v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
13.
Segment Reporting

The Company is a clinical-stage biotechnology company focused on discovering, developing and delivering curative therapies that address the underlying drivers of heart disease and has one operating and reportable segment. The Company’s chief operating decision maker (CODM) is the chief executive officer.

The statement of operations includes research and development expenses, general and administrative costs, interest income, and income taxes; the Company has not generated any product revenue. In addition to reviewing the expenses in the Company’s statement of operations, the CODM is regularly provided with operating expenses by function. The CODM does not review assets at a different asset level or category than the amounts disclosed in the Company’s balance sheet. The Company’s long-lived assets are located in the United States.

The following table provides information about the Company’s operating expenses by function and includes a reconciliation to net loss.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Collaboration revenue

 

$

1,110

 

 

$

—

 

 

$

1,335

 

 

$

—

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

 

 

 

 

 

 

 

 

 

 

Clinical

 

 

5,202

 

 

 

5,397

 

 

 

10,578

 

 

 

11,345

 

Manufacturing (pre-commercial)

 

 

3,852

 

 

 

4,077

 

 

 

7,317

 

 

 

9,524

 

Research

 

 

3,820

 

 

 

4,182

 

 

 

6,778

 

 

 

10,102

 

Other

 

 

3,729

 

 

 

3,714

 

 

 

6,774

 

 

 

7,475

 

Total research and development

 

$

16,603

 

 

$

17,370

 

 

$

31,447

 

 

$

38,446

 

General and administrative

 

 

5,406

 

 

 

6,712

 

 

 

10,853

 

 

 

13,174

 

Impairment loss

 

 

21,821

 

 

 

—

 

 

 

21,821

 

 

 

—

 

Loss on lease termination, net

 

 

1,368

 

 

 

—

 

 

 

1,368

 

 

 

—

 

Total operating expenses

 

 

45,198

 

 

 

24,082

 

 

 

65,489

 

 

 

51,620

 

Loss from operations

 

 

(44,088

)

 

 

(24,082

)

 

 

(64,154

)

 

 

(51,620

)

Other income, net:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

697

 

 

 

815

 

 

 

1,491

 

 

 

1,449

 

Other (loss) income, net

 

 

(2

)

 

 

(16

)

 

 

(2

)

 

 

24

 

Total other income, net

 

 

695

 

 

 

799

 

 

 

1,489

 

 

 

1,473

 

Net loss before income tax expense

 

 

(43,393

)

 

 

(23,283

)

 

 

(62,665

)

 

 

(50,147

)

Income tax expense

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net loss

 

$

(43,393

)

 

$

(23,283

)

 

$

(62,665

)

 

$

(50,147

)