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

12. Segments

The Company operates in one segment considering the nature of the Company’s products and services, class of customers, methods used to distribute the products and the regulatory environment in which the Company operates. The following is a breakdown of net loss by category for the three and six months ended June 30, 2026 and 2025 as managed by the chief operating decision maker (in thousands).

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

License revenue

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

$

 

3,000

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVO756

 

 

13,036

 

 

 

 

10,189

 

 

 

 

19,902

 

 

 

 

14,859

 

EVO301

 

 

870

 

 

 

 

1,375

 

 

 

 

1,495

 

 

 

 

4,402

 

Other research and development

 

 

9,021

 

 

 

 

5,455

 

 

 

 

15,691

 

 

 

 

9,512

 

Total external research and development

$

 

22,927

 

 

$

 

17,019

 

 

$

 

37,088

 

 

$

 

28,773

 

Research and development personnel costs

 

 

3,485

 

 

 

 

2,619

 

 

 

 

6,643

 

 

 

 

5,227

 

Total research and development operating expenses

 

 

26,412

 

 

 

 

19,638

 

 

 

 

43,731

 

 

 

 

34,000

 

General and administrative operating expenses

 

 

6,232

 

 

 

 

1,736

 

 

 

 

10,826

 

 

 

 

3,660

 

General and administrative personnel costs

 

 

2,251

 

 

 

 

1,620

 

 

 

 

4,292

 

 

 

 

3,366

 

Total general and administrative operating expenses

 

 

8,483

 

 

 

 

3,356

 

 

 

 

15,118

 

 

 

 

7,026

 

Total operating expenses

$

 

34,895

 

 

$

 

22,994

 

 

$

 

58,849

 

 

$

 

41,026

 

Other income, net

 

 

2,649

 

 

 

 

9,429

 

 

 

 

4,929

 

 

 

 

9,904

 

Net loss

$

 

(32,246

)

 

$

 

(13,565

)

 

$

 

(53,920

)

 

$

 

(28,122

)

 

Other research and development consists of discovery research, pre-clinical programs and other early-stage development programs. The measure of segment assets, all of which are held in the United States, is reported on the condensed consolidated balance sheets as total assets. Additionally, segment depreciation expense is consistent with amounts reported within the unaudited condensed consolidated statements of cash flows.