| 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 September 30, 2024 |
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Sales1 |
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Development |
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Consolidated |
Net revenue |
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$ |
14,629 |
|
$ |
— |
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$ |
14,629 |
Cost of goods - product revenue |
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(5,285) |
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— |
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(5,285) |
Research and development |
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(842) |
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(8,604) |
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(9,446) |
Selling, general and administrative |
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(11,396) |
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(10,597) |
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(21,993) |
Asset impairment |
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— |
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— |
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— |
Other income (expense) |
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504 |
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(5,034) |
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(4,530) |
Income tax expense |
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— |
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(69) |
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(69) |
Segment loss |
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$ |
(2,390) |
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(24,304) |
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$ |
(26,694) |
Note 1: As reported by Journey, inclusive of expense eliminated in consolidation.
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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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Nine Months Ended September 30, 2024 |
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Sales1 |
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Development |
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Consolidated |
Net revenue |
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$ |
42,514 |
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$ |
41 |
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$ |
42,555 |
Cost of goods - product revenue |
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(18,642) |
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0 |
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(18,642) |
Research and development |
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(9,639) |
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(37,302) |
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(46,941) |
Selling, general and administrative |
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(30,144) |
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(30,723) |
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(60,867) |
Asset impairment |
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— |
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(2,649) |
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(2,649) |
Other expense |
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(282) |
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(7,738) |
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(8,020) |
Income tax refund |
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— |
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24 |
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|
24 |
Segment loss |
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$ |
(16,193) |
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$ |
(78,347) |
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$ |
(94,540) |
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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 September 30, 2023 |
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Sales1 |
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Development |
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Consolidated |
Net revenue |
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$ |
34,539 |
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$ |
213 |
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$ |
34,752 |
Cost of goods - product revenue |
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(6,429) |
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— |
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(6,429) |
Research and development |
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(2,229) |
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(18,119) |
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(20,348) |
Selling, general and administrative |
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(8,636) |
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(13,097) |
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(21,733) |
Other income (expense) |
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(361) |
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3,536 |
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|
3,175 |
Income Tax expense |
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(95) |
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(46) |
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(141) |
Segment income (loss) |
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$ |
16,789 |
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$ |
(27,513) |
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$ |
(10,724) |
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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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Nine Months Ended September 30, 2023 |
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Sales1 |
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Development |
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Consolidated |
Net revenue |
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$ |
63,924 |
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$ |
643 |
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$ |
64,567 |
Cost of goods - product revenue |
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(20,645) |
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— |
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(20,645) |
Research and development |
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(6,036) |
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(85,959) |
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(91,995) |
Selling, general and administrative |
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(34,069) |
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(37,443) |
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(71,512) |
Asset impairment |
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(3,143) |
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— |
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(3,143) |
Other Income |
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(1,646) |
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(654) |
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(2,300) |
Income Tax Expense |
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(95) |
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(47) |
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(142) |
Segment loss |
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$ |
(1,710) |
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$ |
(123,460) |
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$ |
(125,170) |
Note 1: As reported by Journey, inclusive of expense eliminated in consolidation.
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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September 30, 2024 |
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Sales |
|
Development |
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Total Assets |
Intangible assets, net |
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$ |
17,844 |
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$ |
— |
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$ |
17,844 |
Tangible assets |
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|
46,200 |
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|
63,041 |
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|
109,241 |
Total segment assets |
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$ |
64,044 |
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$ |
63,041 |
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$ |
127,085 |
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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 |
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Sales |
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Development |
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Total Assets |
Intangible assets, net |
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$ |
20,287 |
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$ |
— |
|
$ |
20,287 |
Tangible assets |
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|
56,561 |
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|
90,678 |
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|
147,239 |
Total segment assets |
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$ |
76,848 |
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$ |
90,678 |
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$ |
167,526 |
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