v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has one reportable segment relating to research and development of its product. The segment does not currently generate revenues as it is currently conducting clinical trials and has not commercialized any products.
The Company’s Chief Operating Decision Maker (the “CODM”), its Chief Executive Officer, manages the Company’s operations on an integrated basis for the purposes of allocating resources. When evaluating the Company’s financial performance, the CODM regularly reviews total expenses and expenses by function and the CODM makes decisions using this information on a global basis. The CODM monitors performance at the consolidated level such that the measure of segment loss is consolidated net loss and the measure of reportable segment assets is reported on the balance sheet as total assets.
The table below is a summary of the segment profit or loss, including significant segment expenses (in thousands):

Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Expenses
Manufacturing and process development
$
11,484 
$
8,266 
$
34,277 
$
26,921 
Clinical operations and development
21,384 
10,461 
36,311 
20,487 
Research and development personnel cost and other (including stock-based compensation)
12,469 
5,528 
21,588 
10,624 
Research
436 
543 
1,061 
1,099 
Total research and development
45,773 
24,798 
93,237 
59,131 
General and administrative personnel costs (including stock-based compensation)
8,871 
4,854 
16,834 
9,686 
Professional fees
4,677 
1,392 
8,960 
2,896 
Facility costs, IT, office expense and other
630 
974 
1,160 
2,093 
Total general and administrative expenses
14,178 
7,220 
26,954 
14,675 
Total operating expenses
59,951 
32,018 
120,191 
73,806 
Operating loss
(59,951)
(32,018)
(120,191)
(73,806)
Interest income
4,576 
4,682 
8,659 
9,696 
Total other income
4,576 
4,682 
8,659 
9,696 
Net income before losses
(55,375)
(27,336)
(111,532)
(64,110)
Income tax expense
(61)
(52)
(115)
(124)
Segment and consolidated net loss
$
(55,436)
$
(27,388)
$
(111,647)
$
(64,234)
Included within facility costs, IT, office expense and other are depreciation expense, which is disclosed on the Statement of Cash Flows