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

12. SEGMENT INFORMATION

The Company operates in one operating segment, and therefore one reportable segment, focused on the discovery and development of therapeutic proteins and antibodies that modulate the activity of GPCRs. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.

The determination of a single segment is consistent with the consolidated financial information regularly reviewed by the Chief Executive Officer, who serves as the chief operating decision maker (“CODM”), in evaluating financial performance and allocating resources on a consolidated basis. The CODM primarily evaluates the Company’s performance based on net loss and significant expense categories.

No segment asset information is presented because the CODM focuses on cash and expense impact; segment assets are monitored at the same level as the condensed consolidated balance sheet.

The following table presents the segment net loss and significant segment expenses for the three and six months ended June 30, 2026 and 2025:

 

 

Three Months Ended June 30,

 

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

 

2026

 

 

2025

 

Employee-related expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development employee-related expenses

 

$

4,050

 

 

$

3,159

 

 

 

$

8,169

 

 

$

6,323

 

General and administrative employee-related expenses

 

 

1,592

 

 

 

1,518

 

 

 

 

3,347

 

 

 

2,855

 

 

 

 

 

 

 

 

 

 

 

 

 

 

External research and development expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and preclinical expenses

 

 

1,905

 

 

 

1,737

 

 

 

 

3,483

 

 

 

3,738

 

Clinical and development expenses

 

 

8,461

 

 

 

5,692

 

 

 

 

18,125

 

 

 

10,096

 

Chemistry, manufacturing, and control expenses

 

 

1,003

 

 

 

3,847

 

 

 

 

4,521

 

 

 

5,331

 

Non-clinical science expenses

 

 

596

 

 

 

1,197

 

 

 

 

910

 

 

 

1,903

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-employee-related general and administrative expenses

 

 

2,314

 

 

 

2,185

 

 

 

 

5,136

 

 

 

4,914

 

Other segment expenses1

 

 

2,364

 

 

 

649

 

 

 

 

3,835

 

 

 

730

 

Net loss

 

$

22,285

 

 

$

19,984

 

 

 

$

47,526

 

 

$

35,890

 

 

1 Other segment expenses include expenses not captured in the primary categories above, such as stock-based compensation, depreciation and amortization, interest income and interest expense.