| Schedule of Segment Information |
16. Segment Information
The Company’s reportable segments for operating income (loss) for the three months ended March 31, 2025 and 2024 consist of the following ($ in thousands):
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Three Months Ended March 31, 2025 |
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Journey |
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Avenue |
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Checkpoint |
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Mustang |
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Fortress1 |
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Consolidated |
Product revenue, net |
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$ |
13,139 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
13,139 |
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Cost of goods |
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4,790 |
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— |
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— |
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— |
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— |
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4,790 |
Intangible assets amortization |
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1,065 |
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— |
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— |
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— |
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— |
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1,065 |
Research and development |
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39 |
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411 |
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3,788 |
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(964) |
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664 |
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3,938 |
Selling, general and administrative |
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10,569 |
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1,494 |
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7,361 |
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1,217 |
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5,022 |
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25,663 |
Total operating expenses |
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16,463 |
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1,905 |
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11,149 |
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|
253 |
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5,686 |
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35,456 |
Loss from operations |
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(3,324) |
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(1,905) |
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(11,149) |
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(253) |
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(5,686) |
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(22,317) |
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Interest income |
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149 |
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|
32 |
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1 |
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|
100 |
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|
208 |
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|
490 |
Interest expense and financing fee |
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(891) |
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— |
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— |
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— |
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(1,914) |
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(2,805) |
(Gain) loss on common stock warrant liabilities |
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— |
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15 |
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(62) |
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— |
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— |
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(47) |
Other income (expense) |
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(7) |
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— |
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(2) |
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— |
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(3) |
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(12) |
Total other income (expense) |
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(749) |
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|
47 |
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(63) |
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|
100 |
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(1,709) |
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(2,374) |
Segment net loss |
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$ |
(4,073) |
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$ |
(1,858) |
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$ |
(11,212) |
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$ |
(153) |
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$ |
(7,395) |
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$ |
(24,691) |
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Net loss attributable to NCI |
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14,107 |
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Net loss attributable to Fortress |
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$ |
(10,584) |
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Intersegment activity2: |
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Research and development |
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$ |
— |
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$ |
63 |
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$ |
— |
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$ |
63 |
|
$ |
(125) |
|
$ |
— |
Selling, general and administrative |
|
$ |
— |
|
$ |
117 |
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$ |
178 |
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$ |
279 |
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$ |
(573) |
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$ |
— |
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Other Significant Items: |
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Segment assets |
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$ |
84,963 |
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$ |
3,593 |
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$ |
34,165 |
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$ |
14,909 |
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$ |
40,440 |
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$ |
178,071 |
Stock-based compensation - Research & development |
|
$ |
— |
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$ |
40 |
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$ |
689 |
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$ |
(11) |
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$ |
625 |
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$ |
1,343 |
Stock-based compensation - Selling, general and administrative |
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$ |
1,323 |
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$ |
145 |
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$ |
1,267 |
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$ |
50 |
|
$ |
2,161 |
|
$ |
4,946 |
Note 1: Includes Fortress and private subsidiaries primarily funded by Fortress, including Cellvation, Cyprium, Helocyte, Oncogenuity and Urica; and intercompany eliminations.
Note 2: Segment activity consists of PIK Dividends and MSA and equity fees paid by the subsidiaries to Fortress, see Note 15.
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Three Months Ended March 31, 2024 |
|
Journey |
|
Avenue |
|
Checkpoint |
|
Mustang |
|
Fortress1 |
|
Consolidated |
Product revenue, net |
|
$ |
13,030 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
13,030 |
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Cost of goods |
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6,002 |
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— |
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— |
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— |
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— |
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|
6,002 |
Intangible assets amortization |
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|
814 |
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— |
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— |
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— |
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— |
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|
814 |
Research and development |
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7,884 |
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2,392 |
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8,497 |
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3,804 |
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2,262 |
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24,839 |
Selling, general and administrative |
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8,420 |
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1,316 |
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2,451 |
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1,427 |
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4,327 |
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17,941 |
Asset impairment |
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— |
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— |
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— |
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— |
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— |
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— |
Total operating expenses |
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23,120 |
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|
3,708 |
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10,948 |
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5,231 |
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6,589 |
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49,596 |
Loss from operations |
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(10,090) |
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(3,708) |
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(10,948) |
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(5,231) |
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(6,589) |
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(36,566) |
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Interest income |
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|
217 |
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|
49 |
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|
4 |
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|
40 |
|
|
523 |
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|
833 |
Interest expense and financing fee |
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(548) |
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— |
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— |
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— |
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(2,054) |
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(2,602) |
(Gain) loss on common stock warrant liabilities |
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— |
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(690) |
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— |
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— |
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|
23 |
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(667) |
Other income (expense) |
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(21) |
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— |
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(1) |
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— |
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|
1 |
|
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(21) |
Total other income (expense) |
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(352) |
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(641) |
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3 |
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|
40 |
|
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(1,507) |
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|
(2,457) |
Segment net loss |
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$ |
(10,442) |
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$ |
(4,349) |
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$ |
(10,945) |
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$ |
(5,191) |
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$ |
(8,096) |
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$ |
(39,023) |
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Net loss attributable to NCI |
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23,606 |
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Net loss attributable to Fortress |
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$ |
(15,417) |
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Intersegment activity2: |
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Research and development |
|
$ |
— |
|
$ |
63 |
|
$ |
— |
|
$ |
63 |
|
$ |
(125) |
|
$ |
— |
Selling, general and administrative |
|
$ |
— |
|
$ |
71 |
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$ |
521 |
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$ |
63 |
|
$ |
(654) |
|
$ |
— |
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Other Significant Items: |
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Segment assets |
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$ |
66,571 |
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$ |
3,309 |
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$ |
11,975 |
|
$ |
14,592 |
|
$ |
68,198 |
|
$ |
164,645 |
Stock-based compensation - Research & development |
|
$ |
145 |
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$ |
45 |
|
$ |
490 |
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$ |
29 |
|
$ |
408 |
|
$ |
1,117 |
Stock-based compensation - Selling, general and administrative |
|
$ |
1,261 |
|
$ |
146 |
|
$ |
220 |
|
$ |
47 |
|
$ |
2,066 |
|
$ |
3,740 |
Note 1: Includes Fortress and private subsidiaries primarily funded by Fortress, including Cellvation, Cyprium, Helocyte, Oncogenuity and Urica; and intercompany eliminations.
Note 2: Segment activity consists of PIK Dividends and MSA and equity fees paid by the subsidiaries to Fortress, see Note 15.
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