v3.26.1
Segment Disclosures
6 Months Ended
Jun. 30, 2026
Segment Disclosures  
Segment Disclosures

15. Segment Disclosures

The Company has one reportable segment, which consists of the development of clinical and preclinical product candidates through risk-reward sharing partnerships with leading medical device companies. The Company’s CODM, its Chief Executive Officer, manages the Company's operations on a consolidated basis for the purpose of assessing performance and allocating resources based on net loss that also is reported on the condensed consolidated statement of operations and comprehensive loss as consolidated net loss. Net loss is used by the CODM to make key strategic and operational decisions. The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets. The majority of the Company's long-lived assets are held in the United States.

The following table presents selected financial information, including significant expenses regularly reviewed by the CODM, about the Company’s single operating segment for the three and six months ended June 30, 2026 and 2025:

  ​ ​ ​

Three Months Ended June 30, 

  ​ ​ ​

Six Months Ended June 30, 

2026

2025

2026

2025

(in thousands)

 

  ​

 

  ​

 

  ​

 

  ​

Partnership revenue

$

$

667

$

$

1,399

Product revenue

 

88

 

169

 

198

 

305

Expenses:

Cost of product revenues

 

25

 

46

 

57

 

90

Non-clinical development costs

 

3,379

 

4,607

 

7,429

 

9,072

Clinical development costs

 

4,960

 

2,633

 

8,534

 

5,575

Personnel and consulting costs

 

8,823

 

7,002

 

17,611

 

13,666

Stock-based compensation

 

2,505

 

3,250

 

5,356

 

6,215

Depreciation and amortization expense

 

96

 

81

 

186

 

164

Other segment expenses(1)

 

2,287

 

2,544

 

2,882

 

5,170

Interest expense (income), net

 

1,768

 

36

 

2,589

 

(130)

Net loss

$

(23,755)

$

(19,363)

$

(44,446)

$

(38,118)

(1)Other segment expenses primarily include the gain on the sale of strategic investments as well as general and administrative costs not presented in other line items.