v3.25.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
2025202420252024
(in thousands)(in thousands)
Segment research and development expense (a)$81,401 $50,349 $152,439 $84,561 
Segment general and administrative expense (a)14,483 10,001 27,047 18,924 
Share-based compensation expense (see Note 10)10,844 11,767 21,064 24,455 
Total operating expenses106,728 72,117 200,550 127,940 
Other items (b)(5,993)(7,124)(12,903)(14,405)
Consolidated net loss$100,735 $64,993 $187,647 $113,535 
(a) Share-based payment expense of $5,173 and $5,791 related to research and development and $5,671 and $5,976 related to general and administrative have been excluded for the three months ended June 30, 2025 and 2024, respectively, and included within share-based compensation expense. Share-based payment expense of $10,921 and $12,470 related to research and development and $10,143 and $11,985 related to general and administrative have been excluded for the six months ended June 30, 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.