| Schedule of Operating Segments |
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) |
|
$ |
16,105 |
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|
$ |
7,782 |
|
|
$ |
31,401 |
|
|
$ |
13,685 |
|
External research and development costs - APG777 |
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|
22,052 |
|
|
|
8,103 |
|
|
|
36,623 |
|
|
|
14,058 |
|
External research and development costs - APG990 / APG279 |
|
|
3,975 |
|
|
|
6,905 |
|
|
|
7,188 |
|
|
|
12,115 |
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External research and development costs - APG333 / APG777 + APG333 |
|
|
1,185 |
|
|
|
3,796 |
|
|
|
3,619 |
|
|
|
7,455 |
|
External research and development costs - APG808 |
|
|
1,467 |
|
|
|
2,213 |
|
|
|
2,777 |
|
|
|
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) |
|
|
6,395 |
|
|
|
3,099 |
|
|
|
12,102 |
|
|
|
6,632 |
|
General and administrative operations(2) |
|
|
4,936 |
|
|
|
4,273 |
|
|
|
10,041 |
|
|
|
7,949 |
|
Equity-based compensation |
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|
11,344 |
|
|
|
5,698 |
|
|
|
22,470 |
|
|
|
9,884 |
|
Depreciation expense |
|
|
399 |
|
|
|
36 |
|
|
|
606 |
|
|
|
65 |
|
Interest income |
|
|
(7,141 |
) |
|
|
(10,306 |
) |
|
|
(14,981 |
) |
|
|
(16,393 |
) |
Provision for income taxes |
|
|
72 |
|
|
|
— |
|
|
|
155 |
|
|
|
— |
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Consolidated net loss |
|
$ |
66,096 |
|
|
$ |
33,816 |
|
|
$ |
121,435 |
|
|
$ |
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
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