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

3. Segment Reporting

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (the “CODM”) in deciding how to allocate resources and in assessing the Company’s performance. The Company operates as a single operating segment and has one reportable segment which focuses on developing next-generation therapies to transform the treatment of severe autoimmune diseases.

The Company’s CODM is its Chief Executive Officer. The CODM manages the Company’s operations on a consolidated basis as one operating segment for the purposes of evaluating financial performance and allocating resources.

The Company has not yet generated any revenue from product sales. The CODM assesses the financial performance of the segment and decides how to allocate resources based on net loss on a consolidated basis. The measure of segment assets is reported on the unaudited condensed consolidated balance sheets as total consolidated assets.

The CODM uses net loss predominantly in the annual operating budget and in the strategic planning and forecasting process. Such profit or loss measure is used to monitor budget versus actual results on an ongoing basis by the CODM and determines how resources are allocated to the various activities of the Company. The CODM also uses net loss to evaluate the Company’s performance and considers net loss when determining management’s incentive compensation.

All of the Company’s tangible assets are held in the United States. The Company views its operations and manages its business in one operating segment, operating exclusively in the United States.

The table below provides a summary of the segment profit or loss, including significant segment expenses:

 

 

Three Months Ended
March 31,

 

 

2026

 

 

2025

 

Revenues:

 

 

 

 

 

 

License revenue

 

$

463

 

 

$

1,163

 

Research and development expenses:

 

 

 

 

 

 

Claseprubart program-related expenses:

 

 

 

 

 

 

Clinical operation activity costs

 

 

14,156

 

 

 

11,739

 

CMC activity costs

 

 

3,713

 

 

 

3,811

 

Preclinical study activity costs

 

 

320

 

 

 

1,041

 

Total claseprubart program-related expenses

 

 

18,189

 

 

 

16,591

 

Discovery expenses

 

 

1,363

 

 

 

900

 

Personnel and related costs

 

 

8,635

 

 

 

5,847

 

Stock-based compensation expense

 

 

4,848

 

 

 

2,475

 

Other costs

 

 

1,493

 

 

 

1,190

 

Total research and development expenses

 

 

34,528

 

 

 

27,003

 

General and administrative expenses:

 

 

 

 

 

 

Stock-based compensation expense

 

 

5,754

 

 

 

2,840

 

Personnel and related costs

 

 

4,061

 

 

 

2,561

 

Other costs

 

 

2,653

 

 

 

1,936

 

Total general and administrative expenses

 

 

12,468

 

 

 

7,337

 

Other income, net

 

 

5,699

 

 

 

3,666

 

Net loss

 

$

(40,834

)

 

$

(29,511

)