v3.25.3
Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information

15. Segment Information

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company has identified its Chief Executive Officer as the chief operating decision maker and the Company views its operations and manages its business in one operating segment, applying advanced technologies to established tumor biology that are intended to efficiently deliver improved cancer treatments. The CODM assesses performance for the Company's single operating segment and decides how to allocate resources based on research and development expenses incurred and on net (loss) income as reported on the statement of operations and comprehensive (loss) income. The measure of segment assets is reported on the balance sheet as total assets. Further, segment depreciation expense and segment asset additions are consistent with amounts reported within the statement of cash flows given the Company's operations are aggregated within a single reportable segment. The Company's revenues relate to sales of FYARRO, which was divested as of March 25, 2025. Refer to Note 2 for further information. All the assets and operations of the Company’s sole operating and reportable segment are located in the United States.

Significant segment expenses which are regularly reported to the CODM for purposes of making decisions regarding the allocation of resources are included within the table below and are reconciled to net (loss) income (in thousands):

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Total Revenue

 

$

—

 

 

$

7,212

 

 

$

7,145

 

 

$

18,744

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

ADC assets - research and development expenses

 

 

5,247

 

 

 

—

 

 

 

48,701

 

 

 

—

 

ADC assets - contract manufacturing

 

 

9,323

 

 

 

—

 

 

 

18,199

 

 

 

—

 

FYARRO - research and development expenses

 

 

(225

)

 

 

8,895

 

 

 

5,040

 

 

 

29,030

 

FYARRO - contract manufacturing expenses

 

 

—

 

 

 

2,585

 

 

 

—

 

 

 

9,137

 

FYARRO - commercial and marketing expenses

 

 

14

 

 

 

494

 

 

 

294

 

 

 

1,788

 

Finance and accounting expenses (1)

 

 

2,099

 

 

 

2,447

 

 

 

7,349

 

 

 

8,929

 

Legal expenses

 

 

1,108

 

 

 

1,355

 

 

 

4,680

 

 

 

3,824

 

Other segment items (2)

 

 

1,853

 

 

 

4,888

 

 

 

12,113

 

 

 

14,703

 

Interest income

 

 

(1,850

)

 

 

(906

)

 

 

(4,620

)

 

 

(3,249

)

Gain on sale of business

 

 

177

 

 

 

—

 

 

 

(87,266

)

 

 

—

 

Net (loss) income

 

$

(17,746

)

 

$

(12,546

)

 

$

2,655

 

 

$

(45,418

)

 

(1)
Finance and accounting expenses primarily include shared-based compensation, insurance, salaries and wages, and other outside consulting services.
(2)
Other segment items primarily include other SGA departmental expenses, cost of sales, interest expense, other income, and foreign exchange loss.