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

12. Segment Reporting

 

The Company has one reportable and one operating segment and conducts its business activities on a consolidated basis primarily in North America. The Company’s singular focus is developing treatments through gene therapy and other means for patients with neuromuscular and cardiac diseases. All of the Company’s tangible assets are held in the United States.

The accounting policies of the Company are the same as those described in the summary of significant accounting policies.

The Company’s chief operating decision maker (“CODM”) is its chief executive officer. The CODM assesses performance for the Company and decides how to allocate resources based on net loss as reported on the condensed consolidated statements of operations. The annual budgeting process is the primary mechanism used to make these decisions. The financial information also helps the CODM in making performance assessments using budgeted versus actual results.

 

The following table presents segment expenses, other segment items, and segment net loss for the periods presented:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Segment expenses:

 

 

 

 

 

 

 

 

 

 

 

 

SGT-003

 

$

24,516

 

 

$

12,219

 

 

$

47,458

 

 

$

21,385

 

SGT-501

 

 

903

 

 

 

2,223

 

 

 

2,310

 

 

 

6,689

 

SGT-212

 

 

2,364

 

 

 

1,145

 

 

 

5,680

 

 

 

1,970

 

External R&D other

 

 

1,983

 

 

 

3,116

 

 

 

4,840

 

 

 

5,886

 

Internal R&D expense(1)

 

 

9,060

 

 

 

6,765

 

 

 

18,211

 

 

 

13,608

 

External G&A expense

 

 

6,327

 

 

 

5,279

 

 

 

11,795

 

 

 

10,156

 

Internal G&A expense(1)

 

 

4,734

 

 

 

3,360

 

 

 

8,600

 

 

 

6,823

 

Other segment items(2)

 

 

7,497

 

 

 

7,586

 

 

 

15,798

 

 

 

15,228

 

Other income, net

 

 

(2,585

)

 

 

(2,213

)

 

 

(3,156

)

 

 

(2,983

)

Condensed consolidated net loss

 

$

(54,799

)

 

$

(39,480

)

 

$

(111,536

)

 

$

(78,762

)

 

(1)

Internal expenses consisted primarily of payroll and related costs, temporary services, and travel and entertainment.

(2)

Other segment items primarily included other program costs, equity-based compensation expense, and depreciation and amortization expense.

 

The measure of segment assets is reported on the balance sheet as total condensed consolidated assets.