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Segment Information | 6 Months Ended
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Jun. 30, 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 and six months ended June 30, 2026 and 2025:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
(In thousands of USD) |  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Revenue |  |  | 3,701 |  |  |  | 19,145 |  |  |  | 6,741 |  |  |  | 22,123 |
Interest income |  |  | 5,810 |  |  |  | 7,055 |  |  |  | 11,460 |  |  |  | 14,406 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Personnel expense |  |  | 12,657 |  |  |  | 9,900 |  |  |  | 24,449 |  |  |  | 20,063 |
External R&D expense |  |  | 26,705 |  |  |  | 14,577 |  |  |  | 45,127 |  |  |  | 43,904 |
Manufacturing expense |  |  | 2,781 |  |  |  | 4,289 |  |  |  | 10,357 |  |  |  | 10,130 |
Regulatory expense |  |  | 1,277 |  |  |  | 1,025 |  |  |  | 1,979 |  |  |  | 2,042 |
Commercial programs |  |  | 2,803 |  |  |  | 5,396 |  |  |  | 4,916 |  |  |  | 11,303 |
General and administrative expense |  |  | 3,872 |  |  |  | 4,307 |  |  |  | 6,588 |  |  |  | 8,629 |
Depreciation and amortization |  |  | 89 |  |  |  | 107 |  |  |  | 226 |  |  |  | 220 |
Segment adjusted loss before tax |  |  | (40,673 | ) |  |  | (13,401 | ) |  |  | (75,441 | ) |  |  | (59,762 | )
Reconciliation to consolidated net loss |  |  |  |  |  |  |  |  |  |  |  |
Share-based compensation expense |  |  | (18,381 | ) |  |  | (15,179 | ) |  |  | (36,383 | ) |  |  | (30,392 | )
Change in fair value - derivatives |  |  | (4,555 | ) |  |  | 2,590 |  |  |  | 1,387 |  |  |  | 20,344 |
Foreign exchange gains/(losses) |  |  | (526 | ) |  |  | 8,626 |  |  |  | (2,139 | ) |  |  | 12,919 |
Income tax expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Consolidated net loss for the period |  |  | (64,135 | ) |  |  | (17,364 | ) |  |  | (112,576 | ) |  |  | (56,891 | )

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- Definition The entire disclosure for reporting segments including data and tables. 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