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Segment Information
 9 Months Ended
Sep. 30, 2023
Segment Information  
Segment Information

13. Segment Information

​

The Company has two reportable segments, therapeutics and contract research. The therapeutics segment is focused on identifying and developing innovative therapies to address significant unmet needs for immuno-inflammatory diseases. The contract research segment earns revenue from the provision of laboratory services. Contract research revenue is generally evidenced by contracts with clients which are on an agreed upon fixed-price, fee-for-service basis.  Corporate and other includes general and administrative expenses as well as eliminations of intercompany transactions. The Company does not report balance sheet information by segment since it is not reviewed by the chief operating decision maker, and all of the Company’s tangible assets are held in the United States.  

​

The Company’s results of operations by segment for the three and nine months ended September 30, 2023 and 2022 are summarized in the tables below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(In thousands)

​

​

​

Contract

​

Corporate

​

Total

Three Months Ended September 30, 2023

​

Therapeutics

​

Research

​

and Other

​

Company

Total revenue

​

$

8,577

​

$

4,817

​

$

(4,112)

​

$

9,282

Cost of revenue

​

​

—

​

​

4,726

​

​

(3,878)

​

​

848

Research and development

​

​

24,110

​

​

—

​

​

(234)

​

​

23,876

General and administrative

​

​

—

​

​

1,174

​

​

5,917

​

​

7,091

Licensing

​

​

7,344

​

​

—

​

​

—

​

​

7,344

Revaluation of contingent consideration

​

​

1,700

​

​

—

​

​

—

​

​

1,700

Loss from operations

​

$

(24,577)

​

$

(1,083)

​

$

(5,917)

​

$

(31,577)

​

​

​

​

​

​

​

​

​

​

​

​

​

(In thousands)

​

​

​

Contract

​

Corporate

​

Total

Three Months Ended September 30, 2022

​

Therapeutics

​

Research

​

and Other

​

Company

Total revenue

​

$

17,928

​

$

4,299

​

$

(3,209)

​

$

19,018

Cost of revenue

​

​

—

​

​

3,925

​

​

(3,002)

​

​

923

Research and development

​

​

23,863

​

​

—

​

​

(207)

​

​

23,656

General and administrative

​

​

—

​

​

875

​

​

4,938

​

​

5,813

Licensing

​

​

7,300

​

​

—

​

​

—

​

​

7,300

Revaluation of contingent consideration

​

​

2,200

​

​

—

​

​

—

​

​

2,200

Loss from operations

​

$

(15,435)

​

$

(501)

​

$

(4,938)

​

$

(20,874)

​

​

​

​

​

​

​

​

​

​

​

​

​

(In thousands)

​

​

​

Contract

​

Corporate

​

Total

Nine Months Ended September 30, 2023

​

Therapeutics

​

Research

​

and Other

​

Company

Total revenue

​

$

11,210

​

$

14,591

​

$

(12,122)

​

$

13,679

Cost of revenue

​

​

—

​

​

14,068

​

​

(11,370)

​

​

2,698

Research and development

​

​

72,490

​

​

—

​

​

(752)

​

​

71,738

General and administrative

​

​

—

​

​

3,490

​

​

20,708

​

​

24,198

Licensing

​

​

8,955

​

​

—

​

​

—

​

​

8,955

Revaluation of contingent consideration

​

​

(600)

​

​

—

​

​

—

​

​

(600)

Loss from operations

​

$

(69,635)

​

$

(2,967)

​

$

(20,708)

​

$

(93,310)

​

​

​

​

​

​

​

​

​

​

​

​

​

(In thousands)

​

​

​

Contract

​

Corporate

​

Total

Nine Months Ended September 30, 2022

​

Therapeutics

​

Research

​

and Other

​

Company

Total revenue

​

$

18,469

​

$

12,795

​

$

(9,265)

​

$

21,999

Cost of revenue

​

​

—

​

​

11,823

​

​

(8,677)

​

​

3,146

Research and development

​

​

57,329

​

​

—

​

​

(588)

​

​

56,741

General and administrative

​

​

—

​

​

2,570

​

​

15,417

​

​

17,987

Licensing

​

​

7,300

​

​

—

​

​

—

​

​

7,300

Revaluation of contingent consideration

​

​

(2,400)

​

​

—

​

​

—

​

​

(2,400)

Loss from operations

​

$

(43,760)

​

$

(1,598)

​

$

(15,417)

​

$

(60,775)

​

Intersegment Revenue

​

Revenue for the contract research segment included $4.1 million and $3.2 million for services performed on behalf of the therapeutics segment for the three months ended September 30, 2023 and 2022, respectively, and $12.1 million and $9.3 million for the nine months ended September 30, 2023 and 2022, respectively. All intersegment revenue has been eliminated in the Company’s condensed consolidated statement of operations.