| Schedule of Operating Segments |
The following table summarizes the Company’s segment information for the periods presented (in thousands):
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THREE MONTHS ENDED
JUNE 30, |
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SIX MONTHS ENDED
JUNE 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Operating expenses(1): |
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Research and development personnel-related (excluding equity-based compensation) |
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$ |
20,278 |
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$ |
16,105 |
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$ |
38,820 |
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$ |
31,401 |
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External research and development costs - zumilokibart |
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25,664 |
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|
22,052 |
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45,206 |
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|
|
36,623 |
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External research and development costs - APG990 / APG279 |
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3,310 |
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3,975 |
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8,754 |
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|
7,188 |
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External research and development costs - APG333 / APG273 |
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397 |
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1,185 |
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651 |
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3,619 |
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External research and development costs - APG531 |
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1,142 |
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— |
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2,920 |
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— |
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External-discovery related costs and other (2) |
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7,303 |
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6,774 |
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13,958 |
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12,211 |
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General and administrative personnel-related (excluding equity-based compensation) |
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8,349 |
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6,395 |
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16,334 |
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|
12,102 |
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General and administrative operations(3) |
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8,128 |
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4,936 |
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13,137 |
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|
10,041 |
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Merger transaction costs |
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4,361 |
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— |
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|
4,361 |
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— |
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Equity-based compensation |
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|
16,663 |
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|
11,344 |
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|
33,818 |
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|
22,470 |
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Depreciation expense |
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|
409 |
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|
399 |
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|
817 |
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|
606 |
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Interest income, net |
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(11,808 |
) |
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(7,141 |
) |
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(20,548 |
) |
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(14,981 |
) |
Interest expense |
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|
1,580 |
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— |
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|
|
1,580 |
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— |
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Provision for income taxes |
|
|
78 |
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|
|
72 |
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|
|
157 |
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|
155 |
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Consolidated net loss |
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$ |
85,854 |
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$ |
66,096 |
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$ |
159,965 |
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$ |
121,435 |
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(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (2)External-discovery related costs and other include expenses related to APG808. (3)General and administrative operations are comprised of finance, investor relations, business development, human resources, legal, facilities & IT, and certain overhead expenses.
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