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

14. Segment reporting

The Company views its operations and manages its business as one operating segment, focused on the discovery and development of novel therapeutic products to treat cardiovascular disease.

The CODM is responsible for making decisions regarding resource allocation and assessing performance. The Company’s CODM is its Chief Executive Officer. No revenue has been generated since inception, and all assets are held in the United States.

The CODM assesses performance of the business, monitors budget versus actual results and manages and allocates resources to the Company’s operations using condensed consolidated loss before income taxes as the primary measurement. The CODM is regularly provided with entity-wide expense categories that are largely consistent with those found on the Company’s condensed consolidated statements of operations and comprehensive loss. The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets.

The table below is a summary of the segment loss, including significant segment expenses (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Program expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Danicamtiv

 

$

11,739

 

 

$

7,532

 

 

$

35,294

 

 

$

8,416

 

Ataciguat

 

 

10,898

 

 

 

7,453

 

 

 

27,515

 

 

 

17,287

 

Tonlamarsen

 

 

4,407

 

 

 

8,912

 

 

 

12,277

 

 

 

17,320

 

Research and development - compensation and
 benefits *

 

 

23,816

 

 

 

13,293

 

 

 

56,109

 

 

 

35,743

 

Research and development - other

 

 

13,499

 

 

 

11,949

 

 

 

34,596

 

 

 

24,986

 

Total Research and development expense

 

 

64,359

 

 

 

49,139

 

 

 

165,791

 

 

 

103,752

 

General and administrative expense - compensation and benefits *

 

 

17,019

 

 

 

5,346

 

 

 

38,439

 

 

 

26,295

 

General and administrative expense - other

 

 

5,226

 

 

 

4,589

 

 

 

16,316

 

 

 

12,230

 

Total general and administrative expense

 

 

22,245

 

 

 

9,935

 

 

 

54,755

 

 

 

38,525

 

Change in fair value of contingent milestone liabilities

 

 

(21,789

)

 

 

—

 

 

 

21,740

 

 

 

—

 

Total operating expense

 

 

64,815

 

 

 

59,074

 

 

 

242,286

 

 

 

142,277

 

Other income/expense **

 

 

(6,247

)

 

 

1,082

 

 

 

(11,411

)

 

 

(2,490

)

Loss before income taxes

 

$

58,568

 

 

$

60,156

 

 

$

230,875

 

 

$

139,787

 

 

* Includes stock-based compensation expense

** Other income (expense) for the three and nine months ended September 30, 2026 primarily includes interest income. Other income (expense) for the three and nine months ended September 30, 2025 primarily includes bargain purchase gain, warrant issuance expense, change in fair value of Series A Preferred Stock tranche obligations and interest income.