v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information
13.
Segment Information

The Company manages its operations as a single reportable segment focused on the research and development of product candidates. The accounting policies of the single reportable segment are identical to those described in Note 2 of the Company's audited consolidated financial statements for the year ended December 31, 2025. The chief operating decision maker, who manages the Company's operations on a consolidated basis, assesses performance for the reportable segment using consolidated net loss to monitor budget versus actual results and to determine how to effectively allocate the Company's resources. The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets. The following table presents certain financial data for the Company's reportable segment 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

 

Clinical trial expenses

 

$

20,716

 

 

$

5,987

 

 

$

45,535

 

 

$

7,926

 

Employee-related research and development expenses

 

 

16,836

 

 

 

6,958

 

 

 

32,829

 

 

 

14,008

 

Chemistry, manufacturing and controls expenses

 

 

6,331

 

 

 

3,404

 

 

 

12,748

 

 

 

7,360

 

Preclinical program expenses

 

 

8,294

 

 

 

9,727

 

 

 

13,816

 

 

 

15,808

 

Other research and development expenses

 

 

1,258

 

 

 

770

 

 

 

2,191

 

 

 

1,531

 

Employee-related general and administrative expenses

 

 

5,774

 

 

 

1,902

 

 

 

12,764

 

 

 

3,962

 

Professional fees and other general and administrative expenses

 

 

4,339

 

 

 

1,915

 

 

 

8,168

 

 

 

3,611

 

Other segment items(1)

 

 

(3,356

)

 

 

(818

)

 

 

(7,191

)

 

 

(2,021

)

Net loss

 

$

60,192

 

 

$

29,845

 

 

$

120,860

 

 

$

52,185

 

 

(1)
Other segment items include interest income and other income, net.