v3.26.1
Segment Disclosure
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Disclosure
12.
Segment disclosure:

The Company operates as a single reportable segment dedicated to drug discovery, clinical development, and commercialization of life-changing therapeutics for patients in need. The Company has no products approved for sale and has not generated any revenue from product sales. The Company’s Chief Executive Officer acts as the chief operating decision maker and manages the Company’s operations on a consolidated basis, using net loss to assess performance and allocate resources. The accounting policies for the operating segment are consistent with the Company's policies for the consolidated financial statements. The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets, with a majority of these assets located in the United States.

The following table presents information about reported segment revenues, significant segment expenses, and segment loss:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Collaboration revenue

 

$

—

 

 

$

—

 

 

$

—

 

 

$

7,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Direct external research and development costs:

 

 

 

 

 

 

 

 

 

 

 

 

Azetukalner

 

 

55,760

 

 

 

43,405

 

 

 

102,833

 

 

 

74,906

 

Pain programs

 

 

5,582

 

 

 

925

 

 

 

9,973

 

 

 

1,977

 

Pre-clinical, discovery and other programs

 

 

4,683

 

 

 

5,186

 

 

 

7,641

 

 

 

9,101

 

Personnel-related expenses

 

 

27,731

 

 

 

22,386

 

 

 

56,741

 

 

 

45,026

 

Stock-based compensation expense

 

 

16,732

 

 

 

13,713

 

 

 

33,626

 

 

 

25,887

 

Other research and development costs

 

 

4,642

 

 

 

2,600

 

 

 

8,843

 

 

 

6,025

 

Other general and administrative costs

 

 

8,025

 

 

 

6,014

 

 

 

15,826

 

 

 

11,545

 

Interest income

 

 

(12,145

)

 

 

(7,199

)

 

 

(19,052

)

 

 

(15,282

)

Other segment items(1)

 

 

(274

)

 

 

(2,324

)

 

 

(3,393

)

 

 

(1,932

)

Net loss

 

$

(110,736

)

 

$

(84,706

)

 

$

(213,038

)

 

$

(149,753

)
(1)
Other segment items include foreign exchange gain (loss) and income tax recovery.