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

15. Segments

The Company has one operating and reportable segment focused on inventing and developing novel medicines for patients with depression, anxiety, and other debilitating neuropsychiatric disorders using the Company's proprietary Glyph™ Platform.

The chief operating decision-maker, or CODM, manages the Company’s operations on a consolidated basis, and assesses performance based on consolidated net loss that is reported on the condensed consolidated statements of operations and comprehensive loss. The CODM makes decisions about allocating resources and assessing performance for the entire company. The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets.

The following table presents certain significant segment expenses that are regularly provided to the CODM (in thousands):

 

 

Three Months Ended March 31,

 

2026

 

 

2025

 

Research and development expenses:

 

 

 

 

 

GlyphAllo direct research and development expenses

$

8,297

 

 

$

3,309

 

GlyphAgo direct research and development expenses

 

6,494

 

 

 

1,960

 

Glyph2BLSD direct research and development expenses

 

582

 

 

 

896

 

Preclinical and early discovery assets

 

944

 

 

 

821

 

Personnel-related (including stock-based compensation expense of
   $0.9 million and $0.5 million for three months ended March 31, 2026
   and 2025, respectively)

 

4,600

 

 

 

3,156

 

Other indirect research and development expenses

 

514

 

 

 

392

 

Total research and development expenses

 

21,431

 

 

 

10,534

 

General and administrative expenses:

 

 

 

 

 

Personnel-related (including stock-based compensation expense of
   $1.7 million and $1.1 million for three months ended March 31, 2026
   and 2025, respectively)

 

4,124

 

 

 

3,024

 

Other general and administrative expenses(1)

 

1,988

 

 

 

2,627

 

Total general and administrative expenses

 

6,112

 

 

 

5,651

 

Other segment items(2)

 

(2,135

)

 

 

(3,060

)

Net loss

$

25,408

 

 

$

13,125

 

 

(1)
Other general and administrative expenses include professional fees, facilities, depreciation, IT, and other expenses.
(2)
Other segment items include interest income, net, research and development tax credit, income tax provision, and other expense, net.