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

16. SEGMENT INFORMATION

The Company operates as a single reportable segment engaged in the discovery and development of novel precision peptide therapies for the treatment of endocrine and metabolic disorders. The Company's determination that it operates as a single segment is consistent with the nature of its operations and the financial information regularly reviewed by the chief executive officer, in his capacity as the chief operating decision maker (CODM), for the purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods. The Company's purpose is to help people with endocrine and metabolic disorders live fuller and healthier lives. The Company's long-term success is significantly dependent on its ability to research and develop innovative medicines. The CODM uses net loss to assess performance of the Company, ensuring that it is investing in the research and development of product candidates. The CODM allocates research and development resources based upon several factors, including the likelihood of technical success, unmet medical needs, and the viability of commercial success. A

significant component of the CODM’s decision-making process is to ensure a balanced investment in the research and development portfolio to drive near-term success and long-term sustainability.

The following table summarizes our significant segment expenses and segment net loss for the three and six months ended June 30, 2026 and 2025 (in thousands):

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Canvuparatide direct program expense

 

$

13,943

 

 

$

8,923

 

 

$

22,049

 

 

$

17,260

 

MBX 4291 direct program expense

 

 

7,061

 

 

 

2,547

 

 

 

9,009

 

 

 

8,322

 

Imapextide direct program expense

 

 

1,026

 

 

 

987

 

 

 

1,947

 

 

 

2,793

 

Preclinical and other research and development direct expense

 

 

1,602

 

 

 

1,641

 

 

 

2,875

 

 

 

2,850

 

Research and development overhead expense

 

 

7,353

 

 

 

3,626

 

 

 

13,579

 

 

 

8,905

 

Other segment items (1)

 

 

6,110

 

 

 

1,687

 

 

 

11,153

 

 

 

3,161

 

Net loss

 

$

37,095

 

 

$

19,411

 

 

$

60,612

 

 

$

43,291

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Other segment items are primarily comprised of general and administrative expenses and interest and other income.