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

Note 10. Segment Information

The Company operates in one segment, which is GPCR oral small molecule drug discovery. The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer. The measure of segment profit or loss is net loss, which is also reported on the condensed statements of operations and comprehensive loss as net loss.

The measure of segment assets is reported on the condensed balance sheet as total assets. The CODM uses segment net loss to monitor spending, assess performance for the Company and management, evaluate the progress of completing corporate goals, decide how to allocate resources among the Company’s clinical and pre-clinical portfolios, and make strategic decisions about business development opportunities.

The CODM is regularly provided with the following significant segment expenses:

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Revenue

 

$

26,523

 

 

$

219

 

Employee-related expenses, excluding stock-based compensation

 

 

10,589

 

 

 

6,845

 

Stock-based compensation

 

 

6,015

 

 

 

1,482

 

External research and development expenses

 

 

14,557

 

 

 

10,239

 

External general and administrative expenses

 

 

2,506

 

 

 

2,652

 

Other segment expenses*

 

 

6,156

 

 

 

4,911

 

Total operating expenses

 

 

39,823

 

 

 

26,129

 

Loss from operations

 

 

(13,300

)

 

 

(25,910

)

Other income, net

 

 

5,000

 

 

 

4,434

 

Loss before provision for income taxes

 

 

(8,300

)

 

 

(21,476

)

Provision for income taxes

 

 

(337

)

 

 

—

 

Net loss

 

$

(8,637

)

 

$

(21,476

)

(*) Other segment expenses include facility related and office costs, information technology costs, general laboratory costs, depreciation and amortization of property and equipment, net, and other operating expenses.

As of March 31, 2026 and December 31, 2025, all of the Company’s property and equipment was maintained in the U.S. For the three months ended March 31, 2026 and 2025, the Company’s revenue was generated from providing research services and was earned in the U.S.