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

16. Segment Reporting

The Company has one reportable segment which focuses on developing novel therapies for the treatment of orphan pulmonary and fibrosis indications with no approved or limited effective treatments. The Company’s CODM, the CEO, manages the Company’s operations on a consolidated basis as one operating segment for the purposes of evaluating financial performance and allocating resources.

The Company has not generated any revenue yet. The CODM assesses the financial performance of the segment and decides how to allocate resources based on net loss on a consolidated basis. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets.

The CODM uses net loss predominantly in the annual operating budget and in the strategic planning and forecasting process. Such loss measure is used to monitor budget versus actual results on an ongoing basis by the CODM and determine how resources are allocated to the various activities of the Company. The CODM also uses net loss to evaluate the Company’s performance and assist in determination of management’s incentive compensation.

All of the Company’s tangible assets are held in the United States. The Company views its operations and manages its business in one operating segment operating exclusively in the United States.

The table below is a summary of the segment loss, including significant segment expenses:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenues

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Research and development expenses:

 

 

 

 

 

 

 

 

 

 

 

 

LTI-01 program-related expenses:

 

 

 

 

 

 

 

 

 

 

 

 

CMC activities

 

 

89

 

 

 

247

 

 

 

156

 

 

 

784

 

Clinical operation activities

 

 

119

 

 

 

216

 

 

 

119

 

 

 

281

 

Total LTI-01 program-related expenses

 

 

208

 

 

 

463

 

 

 

275

 

 

 

1,065

 

LTI-03 program-related expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Preclinical study costs

 

 

1

 

 

 

267

 

 

 

1

 

 

 

823

 

CMC activities

 

 

744

 

 

 

836

 

 

 

1,264

 

 

 

1,396

 

Clinical operation activities

 

 

2,094

 

 

 

2,162

 

 

 

4,055

 

 

 

2,835

 

Total LTI-03 program-related expenses

 

 

2,839

 

 

 

3,265

 

 

 

5,320

 

 

 

5,054

 

Other program-related expenses

 

 

42

 

 

 

1

 

 

 

42

 

 

 

9

 

Employee related expenses

 

 

500

 

 

 

521

 

 

 

1,000

 

 

 

1,143

 

Professional fees for services

 

 

—

 

 

 

21

 

 

 

—

 

 

 

38

 

Facilities and other expenses

 

 

49

 

 

 

21

 

 

 

74

 

 

 

37

 

Total research and development expenses

 

 

3,638

 

 

 

4,292

 

 

 

6,711

 

 

 

7,346

 

General and administrative expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Employee related expenses

 

 

859

 

 

 

935

 

 

 

1,718

 

 

 

1,882

 

Professional fees for services

 

 

1,070

 

 

 

1,036

 

 

 

1,860

 

 

 

2,174

 

Facilities and other expenses

 

 

509

 

 

 

608

 

 

 

1,017

 

 

 

1,078

 

Total general and administrative expenses

 

 

2,438

 

 

 

2,579

 

 

 

4,595

 

 

 

5,134

 

Other income

 

 

162

 

 

 

60

 

 

 

178

 

 

 

182

 

Other expense

 

 

(461

)

 

 

(11

)

 

 

(1,085

)

 

 

(25

)

Segment and consolidated net loss

 

$

(6,375

)

 

$

(6,822

)

 

$

(12,213

)

 

$

(12,323

)