137

 

 

 

113

 

Segment adjusted loss before tax

 

 

(34,768

)

 

 

(46,361

)

Reconciliation to consolidated net loss

 

 

 

 

 

 

Share-based compensation expense

 

 

(18,002

)

 

 

(15,213

)

Change in fair value - derivatives

 

 

5,942

 

 

 

17,754

 

Foreign exchange gains/(losses)

 

 

(1,613

)

 

 

4,293

 

Income tax expense

 

 

—

 

 

 

—

 

Consolidated net loss for the period

 

 

(48,441

)

 

 

(39,527

)