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SEGMENT REPORTING | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING We are currently developing therapies for the treatment of hematologic malignancies. To date, our only source of product revenue has been from U.S. sales of RYTELO, which began shipping to customers in June 2024. Additionally, we have generated insignificant royalty and license fee revenue under agreements that out-license technology to various companies. For the three and six months ended June 30, 2025, we have identified one operating and reportable segment. We define our operating segment based on internally reported financial information that is regularly reviewed by the Chief Operating Decision Maker, or CODM, to analyze financial performance, make decisions, and allocate resources. Our Interim President and Chief Executive Officer is the CODM. The CODM reviews the segment's profit or loss based on net (loss) income reported on the consolidated statement of operations and comprehensive (loss) income and considers forecast-to-actuals variances on a quarterly basis for expenses that are deemed significant. Further, the CODM reviews the segment's assets based on total assets reported on the consolidated balance sheet. All long-lived assets are held in the United States. Our CODM views specific categories within research and development expenses and selling, general and administrative expenses as significant given the correlation between cash burn and profitability. The following table reconciles reported revenues to net (loss) income under the significant expense principle for the three and six months ended June 30, 2025 and 2024:
| Three Months Ended June 30, | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |
Product revenue, net | $ | 49.0 |  |  | $ | 0.8 |  |  | $ | 88.4 |  |  | $ | 0.8 |
Royalties | — |  |  | 0.1 |  | 0.2 |  | 0.4
Total revenues | $ | 49.0 |  |  | $ | 0.9 |  |  | $ | 88.6 |  |  | $ | 1.2 |
Costs and operating expenses: |  |  |  |  |  |  |
Cost of goods sold | 1.2 |  |  | — |  |  | 2.4 |  | — |
Research and development |  |  |  |  |  |  |
Research and clinical expenses | 19.8 |  |  | 18.5 |  |  | 33.5 |  | 36.2
Chemistry, manufacturing, and control expenses | 1.9 |  |  | 12.3 |  |  | 3.3 |  | 24.0
Selling, general and administrative |  |  |  |  |  |  |
Commercial expenses | 18.8 |  |  | 18.9 |  |  | 36.5 |  | 29.0
Other segment expenses* | 19.8 |  |  | 20.5 |  |  | 42.1 |  | 37.5
Total operating expenses | $ | 61.5 |  |  | $ | 70.2 |  |  | $ | 117.8 |  |  | $ | 126.7 |
Loss from operations | (12.5) |  |  | (69.3) |  |  | (29.2) |  |  | (125.5) |
Total interest and other income (expense) | (3.9) |  |  | 2.0 |  |  | $ | (7.1) |  |  | 2.7
Net loss | $ | 16.4 |  |  | $ | 67.3 |  |  | $ | (36.2) |  |  | $ | (122.8) |
___________________________ *Other segment expenses includes stock-based compensation expense and other general and administrative expenses largely resulting from personnel costs for individuals in administrative functions and legal and professional fees.

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