| Segment Reporting |
The following is a summary of our segment and consolidated net income (loss), including significant segment expenses: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | (in thousands) | | Collaboration revenue | $ | 21,000 | | | $ | — | | | $ | 21,000 | | | $ | — | | Less: | | | | | | | | | General and administrative support | 6,678 | | | 3,486 | | | 11,250 | | | 7,309 | | | Clinical development | 3,047 | | | 5,710 | | | 6,690 | | | 10,039 | | | Research and discovery | 1,028 | | | 3,537 | | | 3,183 | | | 6,856 | | | Manufacturing | 218 | | | 2,610 | | | 1,792 | | | 6,698 | | Other segment expenses(a) | 2,871 | | | 2,199 | | | 4,198 | | | 4,631 | | | | | | | | | | | Interest income | 277 | | | 850 | | | 710 | | | 1,847 | | | Interest expense | (475) | | | (1,301) | | | (1,843) | | | (2,564) | | | Loss on extinguishment of note payable | (3,354) | | | — | | | (3,354) | | | — | | | Other income, net | 64 | | | 11 | | | 738 | | | 179 | | | Segment and consolidated net income (loss) | $ | 3,670 | | | $ | (17,982) | | | $ | (9,862) | | | $ | (36,071) | |
(a) Other segment expenses includes non-cash expenses for stock-based compensation and depreciation expenses.
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