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

15. Segment data

The Company defines its segments based on the way in which internally reported financial information is regularly reviewed by the chief operating decision maker, or CODM, to analyze financial performance, make decisions, and allocate resources. The Company manages its operations as a single operating and reportable segment committed to developing a portfolio of novel and proprietary MGDs. MGDs are small molecule drugs that employ the body’s natural protein destruction mechanisms to selectively degrade therapeutically-relevant proteins. As the internal reporting is based on the consolidated results, the Company has identified one operating and reportable segment. The CODM uses net income (loss) in the budget and forecasting process and considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources. The measure of the operating segment assets is reported on the condensed consolidated balance sheet as total assets.

The accounting policies used in the segment reporting are the same as those described in the summary of significant accounting policies. (See Note 2 in the Company's annual report on Form 10-K for the year ended December 31, 2025.) The Company’s CODM is the Chief Executive Officer.

The Company’s reportable segment net revenues and income (loss) for the three and nine months ended September 30, 2026 and 2025 consisted of the following (in thousands):

 

 

Three months ended September 30,

 

 

Nine months ended
September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Collaboration revenue

 

$

54,366

 

 

$

12,768

 

 

$

67,544

 

 

$

120,891

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development:

 

 

 

 

 

 

 

 

 

 

 

 

External research and development expenses:

 

 

 

 

 

 

 

 

 

 

 

 

MRT-2359

 

 

2,633

 

 

 

2,176

 

 

 

8,534

 

 

 

6,363

 

MRT-6160

 

 

299

 

 

 

1,444

 

 

 

326

 

 

 

6,902

 

MRT-8102

 

 

5,636

 

 

 

7,307

 

 

 

21,077

 

 

 

10,388

 

Other development and discovery programs

 

 

12,405

 

 

 

6,288

 

 

 

35,113

 

 

 

17,216

 

Personnel expense

 

 

13,827

 

 

 

10,889

 

 

 

41,221

 

 

 

33,999

 

Overhead and administrative expense

 

 

10,563

 

 

 

8,574

 

 

 

31,125

 

 

 

24,653

 

General and administrative expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expense

 

 

6,947

 

 

 

5,696

 

 

 

20,016

 

 

 

16,854

 

Professional services

 

 

2,513

 

 

 

1,619

 

 

 

6,358

 

 

 

4,147

 

Facility costs and other expense

 

 

1,482

 

 

 

1,750

 

 

 

4,877

 

 

 

4,862

 

Interest and other income, net

 

 

5,718

 

 

 

2,717

 

 

 

17,242

 

 

 

10,846

 

Income tax (provision) benefit

 

 

(716

)

 

 

3,177

 

 

 

(976

)

 

 

1,156

 

Net income (loss)

 

$

3,063

 

 

$

(27,081

)

 

$

(84,837

)

 

$

7,509

 

Other development and discovery expenses are related to the development of our QuEENTM discovery engine and our disclosed and undisclosed programs, including CDK2 and CCNE1. The Company's tangible assets are held in the U.S. and Switzerland with 38% and 29% of the assets held in Switzerland as of September 30, 2026 and December 31, 2025, respectively. All of the Company's collaboration revenue was generated in Switzerland during each of the three and nine months ended September 30, 2026 and 2025.