v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has one operating segment. The table below is a summary of the segment loss, including significant segment expenses (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Operating expenses:
Research and Development:
Development expenses
$21,442 $18,037 $43,138 $31,981 
Personnel expenses
6,113 6,880 12,182 13,484 
Non-cash share-based compensation expense
1,289 2,646 2,813 5,260 
Other expenses1
1,481 1,506 3,072 3,245 
General and Administrative:
Personnel expenses
4,618 5,655 9,679 11,156 
Legal and professional fees
3,367 3,303 12,731 5,750 
Facilities and other expenses1
2,316 3,020 4,216 6,229 
Non-cash share-based compensation expense
2,307 2,275 4,718 4,790 
Total operating expenses
42,933 43,322 92,549 81,895 
Operating loss
(42,933)(43,322)(92,549)(81,895)
Fair value change of warrant liabilities
(2,540)— 16,920 — 
Benefit from R&D tax credit4,287 3,709 12,735 6,810 
Interest income1,898 2,408 4,284 4,668 
Interest expense(1,151)(1,112)(2,275)(2,210)
Foreign exchange gains (losses)
2,349 225 4,482 (558)
Other income
(176)167 627 295 
Income tax expense(137)(176)(491)(398)
Net loss
$(38,403)$(38,101)$(56,267)$(73,288)
1Other expenses include subscriptions and memberships, consulting fees and company insurance.