v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
8.
Segment Reporting

Operating segments are defined as components of an entity about which discrete financial information is evaluated regularly by the chief operating decision maker (CODM) in deciding how to allocate resources and assess performance. The Company operates and manages its business as one business segment, which is development and commercialization of therapeutics for the treatment of acne, MASH and other diseases where FASN plays a pathogenic role. Accordingly, the Company has one reportable segment. The Company

has a single management team that reports to the Chief Executive Officer, the Company's CODM, who comprehensively manages the entire Company. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.

When evaluating the Company’s financial performance, the CODM is regularly provided with more detailed expense information than what is included in the Company’s statements of operations and comprehensive loss. The CODM uses net loss, as reported in the statements of operations and comprehensive loss, in evaluating the performance of the segment. Decisions regarding resource allocation are made primarily during the annual budget planning process and reallocated as needed throughout the year. The measure of segment assets is reported on the balance sheets as total assets.

The following table shows the Company’s net loss, including the significant expense categories regularly provided to and reviewed by the CODM, for the three and six months ended June 30, 2026 and 2025 (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Denifanstat external research and
   development expenses

 

$

6,338

 

 

$

4,758

 

 

$

9,465

 

 

$

18,094

 

TVB-3567 external research and
   development expenses

 

 

2,056

 

 

 

1,386

 

 

 

4,429

 

 

 

2,220

 

External general and administrative
   expenses

 

 

1,555

 

 

 

2,379

 

 

 

3,682

 

 

 

4,631

 

Personnel costs

 

 

2,092

 

 

 

1,775

 

 

 

4,262

 

 

 

3,726

 

Stock-based compensation

 

 

3,691

 

 

 

1,598

 

 

 

5,530

 

 

 

3,070

 

Other segment items (1)

 

 

(1,779

)

 

 

(1,510

)

 

 

(2,765

)

 

 

(3,179

)

Segment net loss

 

$

13,953

 

 

$

10,386

 

 

$

24,603

 

 

$

28,562

 

 

(1)
Other segment items consist of (i) interest and other income, net and (ii) other internal operating research and development expenses.