v3.25.2
Segment Information
 3 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company operates in a single operating segment and has one reportable segment, which includes all activities related to the discovery, development and manufacturing of its product candidates. The determination of a single segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker (“CODM”). The Company’s CODM is its chief executive officer. The CODM, in alignment with the Company’s strategic goals, uses consolidated net loss to monitor budget to actual results and cash forecast models for assessing performance and making operating decisions. The measurement of segment assets is reported on the consolidated balance sheet as total assets.

The Company’s significant segment expenses are as follows (in thousands):

Three months ended June 30,
20252024
Therapeutic area-specific research and development:
Endocrine diseases$19,329 $15,913 
Neurological diseases20,937 18,479 
Rheumatology diseases8,209 — 
Dermatology diseases5,145 — 
Other clinical and nonclinical2,392 6,401 
Other unallocated research and development10,685 10,160 
Personnel-related research and development (1)
34,503 24,520 
Personnel-related general and administrative (2)
17,832 10,696 
Other general and administrative (3)
8,192 8,112 
Interest income, net(6,337)(7,180)
Other segment items (4)
(274)49 
Net loss$120,613 $87,150 
___________
(1)Includes stock-based compensation expense of $7,865 and $7,185 for the three months ended June 30, 2025 and 2024, respectively.
(2)Includes stock-based compensation expense of $10,645 and $6,270 for the three months ended June 30, 2025 and 2024, respectively.
(3)Other general and administrative expenses primarily include legal and other professional fees, information technology costs and market research costs.
(4)Other segment items include other expense (income), net and provision (benefit) for income taxes.