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Segment Information | 9 Months Ended
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Sep. 30, 2025
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 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”). ​ Since inception, the Company has incurred net losses and has an accumulated deficit of $948.0 million as of September 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. ​ A reconciliation of operating loss to total consolidated loss before income taxes for the three and nine months ended September 30, 2025 and 2024 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | ​ | ​ | Contract | ​ | Intersegment | ​ | ​
Three Months Ended September 30, 2025 | Therapeutics | ​ | Research | ​ | Elimination | ​ | Total
Revenue from external customers | $ | 2,814 | ​ | $ | 485 | ​ | $ | — | ​ | $ | 3,299
Intercompany revenue | ​ | — | ​ | ​ | 4,130 | ​ | ​ | (4,130) | ​ | ​ | —
Cost of revenue | ​ | — | ​ | ​ | 4,454 | ​ | ​ | (3,916) | ​ | ​ | 538
Research and development: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bosakitug | ​ | 3,062 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,062
ATI-2138 | ​ | 1,469 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,469
ATI-052 | ​ | 1,837 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,837
Discovery | ​ | 2,340 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,340
Total Research and development project expenses | ​ | 8,708 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 8,708
Personnel | ​ | 2,993 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,993
Other research and development expense(1) | ​ | 1,541 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,541
Total research and development | ​ | 13,242 | ​ | ​ | — | ​ | ​ | (214) | ​ | ​ | 13,028
General and administrative | ​ | — | ​ | ​ | 467 | ​ | ​ | — | ​ | ​ | 467
Licensing | ​ | 1,911 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,911
Revaluation of contingent consideration | ​ | 100 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 100
Segment operating loss | $ | (12,439) | ​ | $ | (306) | ​ | $ | — | ​ | $ | (12,745)
Non-segment general and administrative | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4,404
Other income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2,535
Loss before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (14,614)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | ​ | ​ | Contract | ​ | Intersegment | ​ | ​
Three Months Ended September 30, 2024 | Therapeutics | ​ | Research | ​ | Elimination | ​ | Total
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: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
ATI-2138 | ​ | 745 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 745
Discovery | ​ | 1,263 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,263
Total Research and development project expenses | ​ | 2,008 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,008
Personnel | ​ | 1,970 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,970
Other research and development expense(1) | ​ | 2,182 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,182
Total research and development | ​ | 6,160 | ​ | ​ | — | ​ | ​ | (204) | ​ | ​ | 5,956
General and administrative | ​ | — | ​ | ​ | 905 | ​ | ​ | — | ​ | ​ | 905
Licensing | ​ | 1,754 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,754
Revaluation of contingent consideration | ​ | 800 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 800
Segment operating loss | $ | (5,013) | ​ | $ | (710) | ​ | $ | — | ​ | $ | (5,723)
Non-segment general and administrative | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4,748
Other income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2,885
Loss before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (7,586)
| (1) | Other segment items for the Therapeutics segment consist primarily of the following research and development expenses: former development assets, stock-based compensation, depreciation and amortization, and regulatory.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | ​ | ​ | Contract | ​ | Intersegment | ​ | ​
Nine Months Ended September 30, 2025 | Therapeutics | ​ | Research | ​ | Elimination | ​ | Total
Revenue from external customers | $ | 5,159 | ​ | $ | 1,372 | ​ | $ | — | ​ | $ | 6,531
Intercompany revenue | ​ | — | ​ | ​ | 11,085 | ​ | ​ | (11,085) | ​ | ​ | —
Cost of revenue | ​ | — | ​ | ​ | 11,983 | ​ | ​ | (10,424) | ​ | ​ | 1,559
Research and development: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bosakitug | ​ | 9,293 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,293
ATI-2138 | ​ | 4,395 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,395
ATI-052 | ​ | 3,874 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,874
Discovery | ​ | 5,306 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,306
Total Research and development project expenses | ​ | 22,868 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 22,868
Personnel | ​ | 8,904 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 8,904
Other research and development expense(1) | ​ | 4,950 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,950
Total research and development | ​ | 36,722 | ​ | ​ | — | ​ | ​ | (661) | ​ | ​ | 36,061
General and administrative | ​ | — | ​ | ​ | 1,989 | ​ | ​ | — | ​ | ​ | 1,989
Licensing | ​ | 4,256 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,256
Revaluation of contingent consideration | ​ | 1,900 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,900
Segment operating loss | $ | (37,719) | ​ | $ | (1,515) | ​ | $ | — | ​ | $ | (39,234)
Non-segment general and administrative | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 14,407
Other income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 8,513
Loss before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (45,128)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | ​ | ​ | Contract | ​ | Intersegment | ​ | ​
Nine Months Ended September 30, 2024 | Therapeutics | ​ | Research | ​ | Elimination | ​ | Total
Revenue from external customers | $ | 7,583 | ​ | $ | 1,926 | ​ | $ | — | ​ | $ | 9,509
Intercompany revenue | ​ | — | ​ | ​ | 10,122 | ​ | ​ | (10,122) | ​ | ​ | —
Cost of revenue | ​ | — | ​ | ​ | 11,558 | ​ | ​ | (9,471) | ​ | ​ | 2,087
Research and development: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
ATI-2138 | ​ | 1,560 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,560
Discovery | ​ | 4,408 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,408
Total Research and development project expenses | ​ | 5,968 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,968
Personnel | ​ | 9,002 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,002
Other research and development expense(1) | ​ | 10,241 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,241
Total research and development | ​ | 25,211 | ​ | ​ | — | ​ | ​ | (651) | ​ | ​ | 24,560
General and administrative | ​ | — | ​ | ​ | 3,033 | ​ | ​ | — | ​ | ​ | 3,033
Licensing | ​ | 4,070 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,070
Revaluation of contingent consideration | ​ | 3,800 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,800
Segment operating loss | $ | (25,498) | ​ | $ | (2,543) | ​ | $ | — | ​ | $ | (28,041)
Non-segment general and administrative | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 14,216
Other income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 6,744
Loss before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (35,513)
| (1) | Other segment items for the Therapeutics segment consist primarily of the following research and development expenses: former development assets, stock-based compensation, depreciation and amortization, and regulatory.

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- Definition The entire disclosure for reporting segments including data and tables. 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