v3.25.4
Segment Reporting
12 Months Ended
Dec. 31, 2025
Segment Reporting  
Segment Reporting

17. Segment Reporting

The Company operates and manages its business on a consolidated basis as a single reportable and single operating segment for the purposes of assessing performance and making operating decisions. The Company’s chief executive officer, who is the chief operating decision maker (“CODM”), reviews the Company’s financial information on a consolidated basis for purposes of evaluating financial performance and allocating resources. When evaluating the Company’s financial performance, the CODM regularly reviews net loss. The CODM considers net loss in making decisions on how to allocate resources. Net loss is used to monitor budget versus actual results in an effort to refine forecasts and control costs. The measure of segment assets is reported on the balance sheet as total consolidated assets. All of the Company's long-lived assets are held in the United States.

The following table presents significant expense information about the Company’s operating segment:

Year Ended December 31, 

2025

2024

Operating expenses:

Employee related expense(1)

$

119,262

$

68,790

External R&D expense - Apitegromab(3)

89,802

78,290

External R&D expense - SRK-181

2,408

9,957

External R&D expense - SRK-439(3)

8,969

11,638

External R&D expense - Early research and other(3)

6,677

3,047

External expense - G&A

56,083

22,384

Other segment items(2)

24,187

19,383

Equity-based compensation expense

75,600

36,628

Depreciation and amortization expense

1,657

1,937

Other non-operating expense/(income), net(3)

(6,706)

(5,760)

Net loss

$

377,939

$

246,294

(1) Excludes equity-based compensation expense.

(2) Consists of other segment expenses related to supplies, corporate and facilities expenses.

(3) Certain prior period amounts have been recast to conform with current period presentation.