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

17. Segment reporting

The Company currently has a single reportable operating segment and revenue generated exclusively from the Maruho License Agreement. The Company’s chief executive officer, who is the CODM, manages the Company on a consolidated basis and utilizes consolidated net loss as a basis for resource allocation and decision making. The CODM considers budget-to-actual variances for each of the disaggregated components of operating expenses when making decisions about allocating resources and evaluating performance. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets. In addition, the CODM is regularly provided information on total cash, which is inclusive of cash, cash equivalents and short-term investments, as a measure of segment assets. As of June 30, 2025, the Company’s cash, cash equivalents and short-term investments were $393.6 million.

The Company's consolidated and segment net loss, including disaggregated components of operating expenses is as follows (in thousands):

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

 

 

Six Months Ended June 30,

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

 

2025

 

 

2024

 

Collaboration revenue

 

 

 

 

 

 

 

$

937

 

 

$

510

 

 

 

$

1,503

 

 

$

1,150

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Verekitug program:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asthma indication

 

 

 

 

 

 

 

 

13,236

 

 

 

6,935

 

 

 

 

23,257

 

 

 

13,102

 

COPD indication

 

 

 

 

 

 

 

 

6,803

 

 

 

—

 

 

 

 

12,490

 

 

 

—

 

CRSwNP indication

 

 

 

 

 

 

 

 

2,238

 

 

 

2,072

 

 

 

 

5,001

 

 

 

3,636

 

Manufacturing costs

 

 

 

 

 

 

 

 

10,000

 

 

 

1,416

 

 

 

 

12,129

 

 

 

1,641

 

Personnel expenses

 

 

 

 

 

 

 

 

4,509

 

 

 

2,404

 

 

 

 

8,214

 

 

 

4,839

 

Professional fees and other

 

 

 

 

 

 

 

 

1,079

 

 

 

1,242

 

 

 

 

2,571

 

 

 

2,542

 

Total research and development expenses

 

 

 

 

 

 

 

 

37,865

 

 

 

14,069

 

 

 

 

63,662

 

 

 

25,760

 

General and administrative:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

 

 

 

 

 

 

3,773

 

 

 

2,313

 

 

 

 

8,005

 

 

 

4,689

 

Professional fees

 

 

 

 

 

 

 

 

2,397

 

 

 

1,334

 

 

 

 

3,893

 

 

 

2,461

 

Other

 

 

 

 

 

 

 

 

1,249

 

 

 

334

 

 

 

 

2,303

 

 

 

793

 

Total general and administrative expenses

 

 

 

 

 

 

 

 

7,419

 

 

 

3,981

 

 

 

 

14,201

 

 

 

7,943

 

Total operating expenses

 

 

 

 

 

 

 

 

45,284

 

 

 

18,050

 

 

 

 

77,863

 

 

 

33,703

 

Loss from operations

 

 

 

 

 

 

 

 

(44,347

)

 

 

(17,540

)

 

 

 

(76,360

)

 

 

(32,553

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of preferred stock tranche right liability

 

 

 

 

 

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

2,859

 

Interest income

 

 

 

 

 

 

 

 

4,431

 

 

 

2,877

 

 

 

 

9,174

 

 

 

4,143

 

Other expense, net

 

 

 

 

 

 

 

 

(50

)

 

 

(15

)

 

 

 

(50

)

 

 

(21

)

Total other income, net

 

 

 

 

 

 

 

 

4,381

 

 

 

2,862

 

 

 

 

9,124

 

 

 

6,981

 

Segment and consolidated net loss

 

 

 

 

 

 

 

$

(39,966

)

 

$

(14,678

)

 

 

$

(67,236

)

 

$

(25,572

)