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Segment Information | 9 Months Ended
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Sep. 30, 2024
Segment Information |
Segment Information | 14. 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 and earns revenue through licensing of the Company’s intellectual property. The contract research segment earns revenue from the provision of laboratory services. All intersegment revenue has been eliminated in the Company’s consolidated statement of operations. All customers and revenue pertaining to the Company’s segments are based in the United States. 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, 2024 and 2023 are summarized in the tables below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | ​ | ​ | ​ | Contract | ​ | Corporate | ​ | Total
Three Months Ended September 30, 2024 | ​ | Therapeutics | ​ | Research | ​ | and Other | ​ | Company
Revenue from external customers | ​ | $ | 3,701 | ​ | $ | 645 | ​ | $ | — | ​ | $ | 4,346
Intercompany revenue | ​ | ​ | — | ​ | ​ | 3,035 | ​ | ​ | (3,035) | ​ | ​ | —
Cost of revenue | ​ | ​ | — | ​ | ​ | 3,485 | ​ | ​ | (2,831) | ​ | ​ | 654
Research and development | ​ | ​ | 6,129 | ​ | ​ | — | ​ | ​ | (205) | ​ | ​ | 5,924
General and administrative | ​ | ​ | — | ​ | ​ | 905 | ​ | ​ | 4,748 | ​ | ​ | 5,653
Licensing | ​ | ​ | 1,754 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,754
Revaluation of contingent consideration | ​ | ​ | 800 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 800
Restructuring expense | ​ | ​ | 32 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 32
Loss from operations | ​ | $ | (5,014) | ​ | $ | (710) | ​ | $ | (4,747) | ​ | $ | (10,471)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | ​ | ​ | ​ | Contract | ​ | Corporate | ​ | Total
Three Months Ended September 30, 2023 | ​ | Therapeutics | ​ | Research | ​ | and Other | ​ | Company
Revenue from external customers | ​ | $ | 8,577 | ​ | $ | 705 | ​ | $ | — | ​ | $ | 9,282
Intercompany revenue | ​ | ​ | — | ​ | ​ | 4,112 | ​ | ​ | (4,112) | ​ | ​ | —
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
Nine Months Ended September 30, 2024 | ​ | Therapeutics | ​ | Research | ​ | and Other | ​ | Company
Revenue from external customers | ​ | $ | 7,583 | ​ | $ | 1,926 | ​ | $ | — | ​ | $ | 9,509
Intercompany revenue | ​ | ​ | — | ​ | ​ | 10,122 | ​ | ​ | (10,122) | ​ | ​ | —
Cost of revenue | ​ | ​ | — | ​ | ​ | 11,346 | ​ | ​ | (9,476) | ​ | ​ | 1,870
Research and development | ​ | ​ | 23,555 | ​ | ​ | — | ​ | ​ | (645) | ​ | ​ | 22,910
General and administrative | ​ | ​ | — | ​ | ​ | 3,033 | ​ | ​ | 13,184 | ​ | ​ | 16,217
Licensing | ​ | ​ | 4,070 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,070
Revaluation of contingent consideration | ​ | ​ | 3,800 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,800
Restructuring expense | ​ | ​ | 1,650 | ​ | ​ | 217 | ​ | ​ | 1,032 | ​ | ​ | 2,899
Loss from operations | ​ | $ | (25,492) | ​ | $ | (2,548) | ​ | $ | (14,217) | ​ | $ | (42,257)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | ​ | ​ | ​ | Contract | ​ | Corporate | ​ | Total
Nine Months Ended September 30, 2023 | ​ | Therapeutics | ​ | Research | ​ | and Other | ​ | Company
Revenue from external customers | ​ | $ | 11,210 | ​ | $ | 2,469 | ​ | $ | — | ​ | $ | 13,679
Intercompany revenue | ​ | ​ | — | ​ | ​ | 12,122 | ​ | ​ | (12,122) | ​ | ​ | —
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)
​

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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 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: 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 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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