| Schedule of Segment Reporting Information |
The following table presents the measure of segment assets regularly provided to the CODM (in thousands):
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Cash, cash equivalents and short-term investments |
|
|
115,981 |
|
|
|
17,752 |
|
The following table presents financial information, including significant segment expenses, which are regularly provided to the CODM and included within condensed consolidated statements of operations and comprehensive loss (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Research and development: |
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
$ |
2,105 |
|
|
$ |
1,294 |
|
|
$ |
4,019 |
|
|
$ |
2,614 |
|
Stock-based compensation |
|
|
3,182 |
|
|
|
438 |
|
|
|
3,724 |
|
|
|
873 |
|
Clinical and contract manufacturing |
|
|
1,173 |
|
|
|
5,342 |
|
|
|
4,773 |
|
|
|
12,069 |
|
Other |
|
|
(999 |
) |
|
|
(521 |
) |
|
|
(210 |
) |
|
|
(858 |
) |
General and administrative: |
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
2,102 |
|
|
|
1,038 |
|
|
|
3,438 |
|
|
|
2,765 |
|
Stock-based compensation |
|
|
8,911 |
|
|
|
834 |
|
|
|
9,655 |
|
|
|
1,785 |
|
Consulting and professional costs |
|
|
4,981 |
|
|
|
786 |
|
|
|
6,539 |
|
|
|
2,252 |
|
Other |
|
|
632 |
|
|
|
684 |
|
|
|
1,261 |
|
|
|
1,329 |
|
Acquired in-process research and development |
|
|
59,000 |
|
|
|
— |
|
|
|
59,000 |
|
|
|
— |
|
Gain on Orphai Acquisition |
|
|
(1,305 |
) |
|
|
— |
|
|
|
(1,305 |
) |
|
|
— |
|
Intangible asset impairment charge |
|
|
— |
|
|
|
— |
|
|
|
67,808 |
|
|
|
— |
|
Fair value adjustment for contingent consideration |
|
|
— |
|
|
|
532 |
|
|
|
(64,330 |
) |
|
|
2,456 |
|
Total operating expenses |
|
|
79,782 |
|
|
|
10,427 |
|
|
|
94,372 |
|
|
|
25,285 |
|
Loss from operations |
|
|
(79,782 |
) |
|
|
(10,427 |
) |
|
|
(94,372 |
) |
|
|
(25,285 |
) |
Fair value adjustment for debt |
|
|
— |
|
|
|
(501 |
) |
|
|
12,168 |
|
|
|
(945 |
) |
Fair value adjustment for warrants |
|
|
4,507 |
|
|
|
(4,464 |
) |
|
|
35,623 |
|
|
|
(4,464 |
) |
Warrant issuance costs |
|
|
(874 |
) |
|
|
(872 |
) |
|
|
(874 |
) |
|
|
(872 |
) |
Other segment items |
|
|
661 |
|
|
|
215 |
|
|
|
7,879 |
|
|
|
487 |
|
Net loss |
|
$ |
(75,488 |
) |
|
$ |
(16,049 |
) |
|
$ |
(39,576 |
) |
|
$ |
(31,079 |
) |
|