v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has one reportable and operating segment, which is engaged in the business of drug discovery and development. The Company’s chief operating decision maker (“CODM”) is the Company’s chief executive officer. The CODM uses the Company’s net loss to monitor actual results versus the budget in assessing segment performance and the allocation of resources. The measure of segment assets is reported on the balance sheets as total assets. Accounting policies for segment reporting are the same as the accounting policies disclosed in Note 2.
The following table sets forth information about the Company’s single reportable segment and the significant expenses reviewed by the CODM, including a reconciliation to net loss (in thousands):
Three Months Ended June 30,
20262025
Revenue$— $— 
Operating expenses:
Research and development:
SL-3251
4,107 2,604 
SL-8461
1,679 — 
Other research and development2
2,479 2,878 
Research and development non-equity compensation2,360 2,331 
Research and development equity compensation1,075 867 
Total research and development11,700 8,680 
General and administrative expenses:
General and administrative non-equity compensation1,397 1,365 
General and administrative equity compensation1,658 1,023 
Other general and administrative including legal and accounting fees, facilities, insurance, travel and depreciation1,400 1,964 
Total general and administrative4,455 4,352 
Expense from operations16,155 13,032 
Loss from operations(16,155)(13,032)
Other income
1,003 574 
Net loss
$(15,152)$(12,458)
1 Expenses for SL-325 and SL-846 that were incurred prior to nomination as a product candidate are included in “other research and development.”
2 Other research and development expense includes technical operations expense of $1.2 million and $0.7 million, research activities for other pipeline compounds and facility expenses of $0.8 million and $0.7 million and depreciation expense of $0.8 million and $0.9 million for the three months ended June 30, 2026 and 2025, respectively.
The following table sets forth information about the Company’s single reportable segment and the significant expenses reviewed by the CODM, including a reconciliation to net loss (in thousands):
Six Months Ended June 30,
20262025
Revenue$— $— 
Operating expenses:
Research and development:
SL-3251
8,666 4,833 
SL-8461
2,213 — 
Other research and development2
4,913 7,484 
Research and development non-equity compensation4,742 4,727 
Research and development equity compensation2,112 1,555 
Total research and development22,646 18,599 
General and administrative expenses:
General and administrative non-equity compensation2,823 2,718 
General and administrative equity compensation3,036 2,056 
Other general and administrative including legal and accounting fees, facilities, insurance, travel and depreciation3,194 4,048 
Total general and administrative9,053 8,822 
Expense from operations31,699 27,421 
Loss from operations(31,699)(27,421)
Other income
1,780 1,261 
Net loss
$(29,919)$(26,160)
1 Expenses for SL-325 and SL-846 that were incurred prior to nomination as a product candidate are included in “other research and development.”
2 Other research and development expense includes technical operations expense of $2.7 million and $1.1 million, research activities for other pipeline compounds and facility expenses of $1.3 million and $2.0 million and depreciation expense of $1.7 million and $1.8 million for the six months ended June 30, 2026 and 2025, respectively.