Quarterly report [Sections 13 or 15(d)]

Segment Information

v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information

14. Segment Information

The Company views its operations and manages its business as one operating and reportable segment, which is drug development. Consistent with the operational structure, the Chief Executive Officer, as the chief operating decision maker (“CODM”), manages and allocates resources on a consolidated basis using consolidated net income (loss) as a measure of profit/loss for the single reportable segment that is also reported on the consolidated statement of operations. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets. This decision-making process reflects the way in which the financial information is regularly reviewed and used by the CODM to evaluate performance, set operational targets, forecast future financial results, and allocate resources.

The table below provides information about the Company's drug development segment and includes the reconciliation to consolidated net income (loss) for the three and nine months ended September 30, 2026 and 2025, respectively

 

Three months ended September 30,

 

 

2026

 

 

2025

 

Costs and expenses:

 

 

 

 

 

Research and development (excluding stock-based compensation) expense:

 

 

 

 

 

PAH

$

12,549,606

 

 

$

5,598,722

 

Parkinson's disease

 

—

 

 

 

323,301

 

Other research and development(2)

 

913,660

 

 

 

55,114

 

Selling, general and administrative (excluding stock-based compensation)

 

3,237,983

 

 

 

2,758,857

 

Change in fair value contingent consideration

 

—

 

 

 

(492,827

)

Stock-based compensation expense

 

5,527,808

 

 

 

4,525,206

 

Total costs and expenses

 

22,229,057

 

 

 

12,768,373

 

Segment net income (loss)

 

(22,229,057

)

 

 

(12,768,373

)

Reconciliation of segment net income (loss)

 

 

 

 

 

Adjustments and reconciling items

 

—

 

 

 

—

 

Consolidated net income (loss)

 

(22,229,057

)

 

 

(12,768,373

)

Interest income

 

1,761,723

 

 

 

838,093

 

Net loss

$

(20,467,334

)

 

$

(11,930,280

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30,

 

 

2026

 

 

2025

 

Costs and expenses:

 

 

 

 

 

Research and development (excluding stock-based compensation) expense:

 

 

 

 

 

PAH(1)

$

32,848,406

 

 

$

17,668,360

 

Parkinson's disease

 

—

 

 

 

507,917

 

Other research and development(2)

 

1,571,669

 

 

 

1,476,385

 

Selling, general and administrative (excluding stock-based compensation)

 

10,641,666

 

 

 

9,785,962

 

Change in fair value contingent consideration

 

(373,354

)

 

 

(2,016,111

)

Stock-based compensation expense

 

16,433,584

 

 

 

10,776,144

 

Total costs and expenses

 

61,121,971

 

 

 

38,198,657

 

Segment net income (loss)

 

(61,121,971

)

 

 

(38,198,657

)

Reconciliation of segment net income (loss)

 

 

 

 

 

Adjustments and reconciling items

 

—

 

 

 

—

 

Consolidated net income (loss)

 

(61,121,971

)

 

 

(38,198,657

)

Interest income

 

4,682,566

 

 

 

2,674,119

 

Net loss

$

(56,439,405

)

 

$

(35,524,538

)

 

(1) The nine months ended September 30, 2025 figure includes a one-time (non-cash) charge of $7.4 million for the acquired IPR&D related to the CorHepta acquisition.

 

(2) Other research and development costs include, but are not limited to employee travel, professional education, technology costs, and license fees.