v3.25.1
Segment Reporting
3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Operating segments are defined as components of an entity for which separate discrete financial information is made available and that is regularly evaluated by the chief operating decision maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The Company manages its operations as a single segment (the “Segment”) for the purposes of assessing performance and making operating decisions. The CODM of the Segment is the Company’s chief executive officer. The Segment is focused on pioneering the discovery and development of a new class of medicines targeting genetically determined dependencies within the chromatin regulatory system. The Segment’s revenue is derived entirely from the recognition of deferred revenue related to our collaboration agreement upfront and milestone payment and funds received under the Lilly SPA (see Note 8, Collaboration Agreement).
The CODM assesses the performance of the Segment and decides how to allocate resources based on net loss that is reported on the condensed consolidated statements of operations and comprehensive loss. Further, the following represents information about segment revenue, segment loss and significant segment expenses (in thousands):
Three Months Ended March 31,
20252024
Collaboration revenue$5,952 $5,050 
Less:
Research and development:
Personnel expenses6,344 6,287 
FHD-286991 3,526 
Lilly partnered programs4,625 3,886 
Proprietary programs3,447 5,286 
Research and development operating and administrative costs1,667 1,625 
General and administrative:
Personnel expenses2,927 2,543 
External expenses2,072 2,574 
Facilities and IT related expenses, net of sublease income
1,877 2,715 
Other expenses(1)
3,528 4,063 
Plus:
Interest income2,692 2,439 
Net loss$(18,834)$(25,016)
(1) Inclusive of $2.7 million and $3.2 million of stock compensation expense for the three months ended March 31, 2025 and 2024, respectively; $0.8 million of depreciation and amortization expense for the three months ended March 31, 2025 and 2024