v3.26.1
Segment Information - Schedule of Operating Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Operating expenses:        
External research and development costs [1] $ 67,301 $ 55,703 $ 128,120 $ 102,090
General and administrative operations 24,342 17,462 46,295 34,171
Merger transaction costs 4,361   4,361  
Depreciation expense 400 400 817 606
Interest income, net (11,808) (7,141) (20,548) (14,981)
Provision for income taxes 78 72 157 155
Consolidated net loss     (159,965) (121,435)
Reportable Segment        
Operating expenses:        
Research and development personnel-related (excluding equity-based compensation) [2] 20,278 16,105 38,820 31,401
External-discovery related costs and other [2],[3] 7,303 6,774 13,958 12,211
General and administrative personnel-related (excluding equity-based compensation) [2] 8,349 6,395 16,334 12,102
General and administrative operations [2],[4] 8,128 4,936 13,137 10,041
Merger transaction costs [2] 4,361   4,361  
Equity-based compensation [2] 16,663 11,344 33,818 22,470
Depreciation expense [2] 409 399 817 606
Interest income, net [2] (11,808) (7,141) (20,548) (14,981)
Interest expense [2] 1,580   1,580  
Provision for income taxes [2] 78 72 157 155
Consolidated net loss [2] 85,854 66,096 159,965 121,435
Reportable Segment | Zumilokibart        
Operating expenses:        
External research and development costs [2] 25,664 22,052 45,206 36,623
Reportable Segment | APG990 / APG279        
Operating expenses:        
External research and development costs [2] 3,310 3,975 8,754 7,188
Reportable Segment | APG333 / APG273        
Operating expenses:        
External research and development costs [2] 397 $ 1,185 651 $ 3,619
Reportable Segment | APG531        
Operating expenses:        
External research and development costs [2] $ 1,142   $ 2,920  
[1] Includes related party amounts of $215 and $855 for the three and six months ended June 30, 2026, respectively, and $98 and $130 for the three and six months ended June 30, 2025, respectively.
[2] The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
[3] External-discovery related costs and other include expenses related to APG808.
[4] General and administrative operations are comprised of finance, investor relations, business development, human resources, legal, facilities & IT, and certain overhead expenses.