v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company operates in one reportable segment, pioneering differentiated small molecule therapies inflammatory and fibrotic diseases with significant unmet need.
The Company’s chief operating decision maker (“CODM”) is its President and Chief Executive Officer, Carmine Stengone. The CODM makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results of the Company as a whole using operating expenses, as reported on the Company’s statements of operations and comprehensive loss. Net loss is also a measure that is considered in monitoring budget versus actual results.
The CODM does not review assets in evaluating the results of the Company, and therefore, such information is not presented.

Significant segment expenses within net loss include research and development related to PIPE-791, PIPE-307, CTX-343, discovery programs and unallocated internal costs, general and administrative and interest income.
The following table provides the operating financial results of the Company’s single reportable segment (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Significant segment expenses
Research and development
PIPE-791$7,127 $6,178 $13,178 $11,732 
PIPE-307(259)2,160 (8)4,775 
CTX-343341 1,059 614 2,437 
Discovery programs1,317 1,328 2,743 2,710 
Unallocated internal costs(1)
4,176 3,338 7,822 6,121 
General and administrative4,726 3,839 9,983 8,237 
Total operating expenses17,428 17,902 34,332 36,012 
Loss from operations(17,428)(17,902)(34,332)(36,012)
Interest income2,342 2,029 4,847 4,279 
Other segment items(2)
(68)(167)(125)(297)
Net loss$(15,154)$(16,040)$(29,610)$(32,030)
______________________
(1)Unallocated internal research and development costs include employee-related expenses that cannot be directly attributable to a specific research project, stock-based compensation for employees engaged in research and development functions, facilities, depreciation and other related expenses.

(2)Other segment items include other expense, net which primarily consists of non-operating items.