XML 32 R21.htm IDEA: XBRL DOCUMENT v3.25.3

Segment Information

9 Months Ended

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.

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: 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 3: 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

Reference 4: 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 5: 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 6: 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 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-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 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: 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 19: 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 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: 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 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: 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 25: 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

+ Details

Name:	us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration