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

10. Segment

The Company is currently developing medicines for patients with neurological or psychiatric disorders in the United States. The Company does not have any revenue generating products, and revenue will not be generated from any other current or future product candidates until regulatory approval is obtained and products are commercialized.

For the year ended December 31, 2025, the Company has identified one operating and reportable segment. The Company defines its operating segments based on internally reported financial information that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) to analyze financial performance, make decisions, and allocate resources. The Company’s Chief Executive Officer (“CEO”) is the CODM.

The CODM reviews the segment’s profit or loss based on net (loss) income reported on the consolidated statement of operations and comprehensive loss and considers forecast-to-actuals variances on a quarterly basis for expenses that are deemed significant. Further, the CODM reviews the segment’s assets based on total assets reported on the consolidated balance sheet. In addition, the CODM is regularly provided information on total cash, which is inclusive of cash, cash equivalents and short-term investments, as a measure of segment assets. As of December 31, 2025, the Company’s cash, cash equivalents and short-term investments were $490.5 million. All long-lived assets are held in the United States.

The Company’s CODM views specific categories within research and development expenses and general and administrative expenses as significant given the direct correlation between cash burn and profitability as a pre-revenue company.

The following table reconciles reported revenues to net loss under the significant expense principle for the years ended December 31, 2025 and 2024 (in thousands):

 

 

For the Year
Ended December 31,

 

 

2025

 

 

2024

 

 

 

 

 

 

 

Research and Development Expenses:

 

 

 

 

 

 

RAP-219 program external expenses

 

$

41,144

 

 

$

22,080

 

Preclinical programs external expenses

 

 

16,565

 

 

 

16,535

 

R&D personnel-related costs (including stock-based
   compensation)

 

 

30,404

 

 

 

19,500

 

 Other costs

 

 

6,676

 

 

 

2,820

 

General and Administrative Expenses:

 

 

 

 

 

 

G&A personnel-related costs (including stock-based
   compensation)

 

 

21,519

 

 

 

13,989

 

Professional and consulting costs

 

 

5,260

 

 

 

5,482

 

Facility related and other

 

 

3,531

 

 

 

2,649

 

Loss from operations

 

$

(125,099

)

 

$

(83,055

)

Interest income

 

 

13,616

 

 

 

12,138

 

Change in fair value of preferred stock tranche right liability

 

 

—

 

 

 

(7,390

)

Net loss

 

$

(111,483

)

 

$

(78,307

)

 

Accordingly, the Company consists of a single operating and reportable segment and the consolidated financial statements and notes thereto are presented as a single reportable segment.