v3.26.1
Segment data
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Data

15. Segment data

The Company defines its segments based on the way in which internally reported financial information is regularly reviewed by the chief operating decision maker, or CODM, to analyze financial performance, make decisions, and allocate resources. The Company manages its operations as a single operating and reportable segment committed to developing a portfolio of novel and proprietary MGDs. MGDs are small molecule drugs that employ the body’s natural protein destruction mechanisms to selectively degrade therapeutically-relevant proteins. As the internal reporting is based on the consolidated results, the Company has identified one operating and reportable segment. The CODM uses net income (loss) in the budget and forecasting process and considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources. The measure of the operating segment assets is reported on the consolidated balance sheet as total assets.

The accounting policies used in the segment reporting are the same as those described in Note 2, Summary of significant accounting policies. The Company’s CODM is the Chief Executive Officer.

The Company's reportable segment net revenues and loss for the years ended December 31, 2025 and 2024, consisted of the following:

 

 

Year ended December 31,

 

 

 

2025

 

 

2024

 

Revenue:

 

 

 

 

 

 

Collaboration revenue

 

$

123,672

 

 

$

75,622

 

Operating expense:

 

 

 

 

 

 

Research and development:

 

 

 

 

 

 

External research and development expenses:

 

 

 

 

 

 

MRT-2359

 

 

8,959

 

 

 

12,332

 

MRT-6160

 

 

7,539

 

 

 

15,209

 

MRT-8102

 

 

19,696

 

 

 

10,163

 

Other development and discovery programs

 

 

25,198

 

 

 

14,432

 

Personnel expense

 

 

46,241

 

 

 

39,796

 

Overhead and administrative expense

 

 

33,867

 

 

 

29,631

 

General and administrative expenses:

 

 

 

 

 

 

Personnel expense

 

 

22,975

 

 

 

22,153

 

Professional services

 

 

5,740

 

 

 

5,091

 

Facility costs and other expense

 

 

7,665

 

 

 

7,927

 

Interest and other income, net

 

 

14,485

 

 

 

10,982

 

Income tax benefit (provision)

 

 

1,097

 

 

 

(2,570

)

Net loss

 

$

(38,626

)

 

$

(72,700

)

 

Other development and discovery expenses are related to the development of our QuEENTM discovery engine and our disclosed and undisclosed programs, including CDK2 and CCNE1. The Company's tangible assets are held in the U.S. and Switzerland, with 29% and 28% of the assets held in Switzerland as of December 31, 2025 and 2024, respectively. The Company's collaboration revenue is generated in the U.S. and Switzerland, with 90% and 100% of the collaboration revenue generated in Switzerland during the years ended December 31, 2025 and 2024, respectively.