v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information
12.
Segment Information

The Company operates in the United States and has one operating segment that is managed on a consolidated basis. The Company’s revenues to date have been primarily generated through its license and collaboration agreement with Gilead. The accounting policies, as described in the summary of significant accounting policies, is applicable across all Company operations. The Company’s Chief Executive Officer, as the CODM, manages and allocates resources to the operations of the Company on a consolidated basis. Managing and allocating resources on a total company basis enables the CODM to assess the overall level of resources available and how to best deploy these resources across departments and research and development programs that are in-line with the Company's long-term company-wide strategic goals. Consistent with this decision-making process, the Company’s CODM uses consolidated, single-segment financial information for purposes of evaluating performance, forecasting future period financial results and allocating resources.

The CODM assesses performance and decides how to allocate resources based on segment net income (loss). This measure is used to monitor budget versus actual results to assess performance of the segment.

The following table presents the Company’s segment expense for the three and six months ended June 30, 2026 and 2025:

 

Oncology Segment

 

 

Oncology Segment

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

(in thousands)

 

 

(in thousands)

 

Revenue

 

$

-

 

 

$

3,181

 

 

$

-

 

 

$

8,573

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

       vopimetostat direct program expenses - R&D

 

 

12,345

 

 

 

5,577

 

 

 

21,677

 

 

 

11,038

 

       TNG456 direct program expenses - R&D

 

 

2,451

 

 

 

1,646

 

 

 

4,515

 

 

 

2,970

 

       TNG260 direct program expenses* - R&D

 

 

1,343

 

 

 

1,809

 

 

 

3,351

 

 

 

3,539

 

       TNG961 direct program expenses** - R&D

 

 

59

 

 

 

1,572

 

 

 

467

 

 

 

3,793

 

       TNG908 direct program expenses*** - R&D

 

 

60

 

 

 

1,235

 

 

 

641

 

 

 

2,947

 

       Discovery direct program expenses - R&D

 

 

2,414

 

 

 

2,709

 

 

 

4,287

 

 

 

7,388

 

       Personnel-related expenses - R&D

 

 

13,981

 

 

 

12,834

 

 

 

26,911

 

 

 

26,684

 

       Facilities and other related expenses - R&D

 

 

4,546

 

 

 

5,425

 

 

 

8,885

 

 

 

10,890

 

       Other segment expenses (a)

 

 

18,142

 

 

 

9,227

 

 

 

30,122

 

 

 

18,053

 

Segment net loss

 

$

(55,341

)

 

$

(38,853

)

 

$

(100,856

)

 

$

(78,729

)

*In May 2026, the Company announced it would deprioritize future development and resources allocated to the Phase 1/2 TNG260 clinical trial given the limited clinical benefit demonstrated in patients.

**In May 2026, the Company announced it did not plan to further advance development of TNG961.

***In November 2024, the Company announced it stopped enrollment of the TNG908 Phase 1/2 clinical trial due to insufficient brain exposure for clinical activity in GBM patients and portfolio prioritization. Expenses beyond November 2024 relate to previously enrolled patients and close-out clinical trial costs.

(a) Other segment expenses included in Segment net loss includes general and administrative expense, interest income, other income and provision for income taxes.

The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets. The CODM reviews cash, cash equivalents and marketable securities as a measure of segment assets. As of June 30, 2026, the Company’s cash, cash equivalents and marketable securities were $1.0 billion. All long-lived assets of the Company reside in the United States.