Quarterly report [Sections 13 or 15(d)]

Segment Reporting

v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting

12. Segment Reporting

In accordance with FASB ASC Topic 280, Segment Reporting, the Company has determined that it operates as a single business segment, which is the development and commercialization of innovative treatments for drug resistant bacterial infections. The financial results of the Company’s operations are managed and reported to the Chief Executive Officer and Chief Financial Officer, who together are considered the Company’s chief operating decision maker (CODM), on a consolidated basis. The CODM assesses performance and allocates resources based on the Company’s condensed consolidated statements of operations and key components and processes of the Company’s operations are managed centrally. Segment asset information is not used by the CODM to allocate resources.

As a single reportable segment entity, the Company’s segment performance measure is net income / (loss) attributable to shareholders. Significant segment expenses, as provided to the CODM, are presented below:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Segment cost of sales (a)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Segment research and development (b) (c)

 

 

(982

)

 

 

(2,044

)

 

 

(1,551

)

 

 

(5,922

)

Segment general and administration (b) (c)

 

 

(4,140

)

 

 

(1,856

)

 

 

(6,871

)

 

 

(3,996

)

Share-based compensation expense (see Note 14)

 

 

(56

)

 

 

(68

)

 

 

(117

)

 

 

(206

)

Depreciation and amortization

 

 

(351

)

 

 

(8

)

 

 

(700

)

 

 

(15

)

Operating loss

 

$

(5,529

)

 

$

(3,976

)

 

$

(9,239

)

 

$

(10,139

)

 

a)
Amortization expense of $345 and $687 related to the Pfizer Intangible Asset has been excluded for the three and six months ended June 30, 2025, respectively, and included within depreciation and amortization.
b)
Share-based payment expense of $16 and $35 related to research and development and $40 and $82 related to general and administration have been excluded for the three and six months ended June 30, 2025, respectively, and included within share-based compensation expense. Share-based payment expense of $26 and $122 related to research and development and $42 and $84 related to general and administration have been excluded for the three and six months ended June 30, 2024, respectively, and included within share-based compensation expense.
c)
Depreciation expense of $4 and $9 related to research and development and $3 and $6 related to general and administration have been excluded for the three and six months ended June 30, 2025, respectively, and included within depreciation and amortization. Depreciation expense of $5 and $9 related to research and development and $3 and $6 related to general and administration have been excluded for the three and six months ended June 30, 2024, respectively, and included within depreciation and amortization.

Interest Expense, Net

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Interest income

 

$

133

 

 

$

179

 

 

$

285

 

 

$

441

 

Interest expense

 

 

(449

)

 

 

(750

)

 

 

(1,135

)

 

 

(1,499

)

Interest expense, net

 

$

(316

)

 

$

(571

)

 

$

(850

)

 

$

(1,058

)

 

Long-Lived Assets

The distribution of long-lived assets by geographical area was as follows:

Long-lived assets

 

June 30, 2025

 

 

December 31, 2024

 

Ireland

 

$

19,082

 

 

$

19,759

 

U.S.

 

 

8

 

 

 

15

 

Total

 

$

19,090

 

 

$

19,774