v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information

12. SEGMENT INFORMATION

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company operates as a single reporting segment, focused on developing its proprietary RNA medicines platform, PRISM, to develop and commercialize a broad pipeline of RNA medicines in a variety of therapeutic areas. Consistent with the Company’s operational structure, the Company’s chief executive officer (“CEO”), as the CODM, manages and allocates resources on a consolidated basis at the global corporate level. The results of our operations are reported on a consolidated basis for purposes of segment reporting. The CEO uses consolidated net loss that is reported on the consolidated statements of operations and comprehensive loss for the purposes of assessing performance, allocating resources and planning, monitoring budget versus actual results, and forecasting future periods.

The following table is representative of the significant expense categories regularly provided to the CODM when managing the Company's single reporting segment. A reconciliation to consolidated operating expenses as the Company’s single segment operating loss for the three and nine months ended September 30, 2026 and 2025 is included in the table below:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

(in thousands)

 

 

(in thousands)

 

Research and development expenses:

 

 

 

 

 

 

 

 

 

 

 

 

INHBE program

 

$

6,374

 

 

$

4,574

 

 

$

18,080

 

 

$

10,628

 

AATD program

 

 

3,057

 

 

 

967

 

 

 

7,796

 

 

 

4,259

 

DMD program

 

 

3,633

 

 

 

4,973

 

 

 

11,724

 

 

 

10,692

 

HD program

 

 

250

 

 

 

487

 

 

 

470

 

 

 

2,443

 

Other research and development expenses(1), including
    PNPLA3, additional preclinical programs, PRISM

 

 

40,529

 

 

 

34,873

 

 

 

114,506

 

 

 

101,943

 

Total research and development expenses

 

 

53,843

 

 

 

45,874

 

 

 

152,576

 

 

 

129,965

 

General and administrative expenses

 

 

25,362

 

 

 

18,087

 

 

 

72,246

 

 

 

54,433

 

Total operating expenses

 

$

79,205

 

 

$

63,961

 

 

$

224,822

 

 

$

184,398

 

 

(1) Includes expenses related to other research and development programs, identification of potential drug discovery candidates, compensation-related expenses, internal manufacturing expenses, equipment repairs and maintenance expense, facility-related expenses, and other operating expenses, which are not allocated to specific programs.