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

12. SEGMENT INFORMATION

The Company operates in one operating segment, and therefore one reportable segment, focused on the discovery and development of therapeutic proteins and antibodies that modulate the activity of GPCRs. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.

The determination of a single segment is consistent with the consolidated financial information regularly reviewed by the Chief Executive Officer, who serves as the chief operating decision maker (“CODM”), in evaluating financial performance and allocating resources on a consolidated basis. The CODM primarily evaluates the Company’s performance based on net loss and significant expense categories.

No segment asset information is presented because the CODM focuses on cash and expense impact; segment assets are monitored at the same level as the condensed consolidated balance sheet.

The following table presents the segment net loss and significant segment expenses for the three and nine months ended September 30, 2026 and 2025:

 

 

Three Months Ended September 30,

 

 

 

Nine Months Ended September 30,

 

 

2026

 

 

2025

 

 

 

2026

 

 

2025

 

Employee-related expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development employee-related expenses

 

$

4,049

 

 

$

3,265

 

 

 

$

12,218

 

 

$

9,588

 

General and administrative employee-related expenses

 

 

1,597

 

 

 

1,295

 

 

 

 

4,944

 

 

 

4,150

 

 

 

 

 

 

 

 

 

 

 

 

 

 

External research and development expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and preclinical expenses

 

 

1,857

 

 

 

1,871

 

 

 

 

5,340

 

 

 

5,609

 

Clinical and development expenses

 

 

7,937

 

 

 

5,749

 

 

 

 

26,062

 

 

 

15,845

 

Chemistry, manufacturing, and control expenses

 

 

672

 

 

 

3,220

 

 

 

 

5,193

 

 

 

8,551

 

Non-clinical science expenses

 

 

805

 

 

 

1,225

 

 

 

 

1,715

 

 

 

3,128

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-employee-related general and administrative expenses

 

 

2,058

 

 

 

2,000

 

 

 

 

7,194

 

 

 

6,914

 

Other segment expenses1

 

 

2,372

 

 

 

410

 

 

 

 

6,207

 

 

 

1,140

 

Net loss

 

$

21,347

 

 

$

19,035

 

 

 

$

68,873

 

 

$

54,925

 

 

1 Other segment expenses include expenses not captured in the primary categories above, such as stock-based compensation, depreciation and amortization, interest income, interest expense and income tax expense.