| | | | | | | | | | 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.
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