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

14. Segment Reporting

The Company operates and manages its business as one reportable segment and one operating segment, which is dedicated to reinventing the treatment of human disease through the development of innovative, highly differentiated medicines that address significant health problems and that meaningfully improve patients’ lives. The Company’s chief operating decision maker, or CODM, is the chief executive officer. The CODM assesses performance for the segment and decides how to allocate resources based on consolidated net loss that is also reported on the consolidated statements of operations.

The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. All material long-lived assets are located in the United States. Long-lived assets consist of property and equipment, net, and operating lease right-of-use assets.

The chief operating decision maker uses net loss to monitor budget versus actual results and to analyze cash flows in assessing performance of the segment and allocating resources.

Factors used in determining the reportable segment include the nature of the Company’s operating activities, the organizational and reporting structure and the type of information reviewed by the CODM to allocate resources and evaluate financial performance. The accounting policies of the segment are the same as those described in Note 2 of the notes to the consolidated financial statements included in the Company's Annual Report on Form 10-K.

The following table presents reportable segment profit and loss, including significant expense categories, attributable to the Company’s reportable segment for the periods presented:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2026

 

2025

 

 

2026

 

2025

 

Revenue

$

65,000

 

$

11,476

 

 

$

99,365

 

$

33,576

 

Less:

 

 

 

 

 

 

 

 

 

   Research and development expenses

 

 

 

 

 

 

 

 

 

       External research and development:

 

 

 

 

 

 

 

 

 

            STAT6

 

45,672

 

 

22,193

 

 

 

78,884

 

 

42,798

 

            Other external research and development expense (1)

 

32,067

 

 

23,339

 

 

 

57,028

 

 

49,683

 

       Research and development compensation and related personnel expense (2)

 

27,901

 

 

21,958

 

 

 

55,840

 

 

44,007

 

       Research and development overhead and administrative costs

 

13,841

 

 

10,898

 

 

 

25,892

 

 

22,155

 

  General & administrative (3)

 

21,126

 

 

17,645

 

 

 

41,484

 

 

33,916

 

  Interest and other expense

 

81

 

 

108

 

 

 

141

 

 

180

 

Plus:

 

 

 

 

 

 

 

 

 

  Interest income

 

14,477

 

 

8,051

 

 

 

29,459

 

 

16,968

 

Segment net loss

$

(61,211

)

$

(76,614

)

 

$

(130,445

)

$

(142,195

)

 

(1) Certain prior period amounts have been recast to conform with current period presentation.

(2) Research and development compensation and related personnel expense for the three months ended June 30, 2026 and 2025 is inclusive of $10.4 and $8.0 million of stock-based compensation expense, respectively. Research and development compensation and related personnel expense for the six months ended June 30, 2026 and 2025 is inclusive of $19.0 and $15.6 million of stock-based compensation expense, respectively.

(3) General and administrative expense for the three months ended June 30, 2026 and 2025 is inclusive of $8.6 million and $7.4 million of stock-based compensation expense, respectively. General and administrative expense for the six months ended June 30, 2026 and 2025 is inclusive of $16.0 million and $14.1 million of stock-based compensation expense, respectively.

Depreciation expense for the three months ended June 30, 2026 and 2025 was $1.6 million and $1.7 million, respectively. Depreciation expense for the six months ended June 30, 2026 and 2025 was $3.2 million and $3.3 million, respectively. Amortization expense related to right-of-use assets during the three months ended June 30, 2026 and 2025 was $0.4 million and $0.4 million, respectively. Amortization expense related to right-of-use assets during the six months ended June 30, 2026 and 2025 was $0.9 million and $0.7 million, respectively.