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Segment and Geographic Information | 3 Months Ended
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Mar. 31, 2025
Segment and Geographic Information |
Segment and Geographic Information | 14. Segment and Geographic Information Segment Information The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The Company has determined that it operates in one operating segment and the CODM regularly reviews information and business activities on a consolidated basis to allocate resources and assess performance. Segment income and revenues consist of income from purchased receivables through RPAs, AAAs, and CPPAs, revenue from the licenses of intellectual property and related milestone and royalties, and revenue from the sale of future revenue streams. The Company derives income and revenues primarily from the U.S., Europe, and the Asia Pacific. The CODM uses net income (loss) reported in the condensed consolidated statements of operations to evaluate income (loss) generated from segment assets (return on assets) in deciding whether to invest into the Company’s consolidated operations, such as to broaden its royalty portfolios or to repurchase its common stock. The measure of segment assets is reported on the balance sheet as total consolidated assets. Consolidated net income (loss) is used to monitor budget versus actual results. The Company does not have intra-entity sales or transfers (other than was necessary to secure the VABYSMO royalty backed loan from Blue Owl). The table below presents segment information for the three months ended March 31, 2025 and 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ | ​ | 2025 | ​ | 2024
Income and revenues | ​ | $ | 15,912 | ​ | $ | 1,490
Business development and deal related costs | ​ | ​ | (1,055) | ​ | ​ | (1,442)
​ | ​ | ​ | ​ | ​ | ​ | ​
Other segment items: | ​ | ​ | ​ | ​ | ​ | ​
Research and development expenses | ​ | ​ | (1,293) | ​ | ​ | (33)
Depreciation of property and equipment | ​ | ​ | (3) | ​ | ​ | (2)
Other general and administrative expenses(1) | ​ | ​ | (7,088) | ​ | ​ | (7,017)
Amortization of intangible assets | ​ | ​ | (544) | ​ | ​ | —
Interest expense | ​ | ​ | (3,467) | ​ | ​ | (3,551)
Other (expense) income, net | ​ | ​ | (95) | ​ | ​ | 1,960
Segment and consolidated net loss | ​ | $ | 2,367 | ​ | $ | (8,595)
​ (1)Other general and administrative expenses for the three months ended March 31, 2025 and 2024 included general and administrative expenses of $8.1 million and $8.5 million, net of business development and deal related costs and depreciation of property and equipment. ​ Geographic Information Income and revenue attributed to the following geographic regions based on the location of the partners and licensees was as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ |  | 2025 |  | 2024
United States | ​ | $ | 6,095 | ​ | $ | 1,490
Switzerland | ​ | ​ | 5,817 | ​ | ​ | —
Asia Pacific | ​ |  | 4,000 | ​ |  | —
Total | ​ | $ | 15,912 | ​ | $ | 1,490
​ The Company’s property and equipment is held in the U.S.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/275/tableOfContent + Details
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- Definition Concentration of risk segment and geographic information. + References No definition available. + Details
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