| 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):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Research and development expenses: |
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GlyphAllo direct research and development expenses |
$ |
12,796 |
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$ |
4,751 |
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$ |
21,093 |
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$ |
8,060 |
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GlyphAgo direct research and development expenses |
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3,478 |
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2,011 |
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9,972 |
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3,971 |
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Glyph2BLSD direct research and development expenses |
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1,617 |
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1,552 |
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2,199 |
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2,448 |
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Preclinical and early discovery assets |
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1,411 |
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967 |
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2,354 |
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1,790 |
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Personnel-related (including non-cash stock-based compensation expense of $0.9 million and $0.6 million for three months ended June 30, 2026 and 2025, respectively and $1.8 million and $1.1 million for six months ended June 30, 2026 and 2025, respectively) |
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4,732 |
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3,715 |
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9,331 |
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6,870 |
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Other indirect research and development expenses |
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585 |
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413 |
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1,100 |
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805 |
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Total research and development expenses |
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24,619 |
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13,409 |
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46,049 |
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23,944 |
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General and administrative expenses: |
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Personnel-related (including non-cash stock-based compensation expense of $36.0 million and $1.2 million for three months ended June 30, 2026 and 2025, respectively and $37.6 million and $2.3 million for six months ended June 30, 2026 and 2025, respectively) |
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38,168 |
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3,239 |
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42,292 |
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6,262 |
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Other general and administrative expenses(1) |
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3,021 |
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1,822 |
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5,010 |
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4,449 |
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Total general and administrative expenses |
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41,189 |
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5,061 |
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47,302 |
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10,711 |
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Other segment items(2) |
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(3,208 |
) |
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(3,393 |
) |
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(5,343 |
) |
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(6,453 |
) |
Net loss |
$ |
62,600 |
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$ |
15,077 |
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$ |
88,008 |
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$ |
28,202 |
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(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. |