The following table presents selected financial information about the Company’s single operating segment for the years ended December 31, 2025 and 2024 (in thousands):


	Year Ended December 31,
	2025		2024
Operating expenses
Research and development
External costs	$	81,909	$	71,188
Internally-managed costs (1)	19,028		19,062
General and administrative (2)	12,985		14,069
Other segment expenses (3)	9,910		9,698
Other income, net	(2,497)		(11,688)
Segment net loss	$	121,335	$	102,329

(1) Includes Company-managed research, consultants and contractors, as well as internal personnel and operating expenses, and excludes stock-based compensation expense and depreciation.

(2) Excludes stock-based compensation expense and depreciation.

(3) Other segment expenses include stock-based compensation expense and depreciation.