v3.25.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company manages its operations as one operating segment, focused on discovering, developing and commercializing potential best-in-class medicines for serious and rare diseases. The Company’s CODM is its Chief Executive Officer. The CODM reviews and evaluates consolidated net loss for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods. Operating expenses are used to monitor budget versus actual results. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets”. All equipment, leasehold improvements, and other fixed assets are physically located within the United States and all agreements with the Company’s partners are denominated in U.S. dollars, except where noted. Segment asset information is not used by the CODM to allocate resources.
Significant segment expenses, as provided to the CODM, are presented below:
Three Months Ended March 31,
20252024
(in thousands)
Segment research and development expense (a)$71,038 $34,213 
Segment general and administrative expense (a)12,564 8,923 
Share-based compensation expense (see Note 10)10,220 12,688 
Total operating expenses93,822 55,824 
Other items (b)(6,910)(7,282)
Consolidated net loss$86,912 $48,542 
(a) Share-based payment expense of $5,748 and $6,678 related to research and development and $4,472 and $6,010 related to general and administrative have been excluded for the three months ended March 31, 2025 and 2024, respectively, and included within share-based compensation expense.
(b) Other items consist primarily of collaboration revenue, interest income, interest expense and depreciation expense.