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

9. Segment Information

The Company is a clinical-stage biopharmaceutical company and has not generated any revenue since commencing significant operations in 2018. The Company’s operations are organized and reported as one reportable segment, which includes all activities related to the discovery, development, and commercialization of precisely targeted therapies for patients with cancer. This presentation is consistent with how the Company’s chief operating decision maker (“CODM”), its Chief Executive Officer, assesses the performance of the Company and makes operating decisions on a consolidated basis. The accounting policies of the consolidated segment are the same as those described in Note 2 of the Company’s Annual Report. The CODM assesses performance and decides how to allocate resources based on consolidated net loss as reported on the consolidated statements of operations and comprehensive loss. The CODM uses consolidated net loss to monitor budget versus actual results, assess cash runway, and benchmark against the Company’s competitors. The measure of segment assets is reported on the consolidated balance sheets as total assets. The Company’s assets are held in the United States.

The following table sets forth the Company’s segment information (in thousands):

 

 

Consolidated

 

 

Consolidated

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Direct external expenses by program

 

 

 

 

 

 

 

 

 

 

 

 

Zidesamtinib

 

$

(17,280

)

 

$

(14,886

)

 

$

(32,831

)

 

$

(25,252

)

Neladalkib

 

 

(28,298

)

 

 

(14,196

)

 

 

(56,305

)

 

 

(23,927

)

NVL-330

 

 

(5,928

)

 

 

(1,738

)

 

 

(9,889

)

 

 

(3,710

)

Discovery programs

 

 

(3,416

)

 

 

(2,450

)

 

 

(5,549

)

 

 

(4,550

)

Personnel-related expenses (including stock-based compensation)

 

 

(38,765

)

 

 

(25,066

)

 

 

(74,073

)

 

 

(48,394

)

General and administrative professional and consultant fees

 

 

(3,077

)

 

 

(2,652

)

 

 

(5,943

)

 

 

(4,677

)

Change in fair value of related party revenue share liability

 

 

(6,040

)

 

 

—

 

 

 

(7,470

)

 

 

—

 

Interest income

 

 

11,118

 

 

 

8,150

 

 

 

22,953

 

 

 

16,645

 

Other segment items(1)

 

 

(7,822

)

 

 

(4,158

)

 

 

(14,826

)

 

 

(7,230

)

Income tax provision

 

 

(145

)

 

 

(170

)

 

 

(302

)

 

 

(553

)

Consolidated net loss

 

$

(99,653

)

 

$

(57,166

)

 

$

(184,235

)

 

$

(101,648

)

(1) Other segment items included in consolidated net loss include expenses for research and development consulting services, commercialization preparation activities, information technology, insurance, and other miscellaneous activities.