v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has one reportable segment relating to research and development of its product. The segment does not currently generate revenues as it is currently conducting clinical trials and has not commercialized.
The Company’s Chief Operating Decision Maker (the “CODM”), its Chief Executive Officer, manages the Company’s operations on an integrated basis for the purposes of allocating resources. When evaluating the Company’s financial performance, the CODM regularly reviews total expenses and expenses by function and the CODM makes decisions using this information on a global basis. The CODM monitors performance at the consolidated level such that the measure of segment loss is consolidated net loss and the measure of reportable segment assets is reported on the balance sheet as total assets.
The table below is a summary of the segment profit or loss, including significant segment expenses (in thousands):

Three Months Ended March 31,
2026
2025
Expenses
Manufacturing and process development
$
23,208 
$
18,655 
Clinical operations and development
14,570 
10,026 
Research and development personnel cost and other (including stock-based compensation)
9,121 
5,096 
Research
601 
556 
Total research and development
47,500 
34,333 
General and administrative personnel costs (including stock-based compensation)
7,963 
4,832 
Professional fees
3,560 
1,504 
Facility costs, IT, office expense and other
1,219 
1,119 
Total general and administrative expenses
12,742 
7,455 
Total operating expenses
60,242 
41,788 
Operating loss
(60,242)
(41,788)
Interest income
4,083 
5,014 
Total other income
4,083 
5,014 
Net income before losses
(56,159)
(36,774)
Income tax expense
(52)
(72)
Segment and consolidated net loss
$
(56,211)
$
(36,846)

Included within facility costs, IT, office expense and other are depreciation expense, which is disclosed on the Statement of Cash Flows