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

3. Segment

The Company is a publicly listed company focused on the development of clinical and pre-clinical product candidates with a single reportable segment: clinical research. The accounting policies of the clinical research segment are the same as those described in the summary of significant accounting policies.

The Company has yet to generate revenue and anticipates substantial expenses and operating losses as it advances its product candidates through clinical trials and regulatory processes.

The Company’s Chief Operating Decision Maker (“CODM”) is the senior executive committee that is comprised of the Chief Executive Officer and the Chief Financial Officer. The CODM assesses financial performance primarily using operating expenses as reported on the statement of operations, supplemented by internal budget and forecast models to guide resource allocation and performance evaluation. Segment assets are reported as total assets on the Company’s consolidated balance sheet, and segment loss is reflected as net loss in the Company’s consolidated statements of operations and comprehensive loss, effectively mirroring the Company’s overall financial position due to its single-segment structure. The Company does not have intra-entity sales or transfers.

 

 

Clinical Research Segment

 

 

Three Months Ended

 

 

March 31,

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

(in thousands)

 

Operating expenses:

 

 

 

 

 

Direct program expense

$

6,717

 

 

$

7,872

 

Indirect program expense

 

474

 

 

 

526

 

Workforce salaries and benefits

 

4,460

 

 

 

4,407

 

Share-based compensation expense

 

2,780

 

 

 

2,745

 

General corporate expenses

 

1,184

 

 

 

1,450

 

Segment net loss

 

15,615

 

 

 

17,000

 

Reconciliation of loss:

 

 

 

 

 

Interest income

 

(458

)

 

 

(1,075

)

Adjustments and reconciling items

 

(458

)

 

 

(1,075

)

Net loss

$

15,157

 

 

$

15,925