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

14. Segment reporting

The Company operates and manages its business as a single operating segment for the purposes of assessing performance and making operating decisions. The Company’s current focus is on the development of a broad, advanced, and differentiated portfolio of clinical-stage injectable and oral therapies for the treatment of obesity. The Company has one reportable segment. The determination of reportable segments is based on the Chief Operating Decision Maker's ("CODM") use of financial information provided for the purpose of assessing performance and making operating decisions. The Company's CODM is its Chief Executive Officer.

The CODM assesses performance for the segment based on net loss. The measure of segment assets is reported on the balance sheet as total assets.

To date, the Company has not generated any product revenue. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through all stages of development and clinical trials and, ultimately, seeks regulatory approval. As such, the CODM uses cash forecast models in deciding how to invest into the segment. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results is used in assessing performance of the segment, along with cash forecast models.

The table below summarizes the expense categories reviewed by the CODM 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

 

External research and development(1)

 

 

 

 

 

 

 

 

 

 

 

 

Ribupatide injection

 

$

70,569

 

 

$

10,207

 

 

$

121,140

 

 

$

14,676

 

Ribupatide oral

 

 

1,329

 

 

 

—

 

 

 

1,690

 

 

 

—

 

KAI-7535

 

 

9,382

 

 

 

582

 

 

 

13,865

 

 

 

956

 

KAI-4729

 

 

378

 

 

 

106

 

 

 

788

 

 

 

338

 

Unallocated research and development and other(2)

 

 

4,745

 

 

 

1,954

 

 

 

8,319

 

 

 

2,750

 

General and administrative(3)

 

 

7,736

 

 

 

3,490

 

 

 

12,153

 

 

 

7,076

 

Personnel related (including stock-based compensation)(4)

 

 

27,234

 

 

 

14,312

 

 

 

48,078

 

 

 

25,312

 

Interest income

 

 

(9,994

)

 

 

(2,126

)

 

 

(15,710

)

 

 

(3,801

)

Other (income) expense, net

 

 

(72

)

 

 

422

 

 

 

(151

)

 

 

(377

)

Net loss

 

$

111,307

 

 

$

28,947

 

 

$

190,172

 

 

$

46,930

 

 

1)
External research and development is allocated to the Company’s programs, and includes nonclinical, clinical trial, contract manufacturing, non-employee consultant and contractor, and other research and development costs.
2)
Unallocated research and development includes external costs that are not program specific primarily related to consultant and contractor costs, in addition to research and development allocated rent expense and depreciation.
3)
General and administrative includes external costs related to the Company’s executive, finance, legal, and other administrative functions, such as professional fees for legal, patent, consulting, accounting, audit and tax services. General and administrative also includes information technology costs and general and administrative allocated rent expense and depreciation.
4)
Internal costs includes salaries and related costs, including stock-based compensation, for employees.