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

13. Segment Reporting

The Company has one operating segment. The Company’s operating segment is engaged in the research and development of prophylactic therapeutics for bleeding disorders. The Company’s Chief Executive Officer and Chief Financial Officer/General Manager are together considered the Company’s Chief Operating Decision Maker ("CODM") and together manage the Company’s operations on a consolidated basis for the purposes of assessing performance and allocating resources based on net loss that also is reported on the consolidated statement of operations as consolidated net loss. This financial metric is used by the CODM to make key operating decisions such as the allocation of capital between program expenses, early-stage discovery expenses, and general and administrative expense, including headcount and facilities decisions. The measure of segment assets is reported on the balance sheet as total consolidated assets. The following table presents long-lived assets by geographic location as of June 30, 2026 and December 31, 2025 (in thousands):

 

 

 

As of

 

 

As of

 

 

 

June 30,

 

 

December 31,

 

 

 

2026

 

 

2025

 

United States of America

 

$

234

 

 

$

461

 

Denmark

 

 

1,263

 

 

 

1,240

 

 

$

1,497

 

 

$

1,701

 

 

The following table presents selected financial information about 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,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development personnel-related
   (excluding equity-based compensation)

 

$

5,835

 

 

$

3,362

 

 

$

10,536

 

 

$

5,786

 

External research and development costs -
   sutacimig

 

 

5,371

 

 

 

4,651

 

 

 

11,166

 

 

 

10,604

 

External research and development costs -
   HMB-002

 

 

3,004

 

 

 

1,811

 

 

 

6,510

 

 

 

6,374

 

External research and development costs -
   HMB-003

 

 

1,887

 

 

 

526

 

 

 

3,945

 

 

 

788

 

External - discovery related costs and other

 

 

3,258

 

 

 

2,309

 

 

 

6,094

 

 

 

3,028

 

Personnel-related (excluding equity-based
   compensation)

 

 

1,054

 

 

 

863

 

 

 

2,086

 

 

 

1,623

 

External - general and administrative

 

 

3,578

 

 

 

1,967

 

 

 

5,876

 

 

 

3,310

 

Equity-based compensation expense

 

 

2,015

 

 

 

494

 

 

 

3,333

 

 

 

953

 

Depreciation expense

 

 

77

 

 

 

74

 

 

 

145

 

 

 

151

 

Other segment (income) expenses

 

 

832

 

 

 

(3,517

)

 

 

1,114

 

 

 

(4,108

)

Interest income

 

 

(2,858

)

 

 

(335

)

 

 

(4,077

)

 

 

(808

)

Income tax expense (benefit)

 

 

97

 

 

 

4

 

 

 

109

 

 

 

(186

)

Consolidated net loss

 

$

24,150

 

 

$

12,209

 

 

$

46,837

 

 

$

27,515

 

 

(a)
The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(b)
Other segment expenses include foreign currency exchange loss and other income/expense.