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

9. Segment Reporting

The Company has one reportable segment relating to its operations. The segment derives its current revenues from research and development collaborations.

The Company’s Chief Operating Decision Maker (the CODM), its Chief Executive Officer, manages the Company’s operations on an integrated basis for the purposes of allocating resources. When evaluating the Company’s financial performance, the CODM reviews total revenues, total expenses and expenses by certain categories and makes decisions using this information.

The table below is a summary of the segment profit or loss, including significant segment expenses (in thousands):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Collaboration revenue

 

$

2,082

 

 

$

1,907

 

 

$

3,381

 

 

$

3,536

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Personnel costs

 

 

10,656

 

 

 

10,682

 

 

 

21,845

 

 

 

22,386

 

Clinical programs

 

 

7,432

 

 

 

5,778

 

 

 

13,598

 

 

 

12,061

 

Research activities

 

 

991

 

 

 

1,870

 

 

 

2,792

 

 

 

4,306

 

Facilities costs

 

 

4,239

 

 

 

5,884

 

 

 

8,642

 

 

 

11,964

 

Other segment expenses (1)

 

 

9,898

 

 

 

14,661

 

 

 

20,638

 

 

 

31,067

 

Total operating expenses

 

 

33,216

 

 

 

38,875

 

 

 

67,515

 

 

 

81,784

 

Loss from operations

 

 

(31,134

)

 

 

(36,968

)

 

 

(64,134

)

 

 

(78,248

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

1,555

 

 

 

2,921

 

 

 

3,422

 

 

 

6,257

 

Change in fair value of stock price appreciation milestones

 

 

(580

)

 

 

(73

)

 

 

(660

)

 

 

207

 

Other income

 

 

—

 

 

 

50

 

 

 

—

 

 

 

93

 

Total other income

 

 

975

 

 

 

2,898

 

 

 

2,762

 

 

 

6,557

 

Net loss

 

$

(30,159

)

 

$

(34,070

)

 

$

(61,372

)

 

$

(71,691

)

 

(1) Other segment expenses include stock compensation expense, depreciation, legal fees, general and administrative expenses, and corporate expenses.