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

(3) SEGMENT REPORTING

The Company manages its operations as a single operating segment. The Company’s chief operating decision maker (CODM) uses consolidated, single-segment financial information for the purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods.

The CODM assesses performance and decides how to allocate resources based on the Company’s consolidated net loss, including key components of research and development costs and general and administrative costs. These measures are used to monitor budget versus actual results and to evaluate the performance of the segment.

The CODM reviews cash, cash equivalents and investments as a measure of segment assets. As of March 31, 2026 and December 31, 2025, the Company’s cash, cash equivalents and investments were $169.1 million and $48.3 million, respectively.

The following table presents the significant segment expenses for the three months ended March 31, 2026 and 2025 (in thousands):

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

Research and development expenses:

 

 

 

 

 

 

Clinical and development costs

 

$

8,280

 

 

$

10,537

 

Preclinical costs

 

 

(65

)

 

 

1,238

 

Personnel and related costs

 

 

3,175

 

 

 

7,563

 

Stock-based compensation expense

 

 

1,201

 

 

 

3,005

 

Other research costs

 

 

1,015

 

 

 

1,545

 

Total research and development expenses

 

 

13,606

 

 

 

23,888

 

General and administrative expenses:

 

 

 

 

 

 

Personnel and related costs

 

 

1,841

 

 

 

2,825

 

Stock-based compensation expense

 

 

1,308

 

 

 

2,211

 

Other general and administrative costs

 

 

2,211

 

 

 

2,896

 

Total general and administrative expenses

 

 

5,360

 

 

 

7,932

 

Loss from operations

 

 

(18,966

)

 

 

(31,820

)

Interest income

 

 

1,182

 

 

 

1,483

 

Interest expense

 

 

(331

)

 

 

(406

)

Other income (expense), net

 

 

188

 

 

 

(11

)

Net loss

 

$

(17,927

)

 

$

(30,754

)