v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information
15.
Segment Information

The Company has one operating segment and one reporting unit. The Company’s chief operating decision maker (“CODM”), its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of assessing performance and allocating resources. All of the Company’s assets are located in the United States.

The following table summarizes the Company’s segment information for the periods presented (in thousands):

 

 

THREE MONTHS ENDED
MARCH 31,

 

 

 

2026

 

 

2025

 

Operating expenses(1):

 

 

 

 

 

 

Research and development personnel-related (excluding equity-based compensation)

 

$

18,542

 

 

$

15,296

 

External research and development costs - zumilokibart (APG777)

 

 

19,542

 

 

 

14,571

 

External research and development costs - APG990 / APG279

 

 

5,444

 

 

 

3,213

 

External research and development costs - APG333 / APG273

 

 

254

 

 

 

2,434

 

External-discovery related costs and other (2)

 

 

8,433

 

 

 

5,437

 

General and administrative personnel-related (excluding equity-based compensation)

 

 

7,985

 

 

 

5,707

 

General and administrative operations(3)

 

 

5,009

 

 

 

5,105

 

Equity-based compensation

 

 

17,155

 

 

 

11,126

 

Depreciation expense

 

 

408

 

 

 

207

 

Interest income, net

 

 

(8,740

)

 

 

(7,840

)

Provision for income taxes

 

 

79

 

 

 

83

 

Consolidated net loss

 

$

74,111

 

 

$

55,339

 
(1)
The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)
External-discovery related costs and other include expenses related to APG808.
(3)
General and administrative operations are comprised of finance, investor relations, business development, human resources, legal, facilities & IT, and certain overhead expenses.