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

15. Segment reporting

The Company currently has a single reportable operating segment and revenue generated exclusively from the Maruho License Agreement. The Company’s chief executive officer, who is the Chief Operating Decision Maker (the “CODM”), manages the Company on a consolidated basis and utilizes consolidated net loss as a basis for resource allocation and decision making. The CODM considers budget-to-actual variances for each of the disaggregated components of operating expenses when making decisions about allocating resources and evaluating performance. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets. In addition, the CODM is regularly provided information on total cash, which is inclusive of cash, cash equivalents and short-term investments, as a measure of segment assets. As of June 30, 2026, the Company’s cash, cash equivalents and short-term investments were $261.3 million.

The Company's consolidated and segment net loss, including disaggregated components of operating expenses is as follows (in thousands):

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

 

 

 

 

 

 

2026

 

 

2025

 

2026

 

 

2025

 

Collaboration revenue

 

 

 

 

 

 

 

$

773

 

 

$

937

 

$

1,807

 

 

$

1,503

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Verekitug program:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asthma indication

 

 

 

 

 

 

 

 

12,943

 

 

 

13,236

 

 

23,653

 

 

 

23,257

 

COPD indication

 

 

 

 

 

 

 

 

8,348

 

 

 

6,803

 

 

19,310

 

 

 

12,490

 

CRSwNP indication

 

 

 

 

 

 

 

 

2,000

 

 

 

2,238

 

 

3,089

 

 

 

5,001

 

Personnel expenses

 

 

 

 

 

 

 

 

6,876

 

 

 

4,509

 

 

14,077

 

 

 

8,214

 

Manufacturing costs

 

 

 

 

 

 

 

 

4,065

 

 

 

10,000

 

 

9,038

 

 

 

12,129

 

Professional fees and other

 

 

 

 

 

 

 

 

1,857

 

 

 

1,079

 

 

3,487

 

 

 

2,571

 

Total research and development expenses

 

 

 

 

 

 

 

 

36,089

 

 

 

37,865

 

 

72,654

 

 

 

63,662

 

General and administrative:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

 

 

 

 

 

 

4,328

 

 

 

3,773

 

 

9,265

 

 

 

8,005

 

Professional fees

 

 

 

 

 

 

 

 

1,538

 

 

 

2,397

 

 

3,572

 

 

 

3,893

 

Other

 

 

 

 

 

 

 

 

1,186

 

 

 

1,249

 

 

2,299

 

 

 

2,303

 

Total general and administrative expenses

 

 

 

 

 

 

 

 

7,052

 

 

 

7,419

 

 

15,136

 

 

 

14,201

 

Total operating expenses

 

 

 

 

 

 

 

 

43,141

 

 

 

45,284

 

 

87,790

 

 

 

77,863

 

Loss from operations

 

 

 

 

 

 

 

 

(42,368

)

 

 

(44,347

)

 

(85,983

)

 

 

(76,360

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

 

 

 

2,659

 

 

 

4,431

 

 

5,713

 

 

 

9,174

 

Other income (expense), net

 

 

 

 

 

 

 

 

7

 

 

 

(50

)

 

(23

)

 

 

(50

)

Total other income, net

 

 

 

 

 

 

 

 

2,666

 

 

 

4,381

 

 

5,690

 

 

 

9,124

 

Segment and consolidated net loss

 

 

 

 

 

 

 

$

(39,702

)

 

$

(39,966

)

$

(80,293

)

 

$

(67,236

)