The Company views its operations and manages its business as one operating segment and reporting unit. Our operating segments are determined based on how our Co-Chief Executive Officers, who collectively serve as our chief operating decision makers, or CODM, manage our business, regularly access discrete financial information, and evaluate performance for operating decision-making purposes, including allocation of resources or capital to specific compounds or projects in line with the Company’s overall strategies and goals. The Company’s entire business is managed by a single management team, which reports to the CODM.

The CODM assess segment performance and decide how to allocate resources based on consolidated net loss. The CODM use net loss to monitor budget and forecast versus actual results in assessing segment performance and to determine how to allocate resources. The measure of segment assets used in determining how to manage and allocate resources is reported on the consolidated balance sheets as total assets. All of the Company's long-lived assets were held within the U.S.

The following table reconciles segment revenue and expenses to consolidated net loss 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
Direct research and development expenses by program1,2:
Avexitide	$	10,661		$	4,886		$	30,009		$	17,417
AMX0035 - PSP		(425	)		2,995			260			14,704
Other programs3		7,373			4,033			19,983			12,564
Personnel-related research and development4		10,741			7,941			29,477			24,506
Selling, general and administrative		21,308			16,172			59,400			47,495
Interest income		(4,183	)		(1,821	)		(9,075	)		(6,012	)
Other segment items5		14			180			142			1,062
Net loss	$	(45,489	)	$	(34,386	)	$	(130,196	)	$	(111,736	)

1. The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. As the Company has one reportable segment, there were no intersegment eliminations for the three and nine months ended September 30, 2026 and 2025.

2. Depreciation and amortization expense of less than 0.1 million and $0.2 million during the three and nine months ended September 30, 2026, respectively, and $0.1 million and $0.4 million during the three and nine months ended September 30, 2025, respectively, are allocated across the significant expense captions.

3. Other programs includes milestone payments totaling $4.0 million made to Gubra following the selection and handover of AMX0318 as a development candidate for PBH and other rare diseases during the nine months ended September 30, 2026.

4. The Company does not allocate personnel and other similar costs to specific programs because these costs are deployed across multiple programs.

5. Other segment items primarily consists of net realized and unrealized losses on foreign exchange transactions.