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

15. Segment reporting

The Company currently has a single reportable operating segment and revenue generated exclusively from the Maruho License Agreement. The Company’s chief executive officer, who is the CODM, manages the Company on a consolidated basis and utilizes consolidated net loss as a basis for resource allocation and decision making. The CODM considers budget-to-actual variances for each of the disaggregated components of operating expenses when making decisions about allocating resources and evaluating performance. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets. In addition, the CODM is regularly provided information on total cash, which is inclusive of cash, cash equivalents and short-term investments, as a measure of segment assets. As of March 31, 2026, the Company’s cash, cash equivalents and short-term investments were $294.6 million.

The Company's consolidated and segment net loss, including disaggregated components of operating expenses is as follows (in thousands):

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

 

 

 

2026

 

 

2025

 

Collaboration revenue

 

 

 

 

 

 

 

$

1,034

 

 

$

566

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development:

 

 

 

 

 

 

 

 

 

 

 

 

Verekitug program:

 

 

 

 

 

 

 

 

 

 

 

 

COPD indication

 

 

 

 

 

 

 

 

10,962

 

 

 

5,687

 

Asthma indication

 

 

 

 

 

 

 

 

10,710

 

 

 

10,021

 

CRSwNP indication

 

 

 

 

 

 

 

 

1,089

 

 

 

2,763

 

Personnel expenses

 

 

 

 

 

 

 

 

7,201

 

 

 

3,705

 

Manufacturing costs

 

 

 

 

 

 

 

 

4,973

 

 

 

2,129

 

Professional fees and other

 

 

 

 

 

 

 

 

1,630

 

 

 

1,492

 

Total research and development expenses

 

 

 

 

 

 

 

 

36,565

 

 

 

25,797

 

General and administrative:

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

 

 

 

 

 

 

4,937

 

 

 

4,232

 

Professional fees

 

 

 

 

 

 

 

 

2,034

 

 

 

1,496

 

Other

 

 

 

 

 

 

 

 

1,113

 

 

 

1,054

 

Total general and administrative expenses

 

 

 

 

 

 

 

 

8,084

 

 

 

6,782

 

Total operating expenses

 

 

 

 

 

 

 

 

44,649

 

 

 

32,579

 

Loss from operations

 

 

 

 

 

 

 

 

(43,615

)

 

 

(32,013

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

 

 

 

3,054

 

 

 

4,743

 

Other expense, net

 

 

 

 

 

 

 

 

(30

)

 

 

—

 

Total other income, net

 

 

 

 

 

 

 

 

3,024

 

 

 

4,743

 

Segment and consolidated net loss

 

 

 

 

 

 

 

$

(40,591

)

 

$

(27,270

)