v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information

3. Segment Information

The Company’s chief operating decision maker (the "CODM") is the President and Chief Executive Officer and the Company views its operations as one segment, which is using innovative experimental and computational approaches on protein motion for making medicines to drug protein targets that have previously been intractable or inadequately addressed. The factors used in determining the Company’s segments include the nature of the Company’s operating activities, the organizational and reporting structure, and the type of information provided to and reviewed by the Company’s CODM to allocate resources and evaluate financial performance.

The measure of segment assets is reported on the Company’s condensed consolidated balance sheets as total condensed consolidated assets. The Company only operates in the United States and all tangible assets, consisting of property and equipment and operating lease right-of-use assets, are held in the United States.

The Company’s CODM uses condensed consolidated net loss to evaluate the Company’s expenditures and monitor budget-to-actual results. In connection therewith, the review of budget-to-actual results is used in assessing performance of the Company’s one operating segment, as well as in establishing resource allocations across the Company.

The following table illustrates information about segment revenue, significant segment expenses, and segment net loss.

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

 

(in thousands)

 

License and other revenue

 

$

3,000

 

 

$

7,679

 

Less:

 

 

 

 

 

 

Research and development expenses

 

 

 

 

 

 

External costs for programs in clinical trials

 

$

41,383

 

 

$

23,673

 

External costs for platform technologies and preclinical programs

 

 

3,691

 

 

 

14,638

 

Employee related expenses (1)

 

 

14,339

 

 

 

17,011

 

Other expenses (2)

 

 

4,019

 

 

 

5,768

 

General and administrative expenses (3)

 

 

7,117

 

 

 

10,925

 

Other segment expenses (income)

 

 

 

 

 

 

Depreciation expense

 

 

504

 

 

 

1,208

 

Stock compensation expense in research and development expenses

 

 

6,690

 

 

 

11,689

 

Stock compensation expense in general and administrative expenses

 

 

3,847

 

 

 

7,636

 

Interest income

 

 

(5,352

)

 

 

(7,813

)

Other expense

 

 

53

 

 

 

9

 

Segment net loss

 

 

(73,291

)

 

 

(77,065

)

Reconciliation to consolidated net loss:

 

 

 

 

 

 

Adjustments or reconciling items

 

 

—

 

 

 

—

 

Consolidated net loss

 

$

(73,291

)

 

$

(77,065

)

The expense categories and amounts in the table above align with the segment-level information regularly provided to the CODM.

(1) "Employee related expenses" within research and development expenses excludes stock compensation expense.

(2) "Other expenses" within research and development expenses excludes depreciation expense.

(3) "General and administrative expenses" excludes stock compensation expense and depreciation expense.