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Segment Disclosures
3 Months Ended
Mar. 31, 2026
Segment Disclosures [Abstract]  
Segment Disclosures

9. Segment Disclosures

 

The Company operates and manages its business activities on a consolidated basis and operates in one reportable segment.

 

The Company operates as a single reportable and operating segment. Its Chief Executive Officer, serving as the Chief Operating Decision Maker (“CODM”), oversees operations on an aggregated basis to allocate resources effectively. In assessing the Company’s financial performance, the CODM regularly reviews total operating expenses and consolidated net loss.

 

The measure of segment assets is reported on the balance sheet as total consolidated assets. The Company’s long-lived assets consist primarily of property and equipment, net. As of March 31, 2026 and December 31, 2025 all long-lived assets were in the U.S.

 

The following table summarizes the segment loss from operations, including significant segment expenses (in thousands):

 

   Three Months Ended
March 31,
 
   2026   2025 
Research and development personnel-related (excluding stock-based compensation)  $6,077   $2,463 
General and administrative personnel-related (excluding stock-based compensation)   2,117    1,694 
Research and development stock-based compensation   3,579    3,003 
General and administrative stock-based compensation   3,389    1,880 
External research and development   18,329    13,610 
Other research and development   1,160    849 
General and administrative, excluding personnel-related and stock-based compensation   1,783    1,587 
Total operating expenses   36,434    25,086 
Loss from operations  $(36,434)  $(25,086)