v3.26.1
Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segments Segments
The Company operates and manages its business as one reportable and operating segment, which is the business of developing and commercializing novel therapies for patients. The Company’s chief executive officer, who is the chief operating decision maker (“CODM”), reviews financial information on an aggregate basis for allocating and evaluating financial performance. The Company defines its segments based on the way in which internally reported financial information is regularly reviewed by the CODM to analyze financial performance, make decisions, and allocate resources. The CODM assesses performance for the segment and decides how to allocate resources based on net loss which is also reported on the Statement of Operations and Comprehensive Loss as consolidated net loss.
All long-lived assets are maintained in the United States of America.
Our CODM is regularly provided with more detailed expense information than what is included in our Statement of Operations and Comprehensive Loss. Following our decision to discontinue development of bexotegrast, we re-prioritized development of programs formerly included in "other segment items" below. Beginning in the first quarter of 2026, significant segment expense includes the re-priortized pipeline within "Program expense - clinical trial and third party contracting costs". Prior period amounts have been reclassified to conform to current year presentation.
The table below shows a reconciliation of the Company’s net loss, including the significant expense categories regularly provided to and reviewed by the CODM reflecting the changes made by the company's re-priortized pipeline, as computed under U.S. GAAP, to the Company’s total net loss in the statements of operations (in thousands).
Three Months Ended March 31,
20262025
Operating expenses:
Program expense including clinical trial and third party contracting costs$5,585 $1,436 
Bexotegrast - clinical trial and third party contracting costs(777)21,589 
Employee-related expenses - research and development (excluding stock-based compensation) 3,537 10,486 
General and administrative costs (excluding stock-based compensation)5,661 10,289 
Other segment items7,766 15,135 
Segment loss21,772 58,935 
Reconciliation of segment loss
Interest and other (income) expense, net(1,732)(3,568)
Interest expense— 799 
Net loss$20,040 $56,166 
Other segment items include total stock-based compensation and research and development costs not directly associated with active, prioritized pipeline programs and other non-program costs (excluding employee-related expenses).