
	Year Ended December 31,
	2025		2024
Research and development expenses:
External research and development expenses(1)	$	43,535	$	31,873
Fees paid to licensors(2)	23		5,525
Personnel-related expenses, excluding stock-based compensation	10,553		7,628
Facility and information technology allocated expenses	1,826		1,838
General and administrative expenses:
Personnel-related expenses, excluding stock-based compensation	10,947		5,634
General corporate and facility expenses(3)	8,401		4,222
Other segment items(4)	(17)		4,968
Net loss	$	75,268	$	61,688

(1)External research and development expenses consist primarily of costs paid to third-parties including CROs, CDMOs, consultants, advisors and lab-related vendors.

(2)Fees paid to licensors consists primarily of upfront and annual licensing fees paid pursuant to the Company's license agreements.

(3)General corporate and facility expenses consists primarily of professional services fees for legal, finance, human resources, medical affairs in addition to information technology expenses and rent expense, net of sublease income.

(4)Other segment items consists primarily of interest income, partially offset by taxes and non-cash expenses, such as stock-based compensation, depreciation, the fair value of equity issued pursuant to the AbbVie License Agreement (Note 9) recognized in 2024, and amortization of discounts and premiums on marketable securities.