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

15. Segment information

The Company operates and manages its business as a single reporting and operating segment, which is the research and development of precision oncology drugs targeting specific vulnerabilities of tumors in genetically defined patient populations. The Company's CODM is the Chief Executive Officer and Chief Financial Officer. The CODM assesses performance for the segment and decides how to allocate resources based on consolidated net loss that is reported on the consolidated statement of operations and comprehensive loss. Managing and allocating resources on a consolidated basis enables the CODM to assess the overall level of resources available and how to deploy these resources across functions and programs that are in line with the Company's long-term company-wide strategic goals.

The following table presents reportable segment net loss, including significant expense categories, attributable to the Company's reportable segment for the three and six months ended June 30, 2025 and 2024.

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Collaboration agreements

 

$

250

 

 

$

1,073

 

 

$

250

 

 

$

53,477

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Discovery costs

 

 

 

 

 

 

 

 

 

 

 

 

Direct external costs

 

 

259

 

 

 

1,398

 

 

 

957

 

 

 

3,124

 

Laboratory supplies and research materials

 

 

90

 

 

 

959

 

 

 

344

 

 

 

1,957

 

Personnel related costs

 

 

243

 

 

 

3,232

 

 

 

1,750

 

 

 

6,418

 

Facilities related costs

 

 

145

 

 

 

393

 

 

 

503

 

 

 

798

 

Other costs

 

 

65

 

 

 

842

 

 

 

643

 

 

 

1,754

 

Development costs

 

 

 

 

 

 

 

 

 

 

 

 

Direct external costs

 

 

 

 

 

 

 

 

 

 

 

 

Camonsertib program

 

 

1,848

 

 

 

3,961

 

 

 

4,114

 

 

 

7,941

 

Lunresertib program

 

 

3,999

 

 

 

7,660

 

 

 

8,274

 

 

 

15,767

 

RP-1664 program

 

 

1,579

 

 

 

1,412

 

 

 

2,921

 

 

 

3,008

 

RP-3467 and Polθ program

 

 

1,541

 

 

 

773

 

 

 

2,638

 

 

 

2,328

 

Personnel related costs

 

 

5,070

 

 

 

9,186

 

 

 

13,233

 

 

 

18,845

 

Facilities related costs

 

 

233

 

 

 

213

 

 

 

480

 

 

 

421

 

Other costs

 

 

695

 

 

 

1,186

 

 

 

1,584

 

 

 

2,618

 

Debiopharm development cost reimbursement

 

 

(1,413

)

 

 

(880

)

 

 

(2,682

)

 

 

(1,380

)

R&D tax credits

 

 

(71

)

 

 

(260

)

 

 

(206

)

 

 

(554

)

Total research and development costs

 

$

14,283

 

 

$

30,075

 

 

$

34,553

 

 

$

63,045

 

Personnel related costs

 

 

2,944

 

 

 

5,220

 

 

 

7,522

 

 

 

10,939

 

Other general administrative costs (1)

 

 

3,085

 

 

 

3,097

 

 

 

6,159

 

 

 

5,996

 

Total general and administrative costs

 

$

6,029

 

 

$

8,317

 

 

$

13,681

 

 

$

16,935

 

Restructuring costs

 

 

3,384

 

 

 

—

 

 

 

6,649

 

 

 

—

 

Total operating expenses

 

$

23,696

 

 

$

38,392

 

 

$

54,883

 

 

$

79,980

 

Gain on sale of technology and other assets

 

 

5,666

 

 

 

—

 

 

 

5,666

 

 

 

—

 

Loss from operations

 

$

(17,780

)

 

$

(37,319

)

 

$

(48,967

)

 

$

(26,503

)

Other income, net (2)

 

 

1,284

 

 

 

2,871

 

 

 

2,798

 

 

 

5,846

 

Income tax expense

 

 

(248

)

 

 

(326

)

 

 

(618

)

 

 

(955

)

Net loss

 

$

(16,744

)

 

$

(34,774

)

 

$

(46,787

)

 

$

(21,612

)

(1) Includes professional fees, directors and officers insurance costs, public company operating costs, information technology related costs, and other administrative costs.

(2) Includes interest income and other expenses.

The following presents segment revenue and long lived assets by geographic location, along with major collaborator information.

Revenue by location is as follows:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

United States

 

$

250

 

 

$

—

 

 

$

250

 

 

$

2,589

 

Switzerland

 

 

—

 

 

 

1,073

 

 

 

—

 

 

 

50,888

 

Total revenue

 

$

250

 

 

$

1,073

 

 

$

250

 

 

$

53,477

 

 

The Company’s property and equipment, net by country of domicile (Canada) and its subsidiary in the United States are as follows:

 

 

As of
June 30,

 

 

As of
December 31,

 

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Canada

 

$

—

 

 

$

2,143

 

United States

 

 

72

 

 

 

151

 

Total property and equipment, net

 

$

72

 

 

$

2,294

 

The Company’s right-of-use assets by country of domicile (Canada) and its subsidiary in the United States are as follows:

 

 

As of
June 30,

 

 

As of
December 31,

 

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Canada

 

$

58

 

 

$

891

 

United States

 

 

571

 

 

 

1,033

 

Total right-of-use assets, net

 

$

629

 

 

$

1,924

 

Major Customers

The Company had one customer (a major collaborator) that represents more than 10% of total revenue in each of the three and six months ended June 30, 2025. The amount of revenue derived from this customer for the three and six months ended June 30, 2025 was $0.3 million. A different customer (another major collaborator) represented more than 10% of total revenue in each of the three and six months ended June 30, 2024. The amount of revenue derived from this customer for the three and six months ended June 30, 2024 was $1.1 million and $50.9 million, respectively.