v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting, Descriptive Information [Abstract]  
Segment Information
16.
Segment Information

The Company operates and manages its business as one reportable segment and one operating segment, which is focused on the standard of care for patients suffering from autoimmune and inflammatory diseases. The chief operating decision maker (“CODM”) manages the Company’s operations on a consolidated basis, assesses performance for the operating segment and decides how to allocate resources based on consolidated net loss, which is reported on the condensed consolidated statements of operations and comprehensive loss.

The CODM uses consolidated net loss to evaluate the Company’s spend and monitor budget versus actual results. The monitoring of budgeted versus actual results is used in assessing the performance of the operating segment and in establishing resource allocation across the organization.

Factors used in determining the reportable segment include the nature of the Company’s operating activities, the organizational and reporting structure and the type of information reviewed by the CODM to allocate resources and evaluate financial performance. The accounting policies of the segment are the same as those described in Note 2 of the notes to the condensed consolidated financial statements.

The measure of segment assets is reported on the condensed consolidated balance sheets as total assets. The following table presents certain financial data for the Company’s reportable segment:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Collaboration revenue

 

$

—

 

 

$

959

 

 

$

—

 

 

$

2,877

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses associated with preclinical and clinical studies (1)

 

$

22,941

 

 

$

16,178

 

 

$

42,548

 

 

$

33,213

 

Facilities and related expenses, excluding depreciation and amortization (2)

 

 

2,838

 

 

 

2,407

 

 

 

5,460

 

 

 

11,287

 

General and corporate expenses (3)

 

 

3,658

 

 

 

7,552

 

 

 

6,393

 

 

 

10,277

 

Personnel-related expenses, excluding stock-based compensation

 

 

10,538

 

 

 

12,368

 

 

 

21,487

 

 

 

26,175

 

Other segment items (4)

 

 

12,813

 

 

 

3,689

 

 

 

15,162

 

 

 

1,595

 

Segment net loss

 

$

52,788

 

 

$

41,235

 

 

$

91,050

 

 

$

79,670

 

(1) Research and development expenses associated with preclinical and clinical studies includes research software, professional services and laboratory operations supporting the Company’s research and development programs.

(2) Facilities and related expenses includes rent, common area maintenance costs, repairs and maintenance, utilities and real estate taxes.

(3) General and corporate expenses include general and administrative costs associated with professional and consulting fees and other overhead costs.

(4) For the three and six months ended June 30, 2026 and 2025, other segment items consist of interest income, stock-based compensation expense, depreciation and amortization expense, change in fair value of contingent consideration expense, income tax (benefit) provision and other (income) expense, net. Interest income consists of interest income earned on cash equivalents and marketable securities. Interest expense consists of interest expense on finance leases. Other (income) expense, net primarily consists of realized and unrealized gains and losses on marketable securities.