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

3. Segment Information

The Company’s chief operating decision maker (the "CODM") is the President and Chief Executive Officer and the Company views its operations as one segment, which is using innovative experimental and computational approaches on protein motion for making medicines to drug protein targets that have previously been intractable or inadequately addressed. The factors used in determining the Company’s segments include the nature of the Company’s operating activities, the organizational and reporting structure, and the type of information provided to and reviewed by the Company’s CODM to allocate resources and evaluate financial performance.

The measure of segment assets is reported on the Company’s condensed consolidated balance sheets as total condensed consolidated assets. The Company only operates in the United States and all tangible assets, consisting of property and equipment and operating lease right-of-use assets, are held in the United States.

The Company’s CODM uses condensed consolidated net loss to evaluate the Company’s expenditures and monitor budget-to-actual results. In connection therewith, the review of budget-to-actual results is used in assessing performance of the Company’s one operating segment, as well as in establishing resource allocations across the Company.

The following table illustrates information about segment revenue, significant segment expenses, and segment net loss.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

(in thousands)

 

License and other revenue

 

$

350

 

 

$

677

 

 

$

3,350

 

 

$

8,355

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

 

 

 

 

 

 

 

 

 

 

 

External costs for programs in clinical trials

 

$

48,329

 

 

$

20,488

 

 

$

89,712

 

 

$

44,161

 

External costs for platform technologies and preclinical programs

 

 

4,100

 

 

 

12,769

 

 

 

7,791

 

 

 

27,407

 

Employee related expenses (1)

 

 

14,487

 

 

 

14,903

 

 

 

28,826

 

 

 

31,914

 

Other expenses (2)

 

 

3,413

 

 

 

5,563

 

 

 

7,432

 

 

 

11,331

 

General and administrative expenses (3)

 

 

11,306

 

 

 

8,299

 

 

 

18,423

 

 

 

19,224

 

Other segment expenses (income)

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation expense

 

 

360

 

 

 

1,002

 

 

 

864

 

 

 

2,210

 

Stock compensation expense in research and development expenses

 

 

5,837

 

 

 

9,307

 

 

 

12,527

 

 

 

20,996

 

Stock compensation expense in general and administrative expenses

 

 

3,342

 

 

 

5,193

 

 

 

7,189

 

 

 

12,829

 

Interest income

 

 

(7,115

)

 

 

(7,105

)

 

 

(12,467

)

 

 

(14,918

)

Other (income) expense

 

 

(2

)

 

 

633

 

 

 

51

 

 

 

641

 

Segment net loss

 

 

(83,707

)

 

 

(70,375

)

 

 

(156,998

)

 

 

(147,440

)

Reconciliation to consolidated net loss:

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments or reconciling items

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Consolidated net loss

 

$

(83,707

)

 

$

(70,375

)

 

$

(156,998

)

 

$

(147,440

)

The expense categories and amounts in the table above align with the segment-level information regularly provided to the CODM.

(1) "Employee related expenses" within research and development expenses excludes stock compensation expense.

(2) "Other expenses" within research and development expenses excludes depreciation expense.

(3) "General and administrative expenses" excludes stock compensation expense and depreciation expense.