Segment Information

6 Months Ended

Jun. 30, 2022

Segment Information

Segment Information

15. 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:

			Pharmaceutical
			and
($ in thousands)	Dermatology		Biotechnology
	Products		Product
Three Months Ended June 30, 2022	Sales		Development		Consolidated
Net revenue	$	18,291	$	595	$	18,886
Cost of goods - product revenue		(7,633)		—		(7,633)
Research and development		(2,609)		(30,522)		(33,131)
Selling, general and administrative		(15,127)		(13,921)		(29,048)
Other expense		(450)		(2,554)		(3,004)
Segment loss	$	(7,528)		(46,402)	$	(53,930)

Note 1:  Dermatology Product Sales segment reflects stand-alone income tax expense that has been eliminated in consolidation.

			Pharmaceutical
			and
	Dermatology		Biotechnology
($ in thousands)	Products		Product
Three Months Ended June 30, 2021	Sales		Development		Consolidated
Net revenue	$	15,288	$	2,555	$	17,843
Cost of goods - product revenue		(7,484)		—		(7,484)
Research and development		(10,029)		(23,805)		(33,834)
Selling, general and administrative		(7,619)		(11,763)		(19,382)
Other expense		(4,683)		23,149		18,466
Segment income (loss)	$	(14,527)	$	(9,864)	$	(24,391)

			Pharmaceutical
			and
	Dermatology		Biotechnology
	Products		Product
Six Months Ended June 30, 2022	Sales		Development		Consolidated
Net revenue	$	41,587	$	1,224	$	42,811
Cost of goods - product revenue		(15,836)		—		(15,836)
Research and development		(3,875)		(65,978)		(69,853)
Selling, general and administrative		(29,946)		(25,372)		(55,318)
Other income		(836)		(4,376)		(5,212)
Segment loss	$	(8,906)	$	(94,502)	$	(103,408)

			Pharmaceutical
			and
	Dermatology		Biotechnology
	Products		Product
Six Months Ended June 30, 2021	Sales		Development		Consolidated
Net revenue	$	26,007	$	3,423	$	29,430
Cost of goods - product revenue		(11,392)		—		(11,392)
Research and development		(10,029)		(43,959)		(53,988)
Selling, general and administrative		(13,845)		(23,079)		(36,924)
Other expense		(4,904)		27,321		22,417
Segment income (loss)	$	(14,163)	$	(36,294)	$	(50,457)

The following tables summarize, for the periods indicated, total assets by reportable segment:

			Pharmaceutical
			and
($ in thousands)	Dermatology		Biotechnology
	Products		Product
June 30, 2022	Sales		Development		Total Assets
Intangible assets, net	$	29,440	$	—	$	29,440
Tangible assets		84,056		250,459		334,515
Total segment assets	$	113,496	$	250,459	$	363,955

			Pharmaceutical
			and
($ in thousands)	Dermatology		Biotechnology
	Products		Product
December 31, 2021	Sales		Development		Total Assets
Intangible assets, net	$	12,552	$	—	$	12,552
Tangible assets		84,732		299,219		383,951
Total segment assets	$	97,284	$	299,219	$	396,503