v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information
9.
Segment Information

The Company’s operations constitute a single operating and reportable segment. The following table presents financial information, including significant segment expenses, which are regularly provided to the Chief Operating Decision Maker (“CODM”). The Company's CODM is the Chief Executive Officer, who utilizes adjusted net loss in assessing performance and allocating resources by comparing net loss against prior periods and the Company’s forecast. The measure of segment assets is reported on the condensed balance sheets as total assets. Research and development expenses and general and administrative expenses are adjusted to exclude depreciation and stock-based compensation for segment presentation. Other segment items include depreciation, stock-based compensation, other income, net (in thousands):

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Adjusted research and development (1)

 

$

14,452

 

 

$

12,312

 

 

$

25,135

 

 

$

18,582

 

Adjusted general and administrative (1)

 

 

9,935

 

 

 

2,620

 

 

 

23,802

 

 

 

4,112

 

Adjusted net loss (1) (2)

 

 

(24,387

)

 

 

(14,932

)

 

 

(48,937

)

 

 

(22,694

)

Total other segment items (3)

 

 

4,201

 

 

 

2,053

 

 

 

12,118

 

 

 

2,366

 

Net loss

 

$

(20,186

)

 

$

(12,879

)

 

$

(36,819

)

 

$

(20,328

)

(1) Excludes depreciation and stock-based compensation expense.

(2) Excludes deferred revenue recognition and revenue accruals.

(3) Includes depreciation, stock-based compensation expense, interest income, other expense and collaboration revenue recognized.