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

10. Segments

The Company currently operates as one operating business segment focused on developing innovative medicines in areas of high unmet need for cancer patients. The Company's determination that it operates as a single segment is consistent with the financial information regularly reviewed by the CODM for purposes of evaluating performance, allocating resources, and planning and forecasting for future periods.

The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the segment based on net loss, which is reported on the statement of operations and comprehensive loss as net loss. The measure of segment assets is reported on the balance sheet as total assets.

To date, the Company has not recognized any revenue from product sales, and the Company does not expect to generate any revenue in the foreseeable future. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results is used in assessing performance of the segment and to make decisions about the allocation of resources, along with cash forecast models.

During the fourth quarter of 2025, the Company announced that it decided to pause the clinical development of its SMARCA2 degrader program which is comprised of PRT3789 and PRT7732 and prioritize allocation of resources to advancing the JAK2 V617F and lysine acetyltransferase 6A (KAT6A) selective degrader programs. The expense included in other represents programs that the Company has paused or discontinued, including the previously mentioned SMARCA2 degrader programs. Corresponding segment expenses for earlier periods have been recast. The following table summarizes the significant expense categories regularly reviewed by the CODM for the three and six months ended June 30, 2026 and 2025.

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

(in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue

 

$

5,704

 

 

$

 

 

$

10,284

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

 

 

 

 

 

 

 

 

 

 

JAK2 V617F

 

 

2,266

 

 

 

1,881

 

 

 

3,678

 

 

 

3,056

 

KAT6A

 

 

2,085

 

 

 

795

 

 

 

2,876

 

 

 

1,301

 

Discovery programs

 

 

229

 

 

 

612

 

 

 

283

 

 

 

1,399

 

Other

 

 

14

 

 

 

6,804

 

 

 

852

 

 

 

16,705

 

General costs, including personnel related

 

 

11,537

 

 

 

15,692

 

 

 

22,043

 

 

 

32,139

 

Total research and development

 

 

16,131

 

 

 

25,784

 

 

 

29,732

 

 

 

54,600

 

General and administrative

 

 

5,027

 

 

 

6,410

 

 

 

10,183

 

 

 

12,200

 

Total operating expenses

 

$

21,158

 

 

$

32,194

 

 

$

39,915

 

 

$

66,800

 

Loss from operations

 

 

(15,454

)

 

 

(32,194

)

 

 

(29,631

)

 

 

(66,800

)

Other income, net

 

 

1,533

 

 

 

963

 

 

 

5,325

 

 

 

3,484

 

Net loss

 

$

(13,921

)

 

$

(31,231

)

 

$

(24,306

)

 

$

(63,316

)