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

15. Segment Information

The Company operates as one operating and reportable segment focused on researching and developing genetic medicines using CRISPR-based tools to address the root cause of diseases, with a primary focus on cardiometabolic conditions. The Company’s chief executive officer serves as the chief operating decision maker (“CODM”). The CODM evaluates segment performance and allocates resources based on net loss and operating expenses, which are also reported in the statement of operations. This measure is used to monitor spending and compare budgeted versus actual results. Factors considered in determining the single reportable segment include the nature of the Company’s operating activities, its organizational and reporting structure, and the type of financial information reviewed by the CODM. All material long-lived assets and revenues are located in the United States.

The CODM reviews cash, cash equivalents and investments as a measure of segment assets. As of June 30, 2026 and December 31, 2025, the Company’s cash, cash equivalents and investments were $43.0 million and $58.0 million, respectively.

The table below summarizes the segment’s profit or loss, along with significant expense categories which are reviewed by the CODM, for the periods presented (in thousands).

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Collaboration Revenue

 

$

1,918

 

 

$

4,898

 

 

$

4,151

 

 

$

22,023

 

Significant operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development:

 

 

 

 

 

 

 

 

 

 

 

 

Internal research expenses

 

 

(669

)

 

 

(1,699

)

 

 

(1,496

)

 

 

(3,974

)

External research and development

 

 

(3,822

)

 

 

(5,058

)

 

 

(7,870

)

 

 

(10,037

)

Employee-related expenses

 

 

(2,559

)

 

 

(4,791

)

 

 

(7,306

)

 

 

(11,104

)

Facilities and overhead costs

 

 

(1,567

)

 

 

(1,945

)

 

 

(3,030

)

 

 

(3,908

)

Professional and consulting fees

 

 

(206

)

 

 

(391

)

 

 

(426

)

 

 

(853

)

General and administrative

 

 

(2,490

)

 

 

(2,641

)

 

 

(5,844

)

 

 

(9,332

)

Total Operating expenses

 

 

(11,313

)

 

 

(16,525

)

 

 

(25,972

)

 

 

(39,208

)

Interest income and other income (expense), net

 

 

383

 

 

 

880

 

 

 

898

 

 

 

1,944

 

Interest expense

 

 

(276

)

 

 

(598

)

 

 

(875

)

 

 

(1,197

)

Change in fair value of Convertible Note

 

 

3,023

 

 

 

730

 

 

 

(1,585

)

 

 

2,083

 

Loss before income taxes

 

 

(6,265

)

 

 

(10,615

)

 

 

(23,383

)

 

 

(14,355

)

(Provision for) / benefit from income taxes

 

 

(212

)

 

 

712

 

 

 

(441

)

 

 

1,027

 

Net Loss

 

$

(6,477

)

 

$

(9,903

)

 

$

(23,824

)

 

$

(13,328

)