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

Note 9 - Segment Reporting

The Company operates as a single operating segment focusing on developing innovative therapeutics targeting serious viral diseases. The Company's chief operating decision maker (CODM) is its Chief Executive Officer and President, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The measure of segment profit or loss used by the CODM to evaluate performance and allocate resources is consolidated net loss as reported in the Company's condensed consolidated statements of operations. This measure is used by the CODM to assess the Company's cash runway and make strategic decisions about resource allocation. The CODM does not use asset measures to evaluate segment performance or make resource allocation decisions.

The following table presents the significant segment expenses and other segment items regularly reviewed by the Company's CODM:

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Collaboration revenue from a related party

$

13,374

 

 

$

9,626

 

 

$

21,587

 

 

$

19,045

 

Less:

 

 

 

 

 

 

 

 

 

 

 

External program expenses:

 

 

 

 

 

 

 

 

 

 

 

5366

 

343

 

 

 

3,048

 

 

 

720

 

 

 

4,728

 

1179

 

839

 

 

 

1,331

 

 

 

2,625

 

 

 

2,065

 

6250 (1)

 

609

 

 

 

1,458

 

 

 

2,098

 

 

 

3,903

 

   HDV

 

480

 

 

 

—

 

 

 

480

 

 

 

—

 

   CLD

 

100

 

 

 

—

 

 

 

100

 

 

 

—

 

4334

 

—

 

 

 

380

 

 

 

2

 

 

 

806

 

7272

 

890

 

 

 

898

 

 

 

1,193

 

 

 

1,650

 

Research and discovery

 

3,027

 

 

 

1,873

 

 

 

5,993

 

 

 

3,649

 

Total external program expenses

 

6,288

 

 

 

8,988

 

 

 

13,211

 

 

 

16,801

 

Employee and contractor-related expenses (2)

 

7,713

 

 

 

6,217

 

 

 

14,567

 

 

 

12,431

 

Facility and other expenses

 

916

 

 

 

920

 

 

 

2,039

 

 

 

1,744

 

Total research and development

 

14,917

 

 

 

16,125

 

 

 

29,817

 

 

 

30,976

 

General and administrative (2)

 

4,801

 

 

 

4,594

 

 

 

9,484

 

 

 

9,103

 

Interest and other income, net

 

(2,487

)

 

 

(895

)

 

 

(4,778

)

 

 

(2,018

)

Net loss

$

(3,857

)

 

$

(10,198

)

 

$

(12,936

)

 

$

(19,016

)

 

(1)
Amounts for 6250 include shared external program expenses supporting both the HDV and CLD indications. External program expenses directly attributable to a specific indication are reflected separately within the applicable HDV and CLD amounts.
(2)
Includes stock-based compensation expense, see Note 7 - Stock-Based Compensation for further details.