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

16. Segment Reporting

The Company manages its operations as a single operating and reportable segment that is focused on developing Helicon medicines targeting historically undruggable proteins. The CODM manages the Company’s operations on a consolidated basis and uses consolidated net loss to assess financial performance and allocate resources. Consolidated net loss is used by the CODM to make key operating decisions, such as the determination of the rate at which the Company seeks to grow its research and development initiatives and the allocation of capital between research and development and general and administrative expenses. The CODM does not review assets in evaluating the results of the segment, and therefore, such information is not presented.

The following table presents selected financial information with respect to the Company’s single operating segment (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Collaboration revenue

 

$

148

 

 

$

—

 

 

$

148

 

 

$

—

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

External research and development expense -
   Zolucatetide

 

 

12,673

 

 

 

9,379

 

 

 

25,767

 

 

 

22,524

 

External research and development expense -
   ß-Catenin Degrader

 

 

799

 

 

 

193

 

 

 

1,215

 

 

 

912

 

External research and development expense -
   ERG

 

 

1,970

 

 

 

1,842

 

 

 

4,882

 

 

 

3,482

 

External research and development expense -
   ARON

 

 

1,959

 

 

 

751

 

 

 

3,365

 

 

 

1,616

 

External research and development expense -
   Early discovery and other programs

 

 

1,021

 

 

 

1,245

 

 

 

2,015

 

 

 

2,239

 

Other research and development expenses

 

 

8,319

 

 

 

7,462

 

 

 

15,969

 

 

 

14,034

 

Personnel-related research and development
   expenses (excluding stock-based
   compensation expense)

 

 

11,362

 

 

 

8,471

 

 

 

21,594

 

 

 

17,609

 

Personnel-related general and administrative
   expenses (excluding stock-based
   compensation expense)

 

 

2,487

 

 

 

2,252

 

 

 

5,596

 

 

 

4,663

 

Other general and administrative expenses

 

 

6,217

 

 

 

3,484

 

 

 

11,947

 

 

 

6,735

 

Depreciation and amortization expense

 

 

593

 

 

 

618

 

 

 

1,199

 

 

 

1,272

 

Stock-based compensation expense

 

 

3,634

 

 

 

823

 

 

 

4,938

 

 

 

1,675

 

Other segment items(1)

 

 

1,577

 

 

 

(1,710

)

 

 

(560

)

 

 

(3,625

)

Consolidated net loss

 

$

(52,463

)

 

$

(34,810

)

 

$

(97,779

)

 

$

(73,136

)

 

Notes

(1)
Other segment items consist of interest income, interest expense, sublease income – related party, and change in fair value of simple agreement for future equity.