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Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
In accordance with ASC Topic 280, Segment Reporting, the Company has determined that it operates as a single operating and reportable segment, the pacibekitug segment, which is engaged in the business of drug discovery and development.
The Company’s chief operating decision maker (“CODM”), the Company’s Chief Executive Officer, assesses performance and allocates resources on a consolidated basis. The CODM, assesses the performance of the pacibekitug segment and decides how to allocate resources based on net loss, which is also reported on the consolidated statements of operations and comprehensive loss as net loss. Segment asset information is not used by the CODM to assess performance or allocate resources. The accounting policies of the pacibekitug segment are the same as those described in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies”.
As the Company is pre-commercial and does not yet generate revenue, net loss is used by the CODM to evaluate the performance of the pacibekitug segment based on costs incurred and determine where changes in expenditures are needed to achieve the pacibekitug program’s goals. The CODM also uses the components of net loss to monitor budget versus actual results.
There are no differences from the Company’s 2024 Form 10-K in the factors used to identify the reportable segments or measurement basis for segment loss. Significant segment expenses, as provided to the CODM, are presented below (in thousands):
Three Months Ended
March 31,
20252024
Research and development payroll-related costs$5,232 $3,028 
General and administrative payroll-related costs2,154 1,549 
Clinical trial expenses6,009 2,195 
Chemistry, manufacturing, and controls costs4,346 4,393 
Medical affairs expenses555 286 
Research and development consulting expenses1,372 832 
General and administrative consulting expenses1,036 1,989 
Other segment items1
2,266 (961)
Segment and consolidated net loss$22,970 $13,311 
1Other segment items include legal expenses, accounting expenses, IT and facilities expenses, insurance expenses, other operating expenses, interest income, investment income, stock-based compensation expense, depreciation expense, and other income, net.
Interest income was $1.7 million and $1.4 million for the three months ended March 31, 2025 and 2024, respectively. There was no interest expense for the three months ended March 31, 2025 or 2024.
All of the Company’s long-lived assets are located in the United States. Depreciation expense related to long-lived assets was less than $0.1 million for each of the three months ended March 31, 2025 and 2024.