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

3. Segment Reporting

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 (the “CODM”) in deciding how to allocate resources and in assessing the Company’s performance. The Company operates as a single operating segment and has one reportable segment which focuses on developing next-generation therapies to transform the treatment of severe autoimmune diseases.

The Company’s CODM is its Chief Executive Officer. The CODM manages the Company’s operations on a consolidated basis as one operating segment for the purposes of evaluating financial performance and allocating resources.

The Company has not yet generated any revenue from product sales. The CODM assesses the financial performance of the segment and decides how to allocate resources based on net loss on a consolidated basis. The measure of segment assets is reported on the unaudited condensed consolidated balance sheets as total consolidated assets.

The CODM uses net loss predominantly in the annual operating budget and in the strategic planning and forecasting process. Such profit or loss measure is used to monitor budget versus actual results on an ongoing basis by the CODM and determines how resources are allocated to the various activities of the Company. The CODM also uses net loss to evaluate the Company’s performance and considers net loss when determining management’s incentive compensation.

All of the Company’s tangible assets are held in the United States. The Company views its operations and manages its business in one operating segment, operating exclusively in the United States.

The table below provides a summary of the segment profit or loss, including significant segment expenses:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

License revenue

 

$

761

 

 

$

193

 

 

$

1,224

 

 

$

1,356

 

Research and development expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Claseprubart program-related expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Clinical operation activity costs

 

 

20,422

 

 

 

12,635

 

 

 

34,578

 

 

 

24,329

 

CMC activity costs

 

 

8,998

 

 

 

2,975

 

 

 

12,711

 

 

 

6,779

 

Preclinical study activity costs

 

 

84

 

 

 

795

 

 

 

403

 

 

 

1,887

 

Other

 

 

—

 

 

 

50

 

 

 

—

 

 

 

50

 

Total claseprubart program-related expenses

 

 

29,504

 

 

 

16,455

 

 

 

47,692

 

 

 

33,045

 

Discovery expenses(1)

 

 

2,308

 

 

 

168

 

 

 

3,671

 

 

 

1,068

 

Personnel and related costs

 

 

9,254

 

 

 

5,962

 

 

 

17,888

 

 

 

11,809

 

Stock-based compensation expense

 

 

5,643

 

 

 

2,459

 

 

 

10,491

 

 

 

4,934

 

Other costs

 

 

1,977

 

 

 

1,207

 

 

 

3,472

 

 

 

2,398

 

Total research and development expenses

 

 

48,686

 

 

 

26,251

 

 

 

83,214

 

 

 

53,254

 

General and administrative expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

6,255

 

 

 

3,247

 

 

 

12,009

 

 

 

6,087

 

Personnel and related costs

 

 

4,128

 

 

 

2,794

 

 

 

8,189

 

 

 

5,354

 

Other costs

 

 

3,174

 

 

 

2,828

 

 

 

5,827

 

 

 

4,765

 

Total general and administrative expenses

 

 

13,557

 

 

 

8,869

 

 

 

26,025

 

 

 

16,206

 

Other income, net

 

 

11,267

 

 

 

3,298

 

 

 

16,966

 

 

 

6,964

 

Net loss

 

$

(50,215

)

 

$

(31,629

)

 

$

(91,049

)

 

$

(61,140

)

 

(1)

 

Discovery expenses include costs associated with DNTH212, DNTH312, and other potential product candidates.