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Segment Reporting | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting Operating segments are defined as components of an entity for which separate discrete financial information is available for evaluation by the CODM in deciding how to allocate resources and in assessing performance. For the nine months ended September 30, 2025 and 2024, the Company has identified one operating and reportable segment. The Company defines its operating segment based on internally reported financial information that is regularly reviewed by the CODM to analyze financial performance, make decisions, and allocate resources. The Company's CEO is the CODM. The Company manages its operations as a single segment for purposes of assessing performance and making operating decisions. This segment encompasses the development and advancement of a product pipeline for the treatment of severe allergic reactions, including anaphylaxis, and the Adrenaverse epinephrine prodrug pipeline platform. Additionally, the Company serves as the exclusive manufacturer for its proprietary product, Libervant, while it had U.S. market access, and four licensed commercialized products. The CODM reviews the segment's profit or loss based on net loss reported on the Condensed Statements of Operations and Comprehensive Loss. The CODM also considers forecast-to-actual variances on a monthly basis for expenses deemed significant. Furthermore, the CODM reviews the segment's assets based on total assets reported on the Condensed Balance Sheets. All long-lived assets are held in the United States. While the Company generated $12,807 and $13,542 in revenues for the three months ended September 30, 2025 and 2024, respectively, and $31,530 and $45,694 in revenues for the nine months ended September 30, 2025 and 2024, respectively, management expects the Company to continue to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through all stages of development and clinical trials, ultimately seeking regulatory approval and commencing commercialization activities for Anaphylm, if approved by the FDA. The CODM uses cash forecast models to guide investment decisions and assess entity-wide operating results and performance. Net loss is used to monitor budget and rolling forecasts versus actual results. The CODM views specific categories within R&D expenses, selling expenses, and general and administrative expenses as significant due to their direct correlation with cash burn and profitability. The following table reconciles reported revenues to net loss under the significant expense principle for the three and nine months ended September 30, 2025 and 2024:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues | $ | 12,807 |  |  | $ | 13,542 |  |  | $ | 31,530 |  |  | $ | 45,694 |
Costs and expenses: |  |  |  |  |  |  |
Total Manufacture and Supply Expenses | 4,506 |  |  | 4,437 |  |  | 12,719 |  |  | 13,352 |
R&D Project expenses: |  |  |  |  |  |  |
Anaphylm project expenses | 912 |  |  | 2,601 |  |  | 4,604 |  |  | 7,448 |
AQST-108 project expenses | (131) |  |  | (5) |  |  | 254 |  |  | 784 |
Libervant project expenses | — |  |  | (19) |  |  | — |  |  | (2) |
R&D other expenses: |  |  |  |  |  |  |
Personnel costs 1 | 3,001 |  |  | 1,884 |  |  | 7,351 |  |  | 5,627 |
Other 2 | 748 |  |  | 808 |  |  | 1,787 |  |  | 1,506 |
Total Research and Development Expenses | 4,530 |  |  | 5,269 |  |  | 13,996 |  |  | 15,363 |
Selling expenses: |  |  |  |  |  |  |
Personnel costs 3 | 805 |  |  | 598 |  |  | 2,108 |  |  | 1,784 |
Other 4 | 3,110 |  |  | 1,369 |  |  | 8,283 |  |  | 2,324 |
Total Selling expenses | 3,915 |  |  | 1,967 |  |  | 10,391 |  |  | 4,108 |
General & Administrative expenses: |  |  |  |  |  |  |
Personnel costs 5 | 5,017 |  |  | 4,906 |  |  | 15,025 |  |  | 14,485 |
Other 6 | 6,318 |  |  | 5,253 |  |  | 21,611 |  |  | 15,578 |
Total General and Administrative Expenses | 11,335 |  |  | 10,159 |  |  | 36,636 |  |  | 30,063 |
Total Selling, General and Administrative Expenses | 15,250 |  |  | 12,126 |  |  | 47,027 |  |  | 34,171 |
Total costs and expenses | 24,286 |  |  | 21,832 |  |  | 73,742 |  |  | 62,886 |
Loss from operations | (11,479) |  |  | (8,290) |  |  | (42,212) |  |  | (17,192) |
Other income/(expenses), net | (3,967) |  |  | (3,219) |  |  | (9,712) |  |  | (9,890) |
Net loss before income taxes | (15,446) |  |  | (11,509) |  |  | (51,924) |  |  | (27,082) |
Net loss | $ | (15,446) |  |  | $ | (11,509) |  |  | $ | (51,924) |  |  | $ | (27,082) |
Comprehensive loss | $ | (15,446) |  |  | $ | (11,509) |  |  | $ | (51,924) |  |  | $ | (27,082) |
1 - R&D Personnel costs include payroll expenses, share-based compensation expenses and severance
2 - Other Research and Development expenses include preclinical, consulting, maintenance, and testing fees
3 - Selling Personnel costs include payroll expenses and severance
4 - Other Selling expenses include commercialization and other related expenses
5 - G&A Personnel costs include payroll expenses, share-based compensation expenses and severance
6 - Other General and Administrative expenses include legal/patent fees, insurance fees, IT expenses, investor relations expenses, regulatory fees, facility and other costs

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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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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