v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
11.
Segment Reporting

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group ("CODM"), in making decisions regarding resource allocation and assessing performance. The Company’s CODM is its Chief Executive Officer. No product revenue has been generated since inception and all assets are held in the United States.

The Company views its operations and manages its business as one operating segment, focused on the discovery and development of novel therapies for the treatment of metabolic diseases. Segment profit or loss is measured as the Company’s net loss as reported on the Company’s unaudited condensed consolidated statements of operations and comprehensive loss. The Company monitors its cash and cash equivalents and short-term investments as reported on the Company’s unaudited condensed consolidated balance sheets to determine funding for its research and development. The measure of segment assets is reported on the condensed consolidated balance sheet as total assets.

As the Company does not currently generate revenue, the CODM assesses Company performance through the achievement of pre-clinical and clinical research goals. In addition to the Company’s unaudited condensed consolidated statements of operations and comprehensive loss, the CODM is regularly provided with budgeted and forecasted expense information which is used to determine the Company’s liquidity needs and cash allocation.

Segment net loss, including significant segment expenses regularly provided to the CODM, is as follows (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research expenses

 

$

6,895

 

 

$

10,163

 

 

$

19,525

 

 

$

15,681

 

Personnel-related (including stock-based compensation expense)

 

 

3,376

 

 

 

2,704

 

 

 

7,083

 

 

 

4,739

 

Facilities-related and other allocated costs

 

 

184

 

 

 

278

 

 

 

414

 

 

 

480

 

Total Research and development expenses

 

 

10,455

 

 

 

13,145

 

 

 

27,022

 

 

 

20,900

 

General and administrative expenses

 

 

4,629

 

 

 

2,703

 

 

 

10,526

 

 

 

5,418

 

Interest and dividend income

 

 

(695

)

 

 

(1,488

)

 

 

(1,584

)

 

 

(2,663

)

Unrealized (gains) losses on short-term investments

 

 

(2

)

 

 

7

 

 

 

11

 

 

 

22

 

Net loss

 

$

14,387

 

 

$

14,367

 

 

$

35,975

 

 

$

23,677