v3.26.3
Segment reporting
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment reporting Segment reporting
The Company operates as one operating segment. The Company's chief operating decision maker, or CODM, is its chief executive officer, who reviews financial information presented on a consolidated basis. The CODM manages and allocates resources to the operations of the Company on a total company basis by assessing the overall level of resources available and how to best deploy these resources across functions and research and development projects that are in line with the Company's long-term company-wide strategic goals. Consistent with this decision-making process, the CODM uses operating expenses to monitor budget versus actual results for purposes of evaluating performance and to make decisions about the allocation of resources. The CODM does not utilize revenue in the decision-making process as a significant
amount of the revenue recognized by the Company is derived from the upfront payments received from its collaboration partners. See Note 8, Collaboration and license agreements, for details.
These financial metrics used by the CODM to make key operating decisions consist of development, research, and general and administrative expenses.
The following table presents selected financial information with respect to the Company’s single operating segment for the three and nine months ended September 30, 2026 and 2025 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Operating expenses:
Development expenses13,998 12,885 39,184 40,040 
Research expenses7,804 8,253 25,038 24,823 
General and administrative8,282 9,178 27,156 26,320 
Segment operating expenses30,084 30,316 91,378 91,183 
Reconciliation of profit or loss
Non-operating income(2,753)(2,246)(8,197)(7,569)
Adjustments or reconciling items(1)
(5,488)4,096 (12,574)894 
Consolidated net loss$(21,843)$(32,166)$(70,607)$(84,508)
(1) The reconciling items include revenue and stock-based compensation expense for the three and nine months ended September 30, 2026, and revenue, stock-based compensation expense, and impairment of long-lived assets expense for the three and nine months ended September 30, 2025.