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SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company has determined that it operates as one segment focused on developing medicines for brain disorders with significant unmet need. The Company’s precommercial drug development candidates have similar economic and other characteristics, including all being in the small molecule therapeutic class which shares target markets, development pathways and regulatory environments. The CODM is the President and CEO, who reviews profit and loss information on a consolidated basis to assess performance and make operating and planning decisions, including resource allocations among active programs. The determination of the single segment is consistent with the information provided to the CODM. As the Company’s operations are comprised of a single reporting segment, the segment assets are reflected on the accompanying condensed consolidated balance sheet as “total assets.” Segment asset information is not used by the CODM to make operating and planning decisions or allocate resources.
The following tables summarize the Company’s segment information as presented to the CODM for the periods indicated:
For the Three Months Ended June 30,For the Six Months Ended June 30,
(in thousands)2026202520262025
Revenue$733 $6,272 $733 $6,402 
Payroll and payroll-related expenses2,241 1,803 4,165 3,639 
Direct program expenses
OV3293,410 1,582 8,873 2,441 
OV40712,564 — 3,546 — 
KCC2 library604 2,625 2,714 5,403 
OV888 (GV101)— (563)— (224)
Other programs117 445 347 713 
Total direct program expenses6,695 4,089 15,480 8,333 
Other research and development expenses1,021 573 1,492 1,151 
Total research and development expenses9,957 6,465 21,137 13,123 
Payroll and payroll-related expenses2,737 2,248 4,852 5,378 
Legal and professional fees2,189 1,278 4,960 2,729 
General office expenses1,548 1,354 3,326 2,795 
Total general and administrative expenses6,474 4,880 13,138 10,902 
Total operating expenses16,431 11,345 34,275 24,025 
Operating loss(15,698)(5,073)(33,542)(17,623)
Other income (expense), net689 389 1,546 2,704 
Net loss
$(15,009)$(4,684)$(31,996)$(14,919)
The program expense for OV888 (GV101) is negative for the three and six month periods ended June 30, 2025 because the Company recognized a contra-expense upon settlement of the amounts due to its collaboration partner and on reversal of an immaterial accrual estimate on final determination of amounts owed.
Other research and development expenses include general office expenses allocated to research and development, including costs related to rent, depreciation of leasehold improvements and nonclinical contract labor. Other income (expense), net includes a gain from fraudulent funds transfer recovery, unrealized loss on adjustment to fair value of the royalty monetization liability and interest/accretion income on securities.
Other significant segment information includes:
For the Three Months Ended June 30,For the Six Months Ended June 30,
(in thousands)2026202520262025
Stock-based compensation expense1,431 1,219 2,477 2,503 
Interest/accretion income on securities1,558 384 2,295 875 
Severance expense209 — 209 435 
Gain from recovery of fraudulent funds transfer— — — 1,800 
Depreciation and amortization16 99 51 240