v3.26.1
Segment Reporting (Q1)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Segment Reporting    
Segment Reporting
12. Segment Reporting
Operating segments are defined as components of an enterprise which engages in business activities from which it may recognize revenues and incur expenses about which separate discrete information is available for evaluation by the chief operating decision maker, or CODM, in deciding how to allocate resources and in assessing performance. The Company operates in a single reportable segment, developing and advancing genetic medicines designed to target critical underlying pathology of neurodegenerative diseases.
The accounting policies of the single segment are the same as those described in the summary of significant accounting policies in the Company’s 2025 Annual Report filed on Form 10-K. The Company’s CODM is its chief executive officer. The measure of segment assets is reported on the balance sheet as total assets. All assets are located within the United States.
The CODM uses net loss as reported on the Company’s statement of operations to assess the Company’s performance. The CODM also uses cash forecasts in deciding where to invest or expand operations within the business. In these cash forecasts, research and development expenses and general and administrative expenses exclude certain non-cash items such as share-based compensation and depreciation and amortization expenses.
The following table summarizes significant segment expenses:

 
 
 
 
 
 
 
Three Months Ended March 31,
(in thousands)
 
 
2026
 
 
2025
Research and development
 
 
 
 
 
 
Wages, benefits, and other payroll
 
 
$1,458
 
 
$3,589
Third-party costs
 
 
2,432
 
 
3,794
Share-based compensation
 
 
142
 
 
244
Depreciation and amortization
 
 
61
 
 
110
Total research and development expenses
 
 
4,093
 
 
7,737
General and administrative
 
 
 
 
 
 
Wages, benefits, and other payroll
 
 
1,891
 
 
2,790
Third-party costs
 
 
2,415
 
 
2,603
Share-based compensation
 
 
414
 
 
614
Depreciation and amortization
 
 
67
 
 
78
Total general and administrative expenses
 
 
4,787
 
 
6,085
Impairment of long-lived assets
 
 
—
 
 
2,637
Net gain on lease termination
 
 
(633)
 
 
—
Loss from operations
 
 
(8,247)
 
 
(16,459)
Other income (expense), net
 
 
688
 
 
1,054
Net loss
 
 
$(7,559)
 
 
$(15,405)
 
 
 
 
 
 
 
The components of Other (income) expense, net are further described in Note 3 to the financial statements.
15. Segment Reporting
Operating segments are defined as components of an enterprise which engages in business activities from which it may recognize revenues and incur expenses about which separate discrete information is available for evaluation by the chief operating decision maker, or CODM, in deciding how to allocate resources and in assessing performance. The Company operates in a single reportable segment, developing and advancing genetic medicines designed to target critical underlying pathology of neurodegenerative diseases.
The accounting policies of the single segment are the same as those described in the summary of significant accounting policies. The Company’s CODM is its chief executive officer.
The measure of segment assets is reported on the balance sheet as total assets. All assets are located within the United States.
The CODM uses net loss as reported on the Company’s statement of operations to assess the Company’s performance. The CODM also uses cash forecasts in deciding where to invest or expand operations within the business. In these cash forecasts, research and development expenses and general and administrative expenses exclude certain non-cash items such as share-based compensation and depreciation and amortization expenses.
The following table summarizes significant segment expenses:

 
 
 
 
 
 
 
Year Ended December 31,
(in thousands)
 
 
2025
 
 
2024
Research and development
 
 
 
 
 
 
Wages, benefits, and other payroll
 
 
$7,462
 
 
$12,265
Third-party costs
 
 
14,532
 
 
22,691
Share-based compensation
 
 
842
 
 
2,529
Depreciation and amortization
 
 
440
 
 
2,694
Total research and development expenses
 
 
23,276
 
 
40,179
General and administrative
 
 
 
 
 
 
Wages, benefits, and other payroll
 
 
7,784
 
 
9,255
Third-party costs
 
 
9,644
 
 
12,055
Share-based compensation
 
 
2,159
 
 
3,291
Depreciation and amortization
 
 
288
 
 
387
Total general and administrative expenses
 
 
19,875
 
 
24,988
Impairment of long-lived assets
 
 
6,145
 
 
5,233
Loss from operations
 
 
49,296
 
 
70,400
Other (income) expense, net
 
 
(3,774)
 
 
(5,633)
Net loss
 
 
$45,522
 
 
$64,767
 
 
 
 
 
 
 
The components of Other (income) expense, net are further described in note 3 to the financial statements.