v3.26.1
Segment Information
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Segment Reporting [Abstract]    
Segment Information
15. Segment Information
Segment reporting is prepared on the same basis that the Company’s
chief executive officer
, who is the Company’s chief operating decision maker (the “CODM”), utilizes to manage the business and makes decisions on how to allocate resources and assess performance of the business. The Company and the CODM view the Company’s operations as a single operating segment. The Company’s singular focus is on developing small molecules to improve the lives of patients with genetically defined rare diseases in areas of high unmet medical need.
The Company and the CODM primarily utilize the segment’s consolidated net loss, disaggregated between (a) research and development and (b) general and administrative, as the key indicator to assess the segment’s performance and for allocating resources.
The Company’s reportable segment operating expenses and net loss for the three and six months ended June 30, 2026 and 2025 are as follows (in thousands):
 
    
Three months ended
June 30,
     
Six Months Ended
June 30,
  
    
2026
     
2025
     
2026
     
2025
  
Operating expenses:
            
Research and development
            
Pociredir external expenses
      5,166        4,093        10,580        8,357  
Losmapimod external expenses
      —         (89 )       —         935  
Employee compensation expenses (excluding stock-based compensation expenses)
      2,085        2,808        6,085        5,887  
Stock-based compensation expenses
      705        555        2,076        1,539  
Pre-development
candidate expenses and unallocated expenses
      4,488        5,620        7,787        9,673  
General and administrative
      7,462        6,828        15,564        13,827  
Impairment of long-lived assets
      5,086        —         5,086        —   
Restructuring expenses
      4,318        —         4,318        —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total operating expenses
      29,310        19,815        51,496        40,218  
  
 
 
     
 
 
     
 
 
     
 
 
  
Loss from operations
      (29,310 )       (19,815 )       (51,496 )       (40,218 ) 
Other income, net
      3,131        2,519        6,426        5,267  
  
 
 
     
 
 
     
 
 
     
 
 
  
Net loss
    $ (26,179 )     $ (17,296 )     $ (45,070 )     $ (34,951 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
18. Segment Information
Segment reporting is prepared on the same basis that the Company’s chief executive officer, who is the Company’s chief operating decision maker (the “CODM”), utilizes to manage the business and makes decisions on how to allocate resources and assess performance of the business. The Company and the CODM view the Company’s operations as a single operating segment. The Company’s singular focus is on developing small molecules to improve the lives of patients with genetically defined rare diseases in areas of high unmet medical need.
The Company and the CODM primarily utilize the segment’s consolidated net loss, disaggregated between (a) research and development and (b) general and administrative, as the key indicator to assess the segment’s performance and for allocating resources.
The Company’s reportable segment revenue, operating expenses, and net loss for the years ended December 31, 2025 and December 31, 2024 are as follows:
 
    
Year Ended
December 31,
  
    
2025
     
2024
  
Collaboration Revenue
      —         80,000  
Operating expenses:
      
Research and development
      
Pociredir external expenses
      19,994        8,577  
Losmapimod external expenses
      941        20,801  
Employee compensation expenses (excluding stock-based compensation expenses)
      12,659        15,347  
Stock-based compensation expenses
      3,448        4,653  
Pre-development
candidate expenses and unallocated expenses
      19,061        14,008  
General and administrative
      28,666        36,448  
Restructuring expenses
      —         2,063  
  
 
 
     
 
 
  
Total operating expenses
      84,769        101,897  
  
 
 
     
 
 
  
Loss from operations
      (84,769 )       (21,897 ) 
Other income, net
      9,889        12,172  
  
 
 
     
 
 
  
Net loss
    $ (74,880 )     $ (9,725 )