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

3. Segment Reporting

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (the “CODM”) in deciding how to allocate resources and in assessing the Company’s performance. The Company operates as a single operating segment and has one reportable segment which focuses on developing next-generation therapies to transform the treatment of severe autoimmune diseases.

The Company’s CODM is its Chief Executive Officer. The CODM manages the Company’s operations on a consolidated basis as one operating segment for the purposes of evaluating financial performance and allocating resources.

The Company has not yet generated any revenue from product sales. The CODM assesses the financial performance of the segment and decides how to allocate resources based on net loss on a consolidated basis. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets.

The CODM uses net loss predominantly in the annual operating budget and in the strategic planning and forecasting process. Such profit or loss measure is used to monitor budget versus actual results on an ongoing basis by the CODM and determines how resources are allocated to the various activities of the Company. The CODM also uses net loss to evaluate the Company’s performance and considers net loss when determining management’s incentive compensation.

All of the Company’s tangible assets are held in the United States. The Company views its operations and manages its business in one operating segment, operating exclusively in the United States.

The table below provides a summary of the segment profit or loss, including significant segment expenses:

 

 

Year Ended
December 31,

 

 

2025

 

 

2024

 

Revenues:

 

 

 

 

 

 

License revenue - former related party

 

$

—

 

 

$

5,909

 

License revenue

 

 

2,036

 

 

 

326

 

Total revenues

 

 

2,036

 

 

 

6,235

 

Research and development expenses:

 

 

 

 

 

 

Claseprubart program-related expenses:

 

 

 

 

 

 

Clinical operation activity costs

 

 

49,870

 

 

 

25,764

 

CMC activity costs

 

 

16,570

 

 

 

19,494

 

Preclinical study activity costs

 

 

3,563

 

 

 

8,537

 

Other costs

 

 

2,069

 

 

 

600

 

Total claseprubart program-related expenses

 

 

72,072

 

 

 

54,395

 

Discovery expenses(1)

 

 

32,070

 

 

 

2,117

 

Personnel and related costs

 

 

26,008

 

 

 

16,638

 

Stock-based compensation expense

 

 

10,090

 

 

 

5,576

 

Other costs

 

 

5,398

 

 

 

4,379

 

Total research and development expenses

 

 

145,638

 

 

 

83,105

 

General and administrative expenses:

 

 

 

 

 

 

Stock-based compensation expense

 

 

12,703

 

 

 

7,318

 

Personnel and related costs

 

 

11,531

 

 

 

8,249

 

Other costs

 

 

10,097

 

 

 

9,427

 

Total general and administrative expenses

 

 

34,331

 

 

 

24,994

 

Other income, net

 

 

15,596

 

 

 

16,895

 

Net loss

 

$

(162,337

)

 

$

(84,969

)

 

(1)

For the year ended December 31, 2025, discovery expenses include $30.0 million related to the upfront and near-term milestone payments pursuant to the Leads License Agreement (as defined below in Note 16) related to DNTH212. Additional information is included in Note 16.