v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting  
Segment Reporting 3. Segment Reporting

The Company operates and manages its business on a consolidated basis as a single reportable and single operating segment for the purposes of assessing performance and making operating decisions. The Company’s chief executive officer, who is the chief operating decision maker (“CODM”), reviews the Company’s financial information on a consolidated basis for purposes of evaluating financial performance and allocating resources. When evaluating the Company’s financial performance, the CODM regularly reviews net loss. The CODM considers net loss in making decisions on how to allocate resources. Net loss is used to monitor budget versus actual results in an effort to refine forecasts and control costs. The measure of segment assets is reported on the balance sheet as total consolidated assets.

All of the Company’s material long-lived assets are held in the United States and Switzerland. Long-lived assets are comprised of property and equipment and operating lease right-of-use assets. As of June 30, 2026, long-lived assets based in the United States and Switzerland was $8.6 million and $1.2 million, respectively. As of December 31, 2025, all of the Company’s material long-lived assets were held in the United States.

The following table presents significant expense information about the Company’s operating segment (in thousands):

 

 

 

 

Three Months Ended June 30,

 

 

 

Six Months Ended June 30,

 

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee related expense(1)

 

$

 

37,445

 

 

$

 

32,484

 

 

$

 

74,971

 

 

$

 

55,422

 

External R&D expense - apitegromab

 

 

 

22,948

 

 

 

 

27,956

 

 

 

 

43,209

 

 

 

 

47,257

 

External R&D expense - SRK-181

 

 

 

9

 

 

 

 

792

 

 

 

 

45

 

 

 

 

1,902

 

External R&D expense - SRK-439

 

 

 

3,760

 

 

 

 

2,575

 

 

 

 

5,519

 

 

 

 

6,854

 

External R&D expense - Early research and other

 

 

 

1,610

 

 

 

 

2,227

 

 

 

 

2,820

 

 

 

 

3,682

 

External expense - G&A

 

 

 

16,597

 

 

 

 

14,952

 

 

 

 

32,729

 

 

 

 

23,895

 

Other segment items(2)

 

 

 

6,573

 

 

 

 

6,273

 

 

 

 

13,082

 

 

 

 

11,531

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity-based compensation expense

 

 

 

19,662

 

 

 

 

24,433

 

 

 

 

37,907

 

 

 

 

37,846

 

Depreciation and amortization expense

 

 

 

297

 

 

 

 

417

 

 

 

 

632

 

 

 

 

810

 

Loss on disposal of property and equipment

 

 

 

-

 

 

 

 

-

 

 

 

 

3

 

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other non-operating expense/(income), net

 

 

 

995

 

 

 

 

(2,078

)

 

 

 

4,489

 

 

 

 

(4,445

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

 

109,896

 

 

$

 

110,031

 

 

$

 

215,406

 

 

$

 

184,754

 

 

(1)
Excludes equity-based compensation expense.
(2)
Consists of other segment expenses related to supplies, corporate and facilities expenses.