v3.26.1
Segment Reporting
3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting
11.
Segment Reporting

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group ("CODM"), in making decisions regarding resource allocation and assessing performance. The Company’s CODM is its Chief Executive Officer. No product revenue has been generated since inception and all assets are held in the United States.

The Company views its operations and manages its business as one operating segment, focused on the discovery and development of novel therapies for the treatment of metabolic diseases. Segment profit or loss is measured as the Company’s net loss as reported on the Company’s unaudited condensed consolidated statements of operations and comprehensive loss. The Company monitors its cash and cash equivalents and short-term investments as reported on the Company’s unaudited condensed consolidated balance sheets to determine funding for its research and development. The measure of segment assets is reported on the condensed consolidated balance sheet as total assets.

As the Company does not currently generate revenue, the CODM assesses Company performance through the achievement of pre-clinical and clinical research goals. In addition to the Company’s unaudited condensed consolidated statements of operations and comprehensive loss, the CODM is regularly provided with budgeted and forecasted expense information which is used to determine the Company’s liquidity needs and cash allocation.

Segment net loss, including significant segment expenses regularly provided to the CODM, are as follows (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Research and development expenses:

 

 

 

 

 

 

Research expenses

 

$

12,628

 

 

$

5,496

 

Personnel-related (including stock-based compensation expense)

 

 

3,709

 

 

 

2,057

 

Facilities-related and other allocated costs

 

 

230

 

 

 

202

 

Total Research and development expenses

 

 

16,567

 

 

 

7,755

 

General and administrative expenses

 

 

5,897

 

 

 

2,715

 

Interest and dividend income

 

 

(889

)

 

 

(1,175

)

Unrealized losses on short-term investments

 

 

13

 

 

 

15

 

Net loss

 

$

21,588

 

 

$

9,310