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

20. Segment Information

The Company operates in a single operating and reportable segment, which includes all activities related to discovery, development and commercialization of durable and disease-targeted therapeutics. The determination of a single business segment is consistent with the financial information regularly provided to the Company's chief operating decision maker (the "CODM") who manages the business activities on a consolidated basis. The Company's CODM is its Chief Executive Officer who assesses performance for the business and decides how to allocate resources based on net loss that also is reported on the statements of operations. In making this assessment, the CODM reviews and evaluates net loss to monitor budget versus actual results and to analyze cash flows for purposes of allocating resources and assessing financial performance.

 

In addition to the significant expense categories included within net loss presented in the Company's condensed statements of operations, the following table provides disaggregated amounts that comprise research and development expenses (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Direct research and development expenses for 4D-150

 

$

43,557

 

 

$

19,134

 

 

$

86,280

 

 

$

31,907

 

Unallocated personnel costs (including
stock-based compensation)

 

 

15,996

 

 

 

17,871

 

 

 

30,526

 

 

 

35,099

 

All other costs

 

 

8,729

 

 

 

10,946

 

 

 

16,456

 

 

 

21,644

 

Total research and development expenses

 

$

68,282

 

 

$

47,951

 

 

$

133,262

 

 

$

88,650

 

Effective in the first quarter of 2026, the Company updated the presentation of segment operating expenses provided to the CODM. This change in the presentation reflects how segment information is currently reviewed by the CODM. Prior period segment information has been recast to conform to the current period presentation.

 

The measure of segment assets is reported on the balance sheets as total assets. As of and for the six months ended June 30, 2026 and 2025, all of the Company’s long-lived assets were located in the United States. The Company's revenues by geographic region, based on the location of the customer, are disclosed in Note 2, Summary of Significant Accounting Policies.