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

14. Segment reporting

The Company views its operations and manages its business as one operating segment, focused on the discovery and development of novel cardiovascular drugs for the treatment of heart diseases.

The CODM, is responsible for making decisions regarding resource allocation and assessing performance. The Company’s CODM is its Chief Executive Officer. No revenue has been generated since inception, and all assets are held in the United States.

The CODM assesses performance of the business, monitors budget versus actual results and manages and allocates resources to the Company’s operations using condensed consolidated net loss as the primary measurement. The CODM is regularly provided with entity-wide expense categories that are largely consistent with those found on the Company’s condensed consolidated statements of operations and comprehensive loss. The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets.

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Program expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Danicamtiv

 

$

13,228

 

 

$

884

 

 

$

23,555

 

 

$

884

 

Ataciguat

 

 

7,975

 

 

 

7,889

 

 

 

16,617

 

 

 

9,834

 

Tonlamarsen

 

 

3,925

 

 

 

4,744

 

 

 

7,870

 

 

 

8,408

 

Research and development - compensation and
 benefits *

 

 

18,505

 

 

 

14,801

 

 

 

32,293

 

 

 

22,450

 

Research and development - other

 

 

12,732

 

 

 

7,521

 

 

 

21,097

 

 

 

13,037

 

Total Research and development expense

 

 

56,365

 

 

 

35,839

 

 

 

101,432

 

 

 

54,613

 

General and administrative expense - compensation and benefits *

 

 

13,516

 

 

 

16,995

 

 

 

21,420

 

 

 

20,949

 

General and administrative expense - other

 

 

5,351

 

 

 

4,291

 

 

 

11,090

 

 

 

7,641

 

Total general and administrative expense

 

 

18,867

 

 

 

21,286

 

 

 

32,510

 

 

 

28,590

 

Change in fair value of contingent milestone liabilities

 

 

43,529

 

 

 

—

 

 

 

43,529

 

 

 

—

 

Total operating expense

 

 

118,761

 

 

 

57,125

 

 

 

177,471

 

 

 

83,203

 

Other income/expense **

 

 

(2,525

)

 

 

320

 

 

 

(5,164

)

 

 

(3,572

)

Loss before income taxes

 

$

116,236

 

 

$

57,445

 

 

$

172,307

 

 

$

79,631

 

 

* Includes stock-based compensation expense

** Other income (expense) for the three and six months ended June 30, 2026 primarily includes interest income. Other income (expense) for the six months ended June 30, 2025 primarily includes bargain purchase gain, change in fair value of Series A Preferred Stock tranche obligations and interest income.