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

12. SEGMENT REPORTING

The Company has one reportable segment related to the research and development of the Company’s product candidates.

The Company’s Chief Operating Decision Maker (the “CODM”), its Chief Executive Officer, reviews the Company’s operations, including reviewing budgets and trial-related data, and decides how to allocate resources and assess performance. When evaluating the Company’s financial performance, the CODM regularly reviews total expenses and total assets and the CODM makes decisions using this information on a consolidated basis. The CODM uses consolidated net income or loss as a measure of profit or loss in allocating resources and assessing segment performance. In addition to the expense categories included within net income presented on the Company's unaudited condensed consolidated statements of operations and comprehensive loss, see below for additional expense details that are routinely reviewed by the CODM (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development:

 

 

 

 

 

 

 

 

 

 

 

 

Internal expenses

 

$

13,407

 

 

$

7,751

 

 

$

24,504

 

 

$

15,597

 

External expenses

 

 

35,258

 

 

 

22,058

 

 

 

65,645

 

 

 

37,569

 

Total

 

 

48,665

 

 

 

29,809

 

 

 

90,149

 

 

 

53,166

 

General and administrative:

 

 

 

 

 

 

 

 

 

 

 

 

Internal expenses

 

 

10,109

 

 

 

5,514

 

 

 

18,216

 

 

 

9,336

 

External expenses

 

 

16,303

 

 

 

5,580

 

 

 

25,932

 

 

 

10,560

 

Total

 

 

26,412

 

 

 

11,094

 

 

 

44,148

 

 

 

19,896

 

Loss from operations

 

 

(75,077

)

 

 

(40,903

)

 

 

(134,297

)

 

 

(73,062

)

Total other income/(expense), net

 

 

(83,909

)

 

 

(1,841

)

 

 

(101,787

)

 

 

6,970

 

Net loss

 

$

(158,986

)

 

$

(42,744

)

 

$

(236,084

)

 

$

(66,092

)