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Segment Information

6 Months Ended

Jun. 30, 2025

Segment Information

Segment Information

14. Segment Information

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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.

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All intersegment revenue has been eliminated in the Company’s condensed consolidated statement of operations and comprehensive loss. All customers and revenue pertaining to the Company’s segments are based in the United States and all assets are held in the United States. The Company does not report asset information by segment because it is not regularly provided to the Company’s chief executive officer, who is the Company’s chief operating decision maker (“CODM”).

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Since inception, the Company has incurred net losses and has an accumulated deficit of $933.4 million as of June 30, 2025. As such, the CODM uses segment loss from operations for each segment in assessing segment performance by comparing the results of each segment to forecast. All intercompany activity is eliminated in the intersegment elimination column in the tables below.

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A reconciliation of operating loss to total consolidated loss before income taxes for the three and six months ended June 30, 2025 and 2024 is as follows:

​

​	​	​	​	​	​	​	​	​	​	​	​
(In thousands)	​		​	Contract		​	Intersegment		​	​
Three Months Ended June 30, 2025	Therapeutics		​	Research		​	Elimination		​	Total
Revenue from external customers	$	1,335	​	$	442	​	$	—	​	$	1,777
Intercompany revenue	​	—	​	​	3,520	​	​	(3,520)	​	​	—
Cost of revenue	​	—	​	​	3,812	​	​	(3,297)	​	​	515
Research and development:	​	​	​	​	​	​	​	​	​	​	​
Bosakitug	​	2,847	​	​	—	​	​	—	​	​	2,847
ATI-2138	​	1,118	​	​	—	​	​	—	​	​	1,118
ATI-052	​	1,418	​	​	—	​	​	—	​	​	1,418
Zunsemetinib	​	105	​	​	—	​	​	—	​	​	105
Discovery	​	1,620	​	​	—	​	​	—	​	​	1,620
Total Research and development project expenses	​	7,108	​	​	—	​	​	—	​	​	7,108
Personnel	​	2,984	​	​	—	​	​	—	​	​	2,984
Other research and development expense(1)	​	1,580	​	​	—	​	​	—	​	​	1,580
Total research and development	​	11,672	​	​	—	​	​	(223)	​	​	11,449
General and administrative	​	—	​	​	622	​	​	—	​	​	622
Licensing	​	1,335	​	​	—	​	​	—	​	​	1,335
Revaluation of contingent consideration	​	1,500	​	​	—	​	​	—	​	​	1,500
Segment operating loss	$	(13,172)	​	$	(472)	​	$	—	​	$	(13,644)
Non-segment general and administrative	​	​	​	​	​	​	​	​	​	​	4,764
Other income	​	​	​	​	​	​	​	​	​	​	2,979
Loss before income taxes	​	​	​	​	​	​	​	​	​	$	(15,429)
​	​	​	​	​	​	​	​	​	​	​	​
(In thousands)	​		​	Contract		​	Intersegment		​	​
Three Months Ended June 30, 2024	Therapeutics		​	Research		​	Elimination		​	Total
Revenue from external customers	$	2,141	​	$	625	​	$	—	​	$	2,766
Intercompany revenue	​	—	​	​	3,422	​	​	(3,422)	​	​	—
Cost of revenue	​	—	​	​	3,832	​	​	(3,208)	​	​	624
Research and development:	​	​	​	​	​	​	​	​	​	​	​
ATI-2138	​	753	​	​	—	​	​	—	​	​	753
Lepzacitinib	​	296	​	​	—	​	​	—	​	​	296
Zunsemetinib	​	2,490	​	​	—	​	​	—	​	​	2,490
Discovery	​	1,605	​	​	—	​	​	—	​	​	1,605
Total Research and development project expenses	​	5,144	​	​	—	​	​	—	​	​	5,144
Personnel	​	2,329	​	​	—	​	​	—	​	​	2,329
Other research and development expense(1)	​	1,500	​	​	—	​	​	—	​	​	1,500
Total research and development	​	8,973	​	​	—	​	​	(214)	​	​	8,759
General and administrative	​	—	​	​	1,020	​	​	—	​	​	1,020
Licensing	​	1,285	​	​	—	​	​	—	​	​	1,285
Revaluation of contingent consideration	​	200	​	​	—	​	​	—	​	​	200
Segment operating loss	$	(8,317)	​	$	(805)	​	$	—	​	$	(9,122)
Non-segment general and administrative	​	​	​	​	​	​	​	​	​	​	3,732
Other income	​	​	​	​	​	​	​	​	​	​	1,868
Loss before income taxes	​	​	​	​	​	​	​	​	​	$	(10,986)

(1) Other segment items for the Therapeutics segment consist primarily of the following research and development expenses: stock-based compensation, depreciation and amortization, and regulatory.

​

​	​	​	​	​	​	​	​	​	​	​	​
(In thousands)	​		​	Contract		​	Intersegment		​	​
Six Months Ended June 30, 2025	Therapeutics		​	Research		​	Elimination		​	Total
Revenue from external customers	$	2,345	​	$	887	​	$	—	​	$	3,232
Intercompany revenue	​	—	​	​	6,955	​	​	(6,955)	​	​	—
Cost of revenue	​	—	​	​	7,529	​	​	(6,508)	​	​	1,021
Research and development:	​	​	​	​	​	​	​	​	​	​	​
Bosakitug	​	6,231	​	​	—	​	​	—	​	​	6,231
ATI-2138	​	2,926	​	​	—	​	​	—	​	​	2,926
ATI-052	​	2,037	​	​	—	​	​	—	​	​	2,037
Zunsemetinib	​	216	​	​	—	​	​	—	​	​	216
Discovery	​	2,966	​	​	—	​	​	—	​	​	2,966
Total Research and development project expenses	​	14,376	​	​	—	​	​	—	​	​	14,376
Personnel	​	5,911	​	​	—	​	​	—	​	​	5,911
Other research and development expense(1)	​	3,193	​	​	—	​	​	—	​	​	3,193
Total research and development	​	23,480	​	​	—	​	​	(447)	​	​	23,033
General and administrative	​	—	​	​	1,522	​	​	—	​	​	1,522
Licensing	​	2,345	​	​	—	​	​	—	​	​	2,345
Revaluation of contingent consideration	​	1,800	​	​	—	​	​	—	​	​	1,800
Segment operating loss	$	(25,280)	​	$	(1,209)	​	$	—	​	$	(26,489)
Non-segment general and administrative	​	​	​	​	​	​	​	​	​	​	10,003
Other income	​	​	​	​	​	​	​	​	​	​	5,978
Loss before income taxes	​	​	​	​	​	​	​	​	​	$	(30,514)
​	​	​	​	​	​	​	​	​	​	​	​
(In thousands)	​		​	Contract		​	Intersegment		​	​
Six Months Ended June 30, 2024	Therapeutics		​	Research		​	Elimination		​	Total
Revenue from external customers	$	3,882	​	$	1,281	​	$	—	​	$	5,163
Intercompany revenue	​	—	​	​	7,087	​	​	(7,087)	​	​	—
Cost of revenue	​	—	​	​	8,073	​	​	(6,640)	​	​	1,433
Research and development:	​	​	​	​	​	​	​	​	​	​	​
ATI-2138	​	815	​	​	—	​	​	—	​	​	815
Lepzacitinib	​	1,368	​	​	—	​	​	—	​	​	1,368
Zunsemetinib	​	4,514	​	​	—	​	​	—	​	​	4,514
Discovery	​	3,145	​	​	—	​	​	—	​	​	3,145
Total Research and development project expenses	​	9,842	​	​	—	​	​	—	​	​	9,842
Personnel	​	7,032	​	​	—	​	​	—	​	​	7,032
Other research and development expense(1)	​	2,177	​	​	—	​	​	—	​	​	2,177
Total research and development	​	19,051	​	​	—	​	​	(447)	​	​	18,604
General and administrative	​	—	​	​	2,128	​	​	—	​	​	2,128
Licensing	​	2,316	​	​	—	​	​	—	​	​	2,316
Revaluation of contingent consideration	​	3,000	​	​	—	​	​	—	​	​	3,000
Segment operating loss	$	(20,485)	​	$	(1,833)	​	$	—	​	$	(22,318)
Non-segment general and administrative	​	​	​	​	​	​	​	​	​	​	9,468
Other income	​	​	​	​	​	​	​	​	​	​	3,859
Loss before income taxes	​	​	​	​	​	​	​	​	​	$	(27,927)

(1) Other segment items for the Therapeutics segment consist primarily of the following research and development expenses: stock-based compensation, depreciation and amortization, and regulatory.

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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.

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