XML 43 R23.htm IDEA: XBRL DOCUMENT v3.25.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information

Note 11: Segment Information

We regularly review our operating segments and the approach used by management to evaluate performance and allocate resources. In 2024, we managed our business as a single operating segment. The Company’s Chief Executive Officer is considered to be the Company’s chief operating decision maker under the requirements of Topic 280 of the ASC “Segments”. The primary measure of profit/loss reviewed by the chief operating decision maker (“CODM”) is net loss before noncontrolling interest.

The Company does not have any product candidates approved for sale and has not generated any revenue from product sales. During 2024, the Company began recognizing lease revenue related to existing lease agreements held with certain third parties which leased space in the buildings which also house the Company’s manufacturing operations.

We manage our assets on a total company basis, not by operating segment. Therefore, our chief operating decision maker does not regularly review any asset information other than total Company assets. See the Company’s Consolidated Balance Sheets for total assets. The majority of the Company’s long-lived assets are located in the United States.

The following table provides selected income statement information for our single reportable segment (in thousands):

 

 

December 31, 2024

 

 

December 31, 2023

 

 

December 31, 2022

 

Net loss before noncontrolling interest

$

(163,335

)

 

$

(135,447

)

 

$

(148,135

)

Rental income

 

76

 

 

 

–

 

 

 

–

 

Depreciation and amortization

 

4,337

 

 

 

2,956

 

 

 

2,448

 

Equity-based compensation

 

29,372

 

 

 

30,846

 

 

 

74,469

 

Income tax (benefit) expense

 

(598

)

 

 

5,996

 

 

 

896

 

Interest expense

 

9

 

 

 

12

 

 

 

215

 

Interest income

 

19,752

 

 

 

22,083

 

 

 

5,983

 

 

The following table provides significant expense categories that are regularly reported to the chief operating decision maker (in thousands):

 

 

December 31, 2024

 

 

December 31, 2023

 

 

December 31, 2022

 

Revenue

$

76

 

 

$

–

 

 

$

–

 

 

 

 

 

 

 

 

 

 

Clinical expense

 

50,235

 

 

 

42,513

 

 

 

24,963

 

Cash compensation

 

48,025

 

 

 

31,374

 

 

 

16,409

 

Cash operating expenses

 

45,459

 

 

 

49,431

 

 

 

49,360

 

Other segment items (1)

 

19,692

 

 

 

12,129

 

 

 

57,403

 

Net loss before noncontrolling interest

$

(163,335

)

 

$

(135,447

)

 

$

(148,135

)

 

(1)
Other segment items primarily include interest income, equity-based compensation, depreciation, and impairment charges.