v3.26.1
Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segments Segments
The Company operates and manages its business as one reportable and operating segment, which is the business of developing and commercializing novel therapies for patients. The Company’s chief executive officer, who is the chief operating decision maker (“CODM”), reviews financial information on an aggregate basis for allocating and evaluating financial performance. The Company defines its segments based on the way in which internally reported financial information is regularly reviewed by the CODM to analyze financial performance, make decisions, and allocate resources. The CODM assesses performance for the segment and decides how to allocate resources based on net loss which is also reported on the Statement of Operations and Comprehensive Loss as consolidated net loss.
All long-lived assets are maintained in the United States of America.
Our CODM is regularly provided with more detailed expense information than what is included in our Statement of Operations and Comprehensive Loss. Following our decision to discontinue development of bexotegrast, we re-prioritized development of programs formerly included in "other segment items" below. Beginning in the first quarter of 2026, significant segment expense includes the reprioritized pipeline within "Program expense - clinical trial and third-party contracting costs". Prior period amounts have been reclassified to conform to current year presentation.
The table below shows a reconciliation of the Company’s net loss, including the significant expense categories regularly provided to and reviewed by the CODM reflecting the changes made by the Company's reprioritized pipeline, as computed under U.S. GAAP, to the Company’s total net loss in the statements of operations (in thousands).
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Operating expenses:
Program expense including clinical trial and third-party contracting costs$9,595 $1,292 15,180 2,728 
Bexotegrast - clinical trial and third party contracting costs(311)13,359 (1,088)34,948 
Employee-related expenses - research and development (excluding stock-based compensation) 2,926 10,344 6,463 20,830 
General and administrative costs (excluding stock-based compensation)4,413 8,947 10,074 19,236 
Other segment items7,239 11,650 15,005 26,785 
Segment loss23,862 45,592 45,634 104,527 
Reconciliation of segment loss
Interest and other (income) expense, net(1,491)(3,101)(3,223)(6,669)
Interest expense— 809 — 1,608 
Net loss$22,371 $43,300 $42,411 $99,466 
Other segment items include total stock-based compensation and research and development costs not directly associated with active, prioritized pipeline programs and other non-program costs (excluding employee-related expenses).