v3.26.1
Segment Information
 3 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company operates in a single operating segment and has one reportable segment, which includes all activities related to the discovery, development and manufacturing of its product candidates. The determination of a single segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker (“CODM”). The Company’s CODM is its chief executive officer. The CODM, in alignment with the Company’s strategic goals, uses consolidated net loss to monitor budget to actual results and cash forecast models for assessing performance and making operating decisions. The measurement of segment assets is reported on the consolidated balance sheet as total assets.

The Company’s significant segment expenses are as follows (in thousands):

Three months ended June 30,
20262025
Therapeutic area-specific research and development:
Endocrine diseases$42,885 $19,329 
Neurological diseases25,455 20,937 
Rheumatology diseases22,340 8,209 
Dermatology diseases7,542 5,145 
Other clinical and nonclinical2,609 2,392 
Other unallocated research and development8,303 10,685 
Personnel-related research and development (1)
33,497 34,503 
Personnel-related general and administrative (2)
12,116 17,832 
Other general and administrative (3)
5,576 8,192 
Interest income, net(7,095)(6,337)
Other segment items (4)
(4)(274)
Net loss$153,224 $120,613 
___________
(1)Includes stock-based compensation expense of $7,254 and $7,865 for the three months ended June 30, 2026 and 2025, respectively.
(2)Includes stock-based compensation expense of $6,520 and $10,645 for the three months ended June 30, 2026 and 2025, respectively.
(3)Other general and administrative expenses primarily include legal and other professional fees, information technology costs and market research costs.
(4)Other segment items include other (income) expense, net and provision for income taxes.