| Schedule of Segment Reporting Information, by Segment |
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, | | 2026 | | 2025 | | 2026 | | 2025 | | Revenue: | | | | | | | | | Collaboration and license revenue | $ | — | | | $ | — | | | $ | — | | | $ | 400 | | | Grant revenue | — | | | 452 | | | 78 | | 1,450 | | | Total revenue | — | | | 452 | | | 78 | | 1,850 | | Less: | | | | | | | | | Operating expenses: | | | | | | | | | | | | | | | | | Descartes-08 for MG | 6,515 | | | 5,431 | | | 31,115 | | 17,502 | | Descartes-08 for dermatomyositis | 624 | | | — | | | 1,087 | | — | | | Early stage programs | 1,245 | | | 1,523 | | | 2,571 | | 4,228 | | | Research and development employee expenses | 4,064 | | | 3,971 | | | 11,919 | | 11,927 | | | Research and development stock-based compensation expense | 916 | | | 1,005 | | | 2,479 | | 4,090 | | | Research and development facilities and other expenses | 2,259 | | | 1,872 | | | 6,346 | | 5,598 | | | General and administrative | 9,378 | | | 7,716 | | | 25,216 | | 23,271 | | | | | | | | | | Other (income) expense, net (1) | (13,529) | | | 14,836 | | | (45,770) | | (27,040) | | | Net loss | $ | (11,472) | | | $ | (35,902) | | | $ | (34,885) | | | $ | (37,726) | | | | | | | | | | | | | | | | | | (1) Includes interest income; interest expense; gain on change in fair value of warrant liability; gain (loss) on change in fair value of derivative liability; gain (loss) on change in fair value of contingent value rights liability; and other income (expense), net. |
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