v3.25.2
Segment Reporting
6 Months Ended
Jun. 30, 2025
Segment Reporting  
Segment Reporting

13. Segment Reporting

The Company operates and manages its business as a single segment for the purposes of assessing performance and making operating decisions. The Company’s chief executive officer, who is the chief operating decision maker (“CODM”), reviews the Company’s financial information on a consolidated basis for purposes of evaluating financial performance and allocating resources and therefore we have presented segment information on the same basis. When evaluating the Company’s financial performance, the CODM regularly reviews net loss, non-operating expenses and operating expenses with non-cash expenses such as depreciation and equity-based compensation expense removed. The CODM considers net loss in making decisions on how to allocate resources. The measure of segment assets is reported on the balance sheet as total consolidated assets. All of the Company's long-lived assets are held in the United States.

The following table presents significant expense information about the Company’s operating segment:

Three Months Ended June 30,

Six Months Ended June 30, 

2025

2024

2025

2024

Operating expenses:

Employee related expense

$

32,484

$

16,120

$

55,422

$

32,200

External R&D expense - Apitegromab

27,956

17,082

47,257

35,330

External R&D expense - SRK-181

792

3,258

1,902

6,005

External R&D expense - SRK-439

2,575

1,550

6,854

3,534

External R&D expense - Early research and other

2,227

667

3,682

1,409

External expense - G&A

14,952

6,127

23,895

11,128

Other segment related expense*

6,273

4,882

11,531

9,739

Employee related equity-based compensation expense

24,433

9,312

37,846

17,476

Depreciation and amortization expense

417

500

810

1,096

Other non-operating expense/(income), net

(2,078)

(990)

(4,445)

(2,556)

Net loss

$

110,031

$

58,508

$

184,754

$

115,361

* Consists of other segment expenses related to supplies, corporate and facilities expenses.