v3.25.2
Segment Information - Schedule of Operating Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Operating expenses:        
External research and development costs [1] $ 55,703 $ 33,206 $ 102,090 $ 61,922
General and administrative operations 17,462 10,916 34,171 20,381
Depreciation expense 400   606 65
Provision for income taxes 72 0 155 0
Consolidated net loss     (121,435) (65,910)
Reportable Segment        
Operating expenses:        
Research and development personnel-related (excluding equity-based compensation) [2] 16,105 7,782 31,401 13,685
External-discovery related costs and other [2] 5,307 2,217 9,434 4,288
General and administrative personnel-related (excluding equity-based compensation) [2] 6,395 3,099 12,102 6,632
General and administrative operations [2],[3] 4,936 4,273 10,041 7,949
Equity-based compensation [2] 11,344 5,698 22,470 9,884
Depreciation expense [2] 399 36 606 65
Interest income (7,141) (10,306) (14,981) (16,393)
Provision for income taxes 72 0 155 0
Consolidated net loss 66,096 33,816 121,435 65,910
Reportable Segment | APG777        
Operating expenses:        
External research and development costs [2] 22,052 8,103 36,623 14,058
Reportable Segment | APG990 / APG777 + APG990        
Operating expenses:        
External research and development costs [2] 3,975 6,905 7,188 12,115
Reportable Segment | APG333 / APG777 + APG333        
Operating expenses:        
External research and development costs [2] 1,185 3,796 3,619 7,455
Reportable Segment | APG808        
Operating expenses:        
External research and development costs [2] $ 1,467 $ 2,213 $ 2,777 $ 6,172
[1] Includes related-party amounts of $98 and $130 for the three and six months ended June 30, 2025, respectively, and $2,221 and $8,678 for the three and six months ended June 30, 2024, respectively.
[2] The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM
[3] General and administrative operations are comprised of finance, investor relations, business development, human resources, legal, facilities & IT, and certain overhead expenses