v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information

12. SEGMENT INFORMATION

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company operates as a single reporting segment, focused on developing its proprietary RNA medicines platform, PRISM, to develop and commercialize a broad pipeline of RNA medicines in a variety of therapeutic areas. Consistent with the Company’s operational structure, the Company’s chief executive officer (“CEO”), as the CODM, manages and allocates resources on a consolidated basis at the global corporate level. The results of our operations are reported on a consolidated basis for purposes of segment reporting. The CEO uses consolidated net loss that is reported on the consolidated statements of operations and comprehensive loss for the purposes of assessing performance, allocating resources and planning, monitoring budget versus actual results, and forecasting future periods.

The following table is representative of the significant expense categories regularly provided to the CODM when managing the Company's single reporting segment. A reconciliation to consolidated operating expenses as the Company’s single segment operating loss for the three and six months ended June 30, 2026 and 2025 is included in the table below:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

(in thousands)

 

 

(in thousands)

 

Research and development expenses:

 

 

 

 

 

 

 

 

 

 

 

 

INHBE program

 

$

6,870

 

 

$

3,515

 

 

$

11,706

 

 

$

6,054

 

AATD program

 

 

2,989

 

 

 

1,846

 

 

 

4,739

 

 

 

3,292

 

DMD program

 

 

3,953

 

 

 

2,681

 

 

 

8,091

 

 

 

5,719

 

HD program

 

 

157

 

 

 

789

 

 

 

220

 

 

 

1,956

 

Other research and development expenses(1), including
    PNPLA3, additional preclinical programs, PRISM

 

 

37,324

 

 

 

34,638

 

 

 

73,977

 

 

 

67,070

 

Total research and development expenses

 

 

51,293

 

 

 

43,469

 

 

 

98,733

 

 

 

84,091

 

General and administrative expenses

 

 

24,781

 

 

 

17,989

 

 

 

46,884

 

 

 

36,346

 

Total operating expenses

 

$

76,074

 

 

$

61,458

 

 

$

145,617

 

 

$

120,437

 

 

(1) Includes expenses related to other research and development programs, identification of potential drug discovery candidates, compensation-related expenses, internal manufacturing expenses, equipment repairs and maintenance expense, facility-related expenses, and other operating expenses, which are not allocated to specific programs.