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	)