| Schedule of Significant Segment Expenses and Segment Operating Loss |
The following tables illustrate information about segment revenue, significant segment expenses and segment operating loss for the three and six months ended June 30, 2026 and 2025:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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Research and development expenses(2): |
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Compensation and related expenses |
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5,486 |
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7,067 |
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10,734 |
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13,156 |
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Drug discovery and platform |
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51 |
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417 |
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249 |
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567 |
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Clinical and manufacturing activities |
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12,637 |
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12,428 |
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20,448 |
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24,447 |
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Occupancy and all other costs |
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2,687 |
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1,872 |
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4,482 |
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3,915 |
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Total research and development expense |
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$ |
20,861 |
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$ |
21,784 |
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$ |
35,913 |
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$ |
42,085 |
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General and administrative expenses(3): |
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Compensation and related expenses |
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2,096 |
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2,228 |
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4,359 |
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4,576 |
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Consulting and professional services |
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1,244 |
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1,010 |
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2,441 |
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2,249 |
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Occupancy and all other costs |
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387 |
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475 |
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701 |
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1,081 |
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Total general and administrative expense |
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$ |
3,727 |
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$ |
3,713 |
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$ |
7,501 |
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$ |
7,906 |
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1,552 |
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2,762 |
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3,006 |
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4,871 |
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(276 |
) |
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(1,363 |
) |
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(923 |
) |
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(2,980 |
) |
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$ |
25,864 |
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$ |
26,896 |
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$ |
45,497 |
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$ |
51,882 |
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(1) |
The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. |
(2) |
Research and development expense excludes stock-based compensation expense, which is presented separately below. Stock-based compensation expense excluded from research and development expense was $0.7 million and $1.2 million for the three months ended June 30, 2026 and 2025, respectively, and $1.4 million and $2.0 million for the six months ended June 30, 2026 and 2025, respectively. |
(3) |
General and administrative expense excludes stock-based compensation expense, which is presented separately below. Stock-based compensation expense excluded from general and administrative expense was $0.8 million and $1.6 million for the three months ended June 30, 2026 and 2025, respectively, and $1.6 million and $2.9 million for the six months ended June 30, 2026 and 2025, respectively. |
(4) |
Other segment items include interest and other income, net. |
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The following tables illustrate information about segment revenue, significant segment expenses and segment operating loss for the years ended December 31, 2025 and 2024 (in thousands):
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Revenues: |
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$ |
— |
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$ |
— |
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Less(1): |
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Research and development expenses(2): |
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Compensation and related expenses |
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21,828 |
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24,537 |
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Drug discovery and platform |
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1,026 |
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|
844 |
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Clinical and manufacturing activities |
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52,065 |
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36,831 |
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Occupancy and all other costs |
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7,461 |
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8,037 |
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Total research and development expense |
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$ |
82,380 |
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$ |
70,249 |
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General and administrative expenses(3): |
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Compensation and related expenses |
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8,174 |
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7,912 |
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Consulting and professional services |
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4,382 |
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4,791 |
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Occupancy and all other costs |
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1,800 |
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1,243 |
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Total general and administrative expense |
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$ |
14,356 |
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$ |
13,946 |
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Stock-based compensation |
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8,931 |
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7,060 |
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Other segment items(4) |
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(5,060 |
) |
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(8,146 |
) |
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Net loss |
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$ |
(100,607 |
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$ |
(83,109 |
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| (1) |
The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. |
| (2) |
Research and development expense for the years ended December 31, 2025 and 2024 exclude $3.7 million and $2.9 million of stock-based compensation expense, respectively, which is presented separately below. |
| (3) |
General & administrative expense for the years ended December 31, 2025 and 2024 exclude $5.2 million and $4.1 million of stock-based compensation expense, respectively, which is presented separately below. |
| (4) |
Other segment items include interest and other income, net. |
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