v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The following table presents selected financial information with respect to the Company’s single operating segment for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue:
Collaboration and license revenue$— $— $— $400 
Grant revenue— 298 78998 
Total revenue— 298 781,398 
Less:
Operating expenses:
Descartes-08 for MG12,465 5,035 24,60012,071 
Descartes-08 for dermatomyositis
236 — 463— 
Early stage programs971 1,715 1,3262,705 
Research and development employee expenses4,027 4,254 7,8557,956 
Research and development stock-based compensation expense614 1,810 1,5633,085 
Research and development facilities and other expenses2,118 2,055 4,0873,726 
General and administrative8,724 7,240 15,83815,555 
Other (income) expense, net (1)
(44,924)(37,697)(32,241)45,098 
Net income (loss)$15,769 $15,886 $(23,413)$(1,824)
(1) Includes interest income; interest expense; (loss) gain on change in fair value of warrant liability; loss on change in fair value of embedded derivative; gain on change in fair value of contingent value rights liability; and other income (expense), net.