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

10. Segment Reporting

ASU 2023-07 establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about services categories, business segments and major customers in financial statements.

Segment reporting is prepared on the same basis that the chief executive officer, who is the Company’s chief operating decision maker and manages the business, makes business decisions and assesses performance. The Company has one reportable segment and regularly reviews operating expenses and net loss on a consolidated basis. The Company operates in one location in Boston, Massachusetts focused on advancing oligonucleotide therapeutics with the goal of transforming the treatment of severe neuromuscular and neurologic diseases. The Company tracks external operating expenses on a program-by-program basis. Net loss is comprised of expenses related to the Company's two product candidates, one of which was discontinued in May 2025, and other personnel, facility, and general and administrative costs. Operating expenses and net loss are the basis the chief operating decision maker uses for the purpose of deciding how to allocate resources, specifically on a program basis as presented below.

The chief operating decision maker uses operating expenses and net loss to evaluate progress on research and development activities on the Company's two product candidates, one of which was discontinued in May 2025, as well as when making strategic decisions regarding the Company's research and development efforts. Operating expenses and loss are also used to monitor budget versus actual results.

The following table outlines the Company’s functional operating expenses (in thousands):

 

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and Development Expenses

 

 

 

 

 

 

 

 

 

 

 

 

PGN-EDODM1 direct research and development expenses

 

$

5,783

 

 

$

4,688

 

 

$

11,779

 

 

$

16,396

 

PGN-EDO51 direct research and development expenses

 

 

12

 

 

 

4,582

 

 

 

32

 

 

 

7,998

 

Platform and external research and development expenses

 

 

136

 

 

 

65

 

 

 

222

 

 

 

435

 

Personnel-related (including stock-based compensation)

 

 

4,735

 

 

 

5,841

 

 

 

9,850

 

 

 

13,312

 

Facility and related expenses

 

 

1,207

 

 

 

1,318

 

 

 

2,417

 

 

 

2,581

 

Other research and development expenses

 

 

649

 

 

 

1,897

 

 

 

1,227

 

 

 

3,047

 

Total research and development expense

 

 

12,522

 

 

 

18,391

 

 

 

25,527

 

 

 

43,769

 

General and Administrative Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Personnel-related (including stock-based compensation)

 

 

3,733

 

 

 

3,087

 

 

 

7,189

 

 

 

6,682

 

Facility and related expenses

 

 

494

 

 

 

536

 

 

 

1,007

 

 

 

992

 

Other general and administrative expenses

 

 

2,190

 

 

 

1,918

 

 

 

4,159

 

 

 

3,810

 

Total general and administrative expense

 

 

6,417

 

 

 

5,541

 

 

 

12,355

 

 

 

11,484

 

Loss from operations

 

 

(18,939

)

 

 

(23,932

)

 

 

(37,882

)

 

 

(55,253

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

1,093

 

 

 

842

 

 

 

2,343

 

 

 

1,964

 

Other (expense) income, net

 

 

50

 

 

 

3

 

 

 

(5

)

 

 

—

 

Total other income (expense), net

 

 

1,143

 

 

 

845

 

 

 

2,338

 

 

 

1,964

 

Income tax expense

 

 

(16

)

 

 

—

 

 

 

(31

)

 

 

—

 

Net loss

 

$

(17,812

)

 

$

(23,087

)

 

$

(35,575

)

 

$

(53,289

)