| Segment Information |
The Company has one operating segment and one reporting unit. The Company’s chief operating decision maker (“CODM”), its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of assessing performance and allocating resources. All of the Company’s assets are located in the United States. The following table summarizes the Company’s segment information for the periods presented (in thousands):
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THREE MONTHS ENDED
JUNE 30, |
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SIX MONTHS ENDED
JUNE 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Operating expenses(1): |
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Research and development personnel-related (excluding equity-based compensation) |
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$ |
16,105 |
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$ |
7,782 |
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$ |
31,401 |
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$ |
13,685 |
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External research and development costs - APG777 |
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22,052 |
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8,103 |
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36,623 |
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14,058 |
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External research and development costs - APG990 / APG279 |
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3,975 |
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6,905 |
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7,188 |
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12,115 |
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External research and development costs - APG333 / APG777 + APG333 |
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1,185 |
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3,796 |
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3,619 |
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7,455 |
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External research and development costs - APG808 |
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1,467 |
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2,213 |
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2,777 |
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6,172 |
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External-discovery related costs and other |
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5,307 |
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2,217 |
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9,434 |
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4,288 |
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General and administrative personnel-related (excluding equity-based compensation) |
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6,395 |
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3,099 |
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12,102 |
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6,632 |
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General and administrative operations(2) |
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4,936 |
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4,273 |
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10,041 |
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7,949 |
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Equity-based compensation |
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11,344 |
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5,698 |
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22,470 |
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|
9,884 |
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Depreciation expense |
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|
399 |
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|
36 |
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|
606 |
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|
|
65 |
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Interest income |
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(7,141 |
) |
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(10,306 |
) |
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(14,981 |
) |
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(16,393 |
) |
Provision for income taxes |
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72 |
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— |
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|
155 |
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— |
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Consolidated net loss |
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$ |
66,096 |
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$ |
33,816 |
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$ |
121,435 |
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$ |
65,910 |
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(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM (2)General and administrative operations are comprised of finance, investor relations, business development, human resources, legal, facilities & IT, and certain overhead expenses |