v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Operating segments are defined as components of an entity for which separate discrete financial information is made available and that is regularly evaluated by the chief operating decision maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The Company manages its operations as a single segment (the “Segment”) for the purposes of assessing performance and making operating decisions. The CODM of the Segment is the Company’s chief executive officer. The Segment is focused on pioneering the discovery and development of a new class of medicines targeting genetically determined dependencies within the chromatin regulatory system. The Segment’s revenue is derived entirely from the recognition of deferred revenue related to our collaboration agreement upfront and milestone payment and funds received under the Lilly SPA (see Note 8, Collaboration Agreement).
The CODM assesses the performance of the Segment and decides how to allocate resources based on net loss that is reported on the condensed consolidated statements of operations and comprehensive loss. Further, the following represents information about segment revenue, segment loss and significant segment expenses (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Collaboration revenue$16,072 $7,557 $19,339 $13,509 
Less:
Research and development:
Personnel expenses5,447 5,618 11,186 11,962 
FHD-286191 757 383 1,748 
Lilly partnered programs1,122 5,558 3,412 10,183 
Proprietary programs7,361 3,810 13,357 7,257 
Research and development operating and
administrative costs
1,188 1,858 2,449 3,525 
General and administrative:
Personnel expenses2,928 2,716 5,945 5,643 
External expenses1,575 1,937 3,571 4,009 
Facilities and IT related expenses, net of sublease
income
2,273 1,946 4,034 3,823 
Other expenses(1)
2,787 3,602 5,419 7,130 
Plus:
Interest income1,609 2,309 3,351 5,001 
Net loss$(7,191)$(17,936)$(27,066)$(36,770)

(1) Inclusive of $2.6 million and $2.7 million of stock compensation expense for the three months ended June 30, 2026 and 2025, respectively; $0.2 million and $0.9 million of depreciation and amortization expense for the three months ended June 30, 2026 and 2025, respectively. Inclusive of $4.9 million and $5.4 million of stock compensation expense for the six months ended June 30, 2026 and 2025, respectively; $0.5 million and $1.7 million of depreciation and amortization expense for the six months ended June 30, 2026 and 2025, respectively.