v3.26.3
Segment Information (FY)
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Segment Reporting [Abstract]    
Segment Information
11. Segment Information
We have one reportable segment which focuses on the discovery and development of cancer therapeutics. The segment derives its revenue from the Purchase Agreement with Jazz (see Note 4, Collaboration Revenue).
Our chief operating decision maker (“CODM”) manages our operations on an integrated basis for the purpose of allocating resources. When evaluating our financial performance, our CODM regularly reviews total expenses and expenses by function and makes decisions using this information based on the performance of the enterprise as a whole. Our CODM primarily evaluates the performance of the enterprise based on results that have a direct impact on our available cash and cash equivalents and accordingly places less significance on non-cash expenses such as stock-based compensation and depreciation expenses in determining how to allocate resources.
Segment assets regularly reviewed by our CODM include measures of liquidity, primarily available cash and cash equivalents, and are consistent with the presentation of cash and cash equivalents reported in our condensed consolidated balance sheets.
The following is a summary of our segment and consolidated net income (loss), including significant segment expenses:
 
 
 
 
 
 
 
 
 
 
Three Months Ended
June 30,
 
 
Six Months Ended
June 30,
 
 
 
2026
 
 
2025
 
 
2026
 
 
2025
 
 
 
(in thousands)
Collaboration revenue
 
 
$21,000
 
 
$—
 
 
$21,000
 
 
$—
Less:
 
 
 
 
 
 
 
 
 
 
 
 
General and administrative support
 
 
6,678
 
 
3,486
 
 
11,250
 
 
7,309
Clinical development
 
 
3,047
 
 
5,710
 
 
6,690
 
 
10,039
Research and discovery
 
 
1,028
 
 
3,537
 
 
3,183
 
 
6,856
Manufacturing
 
 
218
 
 
2,610
 
 
1,792
 
 
6,698
Other segment expenses(a)
 
 
2,871
 
 
2,199
 
 
4,198
 
 
4,631
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
 
277
 
 
850
 
 
710
 
 
1,847
Interest expense
 
 
(475)
 
 
(1,301)
 
 
(1,843)
 
 
(2,564)
Loss on extinguishment of note payable
 
 
(3,354)
 
 
—
 
 
(3,354)
 
 
—
Other income, net
 
 
64
 
 
11
 
 
738
 
 
179
Segment and consolidated net income (loss)
 
 
$3,670
 
 
$(17,982)
 
 
$(9,862)
 
 
$(36,071)
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Other segment expenses includes non-cash expenses for stock-based compensation and depreciation expenses.
16. Segment Information
We have one reportable segment which focuses on the discovery and development of cancer therapeutics. The segment derives its revenues from the Collaboration Agreement with Jazz (see Note 4, Collaboration and License Agreement).
Our CODM manages our operations on an integrated basis for the purpose of allocating resources. When evaluating our financial performance, our CODM regularly reviews total expenses and expenses by function and makes decisions using this information based on the performance of the enterprise as a whole. Our CODM primarily evaluates the performance of the enterprise based on results that have a direct impact on our available cash and cash equivalents and accordingly places less significance on non-cash expenses such as stock-based compensation and depreciation expenses in determining how to allocate resources.
Segment assets regularly reviewed by our CODM include measures of liquidity, primarily available cash and cash equivalents, and are consistent with the presentation of cash and cash equivalents reported in our consolidated balance sheets.
The following is a summary of our segment and consolidated net loss, including significant segment expenses:
 
 
 
 
 
 
 
Year Ended
December 31,
 
 
 
2025
 
 
2024
 
 
 
(in thousands)
Collaboration revenue
 
 
$—
 
 
$1,885
Less:
 
 
 
 
 
 
Clinical development
 
 
19,187
 
 
16,361
Research and discovery
 
 
12,660
 
 
14,389
General and administrative support
 
 
12,428
 
 
14,330
Manufacturing
 
 
8,523
 
 
19,759
Other segment expenses(a)
 
 
7,879
 
 
10,640
Interest income
 
 
3,108
 
 
6,673
Interest expense
 
 
(5,274)
 
 
(4,656)
Loss on extinguishment of debt
 
 
—
 
 
(553)
Other income, net
 
 
2,021
 
 
1,615
Segment and consolidated net loss
 
 
$(60,822)
 
 
$(70,515)
 
 
 
 
 
 
 
(a)
Other segment expenses includes non-cash expenses for stock-based compensation and depreciation expenses.