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

Note 10. Segment Information

The Company operates in one segment, which is GPCR oral small molecule drug discovery. The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer. The measure of segment profit or loss is net loss, which is also reported on the condensed statements of operations and comprehensive loss as net loss.

The measure of segment assets is reported on the balance sheet as total assets. The CODM uses segment net loss to monitor spending, assess performance for the Company and management, evaluate the progress of completing corporate goals, decide how to allocate resources among the Company’s clinical and pre-clinical portfolios, and make strategic decisions about business development opportunities.

The CODM is regularly provided with the following significant segment expenses:

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

$

119

 

 

$

370

 

 

$

338

 

 

$

687

 

Employee-related expenses, excluding stock-based compensation

 

 

7,554

 

 

 

5,143

 

 

 

14,401

 

 

 

9,583

 

Stock-based compensation

 

 

1,806

 

 

 

628

 

 

 

3,288

 

 

 

1,205

 

External research and development expenses

 

 

11,887

 

 

 

7,439

 

 

 

22,126

 

 

 

13,631

 

External general and administrative expenses

 

 

2,492

 

 

 

1,471

 

 

 

5,144

 

 

 

2,325

 

Other segment expenses*

 

 

5,358

 

 

 

3,754

 

 

 

10,267

 

 

 

7,498

 

Total operating expenses

 

 

29,097

 

 

 

18,435

 

 

 

55,226

 

 

 

34,242

 

Loss from operations

 

 

(28,978

)

 

 

(18,065

)

 

 

(54,888

)

 

 

(33,555

)

Other income, net

 

 

4,140

 

 

 

1,515

 

 

 

8,574

 

 

 

2,746

 

Loss before provision for income taxes

 

 

(24,838

)

 

 

(16,550

)

 

 

(46,314

)

 

 

(30,809

)

Benefit for income taxes

 

 

—

 

 

 

109

 

 

 

—

 

 

 

202

 

Net loss

 

$

(24,838

)

 

$

(16,441

)

 

$

(46,314

)

 

$

(30,607

)

(*) Other segment expenses include facility-related and office-related costs, information technology costs, general laboratory costs, and other operating expenses.

As of June 30, 2025 and December 31, 2024, all of the Company’s property and equipment was maintained in the U.S. For the three and six months ended June 30, 2025 and 2024, the Company’s revenue was generated from providing research services and was earned in the U.S.