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

11. Segment information

The Company has one operating and reportable segment related to the development of targeted oncology therapies. The segment has historically derived its revenues from research and development collaborations.

The CODM assesses performance for the segment based on net loss, which is reported on the condensed consolidated statements of operations and comprehensive loss as net loss. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets. When evaluating the Company’s financial performance, the CODM regularly reviews total revenues, total expenses and research and development expenses by program.

The table below is a summary of the segment net loss, including significant segment expense categories (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Collaboration revenue

 

$

—

 

 

$

4,015

 

 

$

—

 

 

$

6,941

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Direct research and development expenses(1)

 

 

 

 

 

 

 

 

 

 

 

 

Varegacestat

 

 

10,717

 

 

 

12,733

 

 

 

20,549

 

 

 

27,120

 

IM-1021

 

 

6,347

 

 

 

1,728

 

 

 

10,211

 

 

 

4,795

 

IM-1617

 

 

2,029

 

 

 

3,556

 

 

 

2,867

 

 

 

3,931

 

IM-3050

 

 

1,556

 

 

 

1,012

 

 

 

2,863

 

 

 

2,045

 

Other direct research and development

 

 

13,865

 

 

 

5,493

 

 

 

23,836

 

 

 

10,165

 

Indirect research and development(2)

 

 

20,393

 

 

 

13,115

 

 

 

36,707

 

 

 

23,453

 

General and administrative(3)

 

 

13,472

 

 

 

6,873

 

 

 

22,121

 

 

 

14,248

 

Other segment expenses(4)

 

 

9,756

 

 

 

5,983

 

 

 

18,312

 

 

 

12,298

 

Total operating expenses

 

 

78,135

 

 

 

50,493

 

 

 

137,466

 

 

 

98,055

 

Loss from operations

 

 

(78,135

)

 

 

(46,478

)

 

 

(137,466

)

 

 

(91,114

)

Interest income

 

 

5,008

 

 

 

3,081

 

 

 

10,500

 

 

 

6,077

 

Net loss

 

 

(73,127

)

 

$

(43,397

)

 

$

(126,966

)

 

$

(85,037

)

 

(1)
Direct research and development expenses include external costs, such as costs related to laboratory materials and services, manufacturing, outsourced research, product development, and clinical trial costs, including fees paid to investigators, consultants, central laboratories and CROs for specific product candidates.
(2)
Indirect research and development expenses include certain overhead expenses, and personnel salary and benefit costs, excluding share-based compensation costs.
(3)
General and administrative expenses include legal fees, professional fees for accounting, auditing, tax and consulting services, insurance costs, travel, certain overhead expenses and personnel salary and benefit costs, excluding share-based compensation.
(4)
Other segment expenses include non-cash share-based compensation costs and depreciation and amortization.

 

For the three and six months ended June 30, 2026, the Company revised the presentation of its significant segment expense categories to align with how the CODM currently evaluates the Company's financial performance. Prior period amounts have been reclassified to conform to the current year presentation.