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

10. Segments

The Company currently operates as one operating business segment focused on developing innovative medicines in areas of high unmet need for cancer patients. The Company's determination that it operates as a single segment is consistent with the financial information regularly reviewed by the CODM for purposes of evaluating performance, allocating resources, and planning and forecasting for future periods.

The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the segment based on net loss, which is reported on the statement of operations and comprehensive loss as net loss. The measure of segment assets is reported on the balance sheet as total assets.

To date, the Company has not recognized any revenue from product sales, and the Company does not expect to generate any revenue in the foreseeable future. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results is used in assessing performance of the segment and to make decisions about the allocation of resources, along with cash forecast models.

During the fourth quarter of 2025, the Company announced that it decided to pause the clinical development of its SMARCA2 degrader program which is comprised of PRT3789 and PRT7732 and prioritize allocation of resources to advancing the JAK2 V617F and K(lysine) acetyltransferase 6A (KAT6A) selective degrader programs. The expense included in other are programs that the Company has paused or discontinued, including the previously mentioned SMARCA2 degrader programs. Corresponding segment expense for earlier periods have been recast. The following table summarizes the significant expense categories regularly reviewed by the CODM for the three months ended March 31, 2026 and 2025.

 

 

 

Three months ended March 31

 

(in thousands)

 

2026

 

 

2025

 

Revenue

 

$

4,580

 

 

$

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

Research and development

 

 

 

 

 

 

JAK2 V617F

 

 

1,412

 

 

 

1,175

 

KAT6A

 

 

791

 

 

 

506

 

Discovery programs

 

 

54

 

 

 

787

 

Other

 

 

838

 

 

 

9,901

 

General costs, including personnel related

 

 

10,506

 

 

 

16,447

 

Total research and development

 

 

13,601

 

 

 

28,816

 

General and administrative

 

 

5,156

 

 

 

5,790

 

Total operating expenses

 

$

18,757

 

 

$

34,606

 

Loss from operations

 

 

(14,177

)

 

 

(34,606

)

Other income, net

 

 

3,792

 

 

 

2,521

 

Net loss

 

$

(10,385

)

 

$

(32,085

)