Schedule of Segment Reporting |
The following table provides financial information by our reportable business segments along with a reconciliation to consolidated loss before income taxes (in thousands):
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Three Months Ended June 30, 2022 |
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Three Months Ended June 30, 2021 |
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Performance Enzymes |
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Novel Biotherapeutics |
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Total |
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Performance Enzymes |
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Novel Biotherapeutics |
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Total |
Revenues: |
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Product revenue |
$ |
34,645 |
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$ |
— |
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$ |
34,645 |
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$ |
14,717 |
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$ |
— |
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$ |
14,717 |
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Research and development revenue |
1,885 |
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|
1,876 |
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|
3,761 |
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|
6,868 |
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3,868 |
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|
10,736 |
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Total revenues |
36,530 |
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|
1,876 |
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38,406 |
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21,585 |
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3,868 |
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25,453 |
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Costs and operating expenses: |
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Cost of product revenue |
11,270 |
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— |
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11,270 |
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4,318 |
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— |
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4,318 |
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Research and development(1)
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6,929 |
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11,078 |
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18,007 |
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5,057 |
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7,194 |
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12,251 |
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Selling, general and administrative(1)
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3,876 |
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|
680 |
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4,556 |
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3,170 |
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|
620 |
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|
3,790 |
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Total segment costs and operating expenses |
22,075 |
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11,758 |
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33,833 |
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12,545 |
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7,814 |
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20,359 |
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Income (loss) from operations |
$ |
14,455 |
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$ |
(9,882) |
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4,573 |
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$ |
9,040 |
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$ |
(3,946) |
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5,094 |
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Corporate costs (2)
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(5,789) |
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(8,610) |
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Unallocated depreciation and amortization |
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(1,316) |
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(741) |
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Loss before income taxes |
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$ |
(2,532) |
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$ |
(4,257) |
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Six Months Ended June 30, 2022 |
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Six Months Ended June 30, 2021 |
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Performance Enzymes |
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Novel Biotherapeutics |
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Total |
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Performance Enzymes |
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Novel Biotherapeutics |
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Total |
Revenues: |
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Product revenue |
$ |
65,335 |
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$ |
— |
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$ |
65,335 |
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$ |
24,943 |
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$ |
— |
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$ |
24,943 |
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Research and development revenue |
4,294 |
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|
4,117 |
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8,411 |
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10,872 |
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|
7,670 |
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|
18,542 |
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Total revenues |
69,629 |
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4,117 |
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73,746 |
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35,815 |
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7,670 |
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43,485 |
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Costs and operating expenses: |
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Cost of product revenue |
19,791 |
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— |
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19,791 |
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|
8,536 |
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— |
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8,536 |
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Research and development(1)
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13,051 |
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23,424 |
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36,475 |
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11,502 |
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11,799 |
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23,301 |
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Selling, general and administrative(1)
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7,416 |
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|
1,400 |
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8,816 |
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5,988 |
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1,221 |
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7,209 |
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Total segment costs and operating expenses |
40,258 |
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24,824 |
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65,082 |
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26,026 |
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13,020 |
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39,046 |
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Income (loss) from operations |
$ |
29,371 |
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$ |
(20,707) |
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8,664 |
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$ |
9,789 |
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$ |
(5,350) |
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4,439 |
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Corporate costs (2)
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(16,994) |
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(16,335) |
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Unallocated depreciation and amortization |
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(2,549) |
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(1,426) |
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Loss before income taxes |
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$ |
(10,879) |
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$ |
(13,322) |
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(1) Research and development expenses and selling, general and administrative expenses exclude depreciation and amortization of finance leases. (2) Corporate costs include unallocated selling, general and administrative expenses, interest income, and other income (expense), net.
The following table provides stock-based compensation expense included in income (loss) from operations (in thousands):
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Three Months Ended June 30, |
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2022 |
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2021 |
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Performance Enzymes |
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Novel Biotherapeutics |
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Corporate cost |
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Total |
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Performance Enzymes |
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Novel Biotherapeutics |
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Corporate cost |
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Total |
Stock-based compensation |
$ |
1,283 |
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$ |
358 |
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$ |
1,590 |
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$ |
3,231 |
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$ |
1,115 |
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$ |
257 |
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$ |
1,472 |
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$ |
2,844 |
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Six Months Ended June 30, |
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2022 |
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2021 |
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Performance Enzymes |
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Novel Biotherapeutics |
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Corporate cost |
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Total |
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Performance Enzymes |
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Novel Biotherapeutics |
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Corporate cost |
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Total |
Stock-based compensation |
$ |
2,770 |
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$ |
768 |
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$ |
3,531 |
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$ |
7,069 |
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$ |
2,109 |
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$ |
495 |
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$ |
2,927 |
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$ |
5,531 |
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