v3.26.1
Segment reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment reporting Segment reporting
The Company operates as one operating segment. The Company's chief operating decision maker, or CODM, is its chief executive officer, who reviews financial information presented on a consolidated basis. The CODM manages and allocates resources to the operations of the Company on a total company basis by assessing the overall level of resources available and how to best deploy these resources across functions and research and development projects that are in line with the Company's long-term company-wide strategic goals. Consistent with this decision-making process, the CODM uses operating expenses to monitor budget versus actual results for purposes of evaluating performance and to make decisions about the allocation of resources. The CODM does not utilize revenue in the decision-making process as a significant amount of the revenues recognized by the Company are derived from the upfront payments received from its collaboration partners. See Note 8, Collaboration and license agreements, for details.
These financial metrics used by the CODM to make key operating decisions consist of development, research, and general and administrative expenses.
The following table presents selected financial information with respect to the Company’s single operating segment for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue$— $— $— $— 
Operating expenses:
Development expenses12,597 12,605 25,186 27,155 
Research expenses8,524 8,846 17,234 16,570 
General and administrative8,907 8,521 18,874 17,142 
Segment operating expenses30,028 29,972 61,294 60,867 
Reconciliation of profit or loss
Non-operating income(2,788)(2,481)(5,444)(5,323)
Adjustments or reconciling items(1)(3,605)(1,471)(7,086)(3,202)
Consolidated net loss$(23,635)$(26,020)$(48,764)$(52,342)
(1) The reconciling items include revenue and stock-based compensation expense for the three and six months ended June 30, 2026 and 2025.