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Segment Information

9 Months Ended

Sep. 30, 2025

Segment Information

Segment Information

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14. Segment Information

We operate as a single business segment focused on revolutionizing care for patients with challenging respiratory and vascular diseases such as PAH and PH-ILD. The determination of a single business segment is consistent with the consolidated financial information regularly reviewed by our Chief Executive Officer, the chief operating decision maker (“CODM”), in assessing segment performance and deciding how to allocate resources on a consolidated basis. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.

The CODM measures segment profit and loss by net loss as reported in the consolidated income statements. The CODM uses net loss to monitor budget and forecast versus actual results to assess segment performance and to allocate resources across the organization. The measure of segment assets is reported on the consolidated balance sheet as total assets.

The following table summarizes segment revenue, segment loss, and significant segment expenses regularly reported to the CODM during the three and nine months ended September 30, 2025 and 2024:

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Three Months Ended September 30,

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Nine Months Ended September 30,

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2025

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2024

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2025

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2024

Revenues:

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​

​

​

​

​

​

​

​

​

​

​

Product sales, net

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$

51,669

​

$

—

​

$

58,186

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$

—

Service revenue, net

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​

2,673

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​

4,448

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​

8,113

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​

11,079

Total revenue

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54,342

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​

4,448

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​

66,299

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​

11,079

Cost of product sales

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​

2,295

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​

—

​

​

2,500

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​

—

Cost of service revenue

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​

878

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​

1,565

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​

3,687

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​

4,525

Program expenses (1)

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​

​

​

​

​

​

​

​

​

​

​

YUTREPIA

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15,487

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7,972

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39,906

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18,994

L606

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​

3,199

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​

1,693

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​

9,260

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​

4,928

Generic Treprostinil

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​

21

​

​

152

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​

297

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​

596

Total program expenses

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18,707

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9,817

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49,463

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24,518

Non-program expenses (2)

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6,705

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5,218

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16,310

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19,303

Personnel, including stock-based compensation

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23,990

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17,037

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65,502

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47,920

Income (loss) from operations

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1,767

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(29,189)

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(71,163)

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(85,187)

Other income (expense), net

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(5,300)

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(1,841)

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(12,316)

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(4,594)

Net loss

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$

(3,533)

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$

(31,030)

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$

(83,479)

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$

(89,781)

(1) Includes external research and development and selling, general and administrative expenses

(2) Includes professional service fees, facilities & infrastructure expenses, insurance, depreciation & amortization, and other corporate expenses

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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.

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