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

13. Segment Reporting

The Company operates and manages its business as one reportable and operating segment, which is the business of developing therapies for autoimmune and inflammatory diseases. The chief executive officer, who is the chief operating decision maker (“CODM”), reviews financial information on an aggregate basis for purposes of allocating resources, assessing performance and monitoring budget versus actuals. The CODM assesses performance based on net loss as reported on the statement of operations and comprehensive loss. Segment assets are not regularly reviewed by the CODM for purposes of assessing segment performance or allocating resources; total assets are, however, presented on the balance sheet. Segment depreciation expense and segment asset additions are consistent with amounts reported within the statement of cash flows given the Company's operations are aggregated within a single reportable segment. All of the Company’s long-lived assets are located in the United States.

The following table sets forth the Company’s summary of segment loss, including significant segment expenses for the three and six months ended June 30, 2026 and 2025 (in thousands):

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

 

2026

 

 

 

2025

 

 

2026

 

 

 

2025

 

Research and development expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Miv-cel

 

$

 

11,386

 

 

$

 

22,541

 

$

 

26,616

 

 

$

 

44,661

 

Other programs

 

 

 

24

 

 

 

 

986

 

 

 

230

 

 

 

 

1,498

 

Other research and development expenses(a)

 

 

 

13,378

 

 

 

 

12,289

 

 

 

28,015

 

 

 

 

27,090

 

General and administrative expenses(b)

 

 

 

14,768

 

 

 

 

8,594

 

 

 

26,062

 

 

 

 

18,569

 

Interest (income)

 

 

 

(1,929

)

 

 

 

(2,364

)

 

 

(4,256

)

 

 

 

(5,189

)

Interest expense and other expense, net

 

 

 

692

 

 

 

 

35

 

 

 

1,380

 

 

 

 

87

 

Segment loss and net loss

 

$

 

38,319

 

 

$

 

42,081

 

$

 

78,047

 

 

$

 

86,716

 

(a) Primarily includes personnel costs, license fees, R&D consulting services, unallocated CRO and CMO costs and allocated overhead and facilities expenses.

(b) Primarily includes personnel costs, allocated overhead and facilities expenses, legal, IT, accounting and general and administrative expenses.