Segment information (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of segment financial information

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.