v3.26.3
Segment Reporting
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has one reportable and operating segment, which is engaged in the business of drug discovery and development. The Company’s chief operating decision maker (“CODM”) is the Company’s chief executive officer. The CODM uses the Company’s net loss to monitor actual results versus the budget in assessing segment performance and the allocation of resources. The measure of segment assets is reported on the balance sheets as total assets. Accounting policies for segment reporting are the same as the accounting policies disclosed in Note 2.
The following table sets forth information about the Company’s single reportable segment and the significant expenses reviewed by the CODM, including a reconciliation to net loss (in thousands):
Three Months Ended September 30,
20262025
Revenue$— $1,000 
Operating expenses:
Research and development:
SL-3258,972 2,455 
SL-8461
5,175 — 
Other research and development2
3,470 2,266 
Research and development non-equity compensation2,707 2,229 
Research and development equity compensation1,242 668 
Total research and development21,566 7,618 
General and administrative expenses:
General and administrative non-equity compensation1,413 1,288 
General and administrative equity compensation2,057 1,109 
Other general and administrative including legal and accounting fees, facilities, insurance, travel and depreciation2,010 1,701 
Total general and administrative5,480 4,098 
Expense from operations27,046 11,716 
Loss from operations(27,046)(10,716)
Other income
1,843 660 
Net loss
$(25,203)$(10,056)
1 Expenses for SL-846 that were incurred prior to nomination as a product candidate are included in “other research and development.”
2 Other research and development expense includes technical operations expense of $2.0 million and $0.6 million, research activities for other pipeline compounds and facility expenses of $0.7 million and $0.8 million, and depreciation expense of $0.8 million and $0.9 million for the three months ended September 30, 2026 and 2025, respectively.
The following table sets forth information about the Company’s single reportable segment and the significant expenses reviewed by the CODM, including a reconciliation to net loss (in thousands):
Nine Months Ended September 30,
20262025
Revenue$— $1,000 
Operating expenses:
Research and development:
SL-32517,639 7,289 
SL-8461
7,388 — 
Other research and development2
8,383 9,751 
Research and development non-equity compensation7,450 6,955 
Research and development equity compensation3,353 2,223 
Total research and development44,213 26,218 
General and administrative expenses:
General and administrative non-equity compensation4,235 4,005 
General and administrative equity compensation5,094 3,166 
Other general and administrative including legal and accounting fees, facilities, insurance, travel and depreciation5,204 5,748 
Total general and administrative14,533 12,919 
Expense from operations58,746 39,137 
Loss from operations(58,746)(38,137)
Other income
3,623 1,921 
Net loss
$(55,123)$(36,216)
1 Expenses for SL-846 that were incurred prior to nomination as a product candidate are included in “other research and development.”
2 Other research and development expense includes technical operations expense of $4.7 million and $1.7 million, research activities for other pipeline compounds and facility expenses of $1.3 million and $2.8 million, and depreciation expense of $2.4 million and $2.7 million for the nine months ended September 30, 2026 and 2025, respectively.