| Segment Information |
16. Segment Information
The Company operates in two reportable segments, Dermatology Product Sales and Pharmaceutical and Biotechnology Product Development. The accounting policies of the Company are consistently applied to all segments. The following tables summarize, for the periods indicated, operating results from continued operations by reportable segment ($ in thousands):
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Pharmaceutical |
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and |
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Dermatology |
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Biotechnology |
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Products |
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Product |
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Three Months Ended June 30, 2024 |
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Sales |
|
Development |
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Consolidated |
Net revenue |
|
$ |
14,855 |
|
$ |
41 |
|
$ |
14,896 |
Cost of goods - product revenue |
|
|
(6,541) |
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|
— |
|
|
(6,541) |
Research and development |
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(913) |
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(11,758) |
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(12,671) |
Selling, general and administrative |
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(10,328) |
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(10,495) |
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|
(20,823) |
Asset impairment |
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— |
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(2,649) |
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|
(2,649) |
Other expense |
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(434) |
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(602) |
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(1,036) |
Segment loss |
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$ |
(3,361) |
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(25,463) |
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$ |
(28,824) |
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Pharmaceutical |
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and |
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Dermatology |
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Biotechnology |
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Products |
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Product |
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Six Months Ended June 30, 2024 |
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Sales |
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Development |
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Consolidated |
Net revenue |
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$ |
27,885 |
|
$ |
41 |
|
$ |
27,926 |
Cost of goods - product revenue |
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|
(13,357) |
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|
(0) |
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|
(13,357) |
Research and development |
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(8,797) |
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(28,698) |
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(37,495) |
Selling, general and administrative |
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(18,748) |
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(20,029) |
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(38,777) |
Asset impairment |
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— |
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(2,649) |
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|
(2,649) |
Other expense |
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(786) |
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(2,708) |
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(3,494) |
Segment loss |
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$ |
(13,803) |
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$ |
(54,043) |
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$ |
(67,846) |
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Pharmaceutical |
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and |
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Dermatology |
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Biotechnology |
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Products |
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Product |
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Three Months Ended June 30, 2023 |
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Sales |
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Development |
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Consolidated |
Net revenue |
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$ |
17,172 |
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$ |
214 |
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$ |
17,386 |
Cost of goods - product revenue |
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(7,767) |
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— |
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(7,767) |
Research and development |
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(1,774) |
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(30,368) |
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(32,142) |
Selling, general and administrative |
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(12,141) |
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(12,298) |
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(24,439) |
Asset impairment |
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(3,143) |
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— |
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(3,143) |
Other expense |
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(710) |
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(8,486) |
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(9,196) |
Segment loss |
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$ |
(8,363) |
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$ |
(50,938) |
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$ |
(59,301) |
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Pharmaceutical |
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and |
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Dermatology |
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Biotechnology |
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Products |
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Product |
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Six Months Ended June 30, 2023 |
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Sales |
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Development |
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Consolidated |
Net revenue |
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$ |
29,385 |
|
$ |
430 |
|
$ |
29,815 |
Cost of goods - product revenue |
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(14,216) |
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— |
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(14,216) |
Research and development |
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(3,807) |
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(67,841) |
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(71,648) |
Selling, general and administrative |
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(25,433) |
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(24,347) |
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(49,780) |
Asset impairment |
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(3,143) |
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— |
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(3,143) |
Other expense |
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(1,285) |
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(4,189) |
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(5,474) |
Segment loss |
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$ |
(18,499) |
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$ |
(95,947) |
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$ |
(114,446) |
The following tables summarize, for the periods indicated, total assets by reportable segment ($ in thousands):
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Pharmaceutical |
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and |
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Dermatology |
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Biotechnology |
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Products |
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Product |
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June 30, 2024 |
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Sales |
|
Development |
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Total Assets |
Intangible assets, net |
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$ |
18,658 |
|
$ |
— |
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$ |
18,658 |
Tangible assets |
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|
46,531 |
|
|
80,496 |
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|
127,027 |
Total segment assets |
|
$ |
65,189 |
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$ |
80,496 |
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$ |
145,685 |
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Pharmaceutical |
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and |
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Dermatology |
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Biotechnology |
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Products |
|
Product |
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December 31, 2023 |
|
Sales |
|
Development |
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Total Assets |
Intangible assets, net |
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$ |
20,287 |
|
$ |
— |
|
$ |
20,287 |
Tangible assets |
|
|
56,562 |
|
|
90,677 |
|
|
147,239 |
Total segment assets |
|
$ |
76,849 |
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$ |
90,677 |
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$ |
167,526 |
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