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

(3) SEGMENT REPORTING

The Company manages its operations as a single operating segment. The Company’s chief operating decision maker (CODM) uses consolidated, single-segment financial information for the purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods.

The CODM assesses performance and decides how to allocate resources based on the Company’s consolidated net loss, including key components of research and development costs and general and administrative costs. These measures are used to monitor budget versus actual results and to evaluate the performance of the segment.

The CODM reviews cash, cash equivalents and investments as a measure of segment assets. As of June 30, 2026 and December 31, 2025, the Company’s cash, cash equivalents and investments were $153.4 million and $48.3 million, respectively.

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

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Clinical and development costs

 

$

7,093

 

 

$

11,834

 

 

$

15,373

 

 

$

22,371

 

Preclinical costs

 

 

524

 

 

 

618

 

 

 

459

 

 

 

1,856

 

Personnel and related costs

 

 

3,455

 

 

 

3,582

 

 

 

6,630

 

 

 

11,145

 

Stock-based compensation expense

 

 

1,278

 

 

 

840

 

 

 

2,479

 

 

 

3,845

 

Other research costs

 

 

788

 

 

 

1,148

 

 

 

1,803

 

 

 

2,693

 

Total research and development expenses

 

 

13,138

 

 

 

18,022

 

 

 

26,744

 

 

 

41,910

 

General and administrative expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Personnel and related costs

 

 

1,855

 

 

 

1,876

 

 

 

3,696

 

 

 

4,701

 

Stock-based compensation expense

 

 

1,405

 

 

 

1,296

 

 

 

2,713

 

 

 

3,507

 

Other general and administrative costs

 

 

1,873

 

 

 

2,279

 

 

 

4,084

 

 

 

5,175

 

Total general and administrative expenses

 

 

5,133

 

 

 

5,451

 

 

 

10,493

 

 

 

13,383

 

Lease termination (gain) and impairment charge:

 

 

 

 

 

 

 

 

 

 

 

 

Lease termination (gain) and impairment charge

 

 

(238

)

 

 

3,175

 

 

 

(238

)

 

 

3,175

 

Total lease termination (gain) and impairment charge

 

 

(238

)

 

 

3,175

 

 

 

(238

)

 

 

3,175

 

Loss from operations

 

 

(18,033

)

 

 

(26,648

)

 

 

(36,999

)

 

 

(58,468

)

Interest income

 

 

1,508

 

 

 

1,106

 

 

 

2,690

 

 

 

2,589

 

Interest expense

 

 

(285

)

 

 

(405

)

 

 

(616

)

 

 

(811

)

Other expense, net

 

 

(257

)

 

 

(2

)

 

 

(69

)

 

 

(13

)

Loss on debt extinguishment

 

 

(904

)

 

 

—

 

 

 

(904

)

 

 

—

 

Net loss

 

$

(17,971

)

 

$

(25,949

)

 

$

(35,898

)

 

$

(56,703

)