The following table presents selected financial information with respect to the Company’s single operating segment for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Revenue:
Collaboration and license revenue	$	—	$	400
Grant revenue	78		700
Total revenue	78		1,100
Less:
Operating expenses:

Descartes-08 for MG	12,135		7,036
Descartes-08 for dermatomyositis	227		—
Early stage programs	355		990
Research and development employee expenses	3,828		3,702
Research and development stock-based compensation expense	949		1,275
Research and development facilities and other expenses	1,969		1,671
General and administrative	7,114		8,315

Other expense (income), net (1)	12,683		(4,179)
Net loss	$	(39,182)	$	(17,710)


(1) Includes interest income; gain on change in fair value of warrant liabilities; (loss) gain on change in fair value of contingent value right liability; and other expense, net.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details