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Segment Disclosures | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Disclosures | Segment Disclosures Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision making group, in deciding how to allocate resources in assessing performance. The Company has one reportable segment: life science. The life science segment consists of the development of clinical and preclinical product candidates for the development of the Company’s proprietary new therapies. The Company’s chief operating decision maker (“CODM”) is the Company's Chief Executive Officer. The accounting policies of the life science segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the life science segment based on net loss. The measure of segment assets is reported on the balance sheet as total consolidated assets. The CODM allocates resources and assesses performance on a consolidated basis, focused on the Company’s cash resources and an assessment of the probability of success of its ongoing research and development activities. Resource allocation decisions are informed by forecasted cash expenditures and actual expenses incurred to date. To date, the Company has not generated any product revenue. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through all stages of development and clinical trials and, ultimately, seeks regulatory approval. The table below summarizes the significant expense categories regularly reviewed by the CODM for the three and six months ended June 30:
| Three Months Ended June 30,
| 2025 |  | 2024
Operating expenses: |  |  |
Clinical product candidates | $ | 17,710 |  |  | $ | 14,931 |
Pre-clinical product candidates | 231 |  |  | 219 |
Employee costs- research and development | 2,594 |  |  | 1,887 |
Employee costs-general and administrative | 2,083 |  |  | 1,348 |
Non-cash stock compensation | 1,899 |  |  | 1,882 |
Depreciation expense | 43 |  |  | 34 |
Professional fees and other segment expenses | 2,523 |  |  | 2,513 |
Total operating expenses | 27,083 |  |  | 22,814 |
Loss from operations | (27,083) |  |  | (22,814) |
Interest income | 241 |  |  | 998 |
Other income (expense) | 22 |  |  | 436 |
Net loss | $ | (26,820) |  |  | $ | (21,380) |
| Six Months Ended June 30,
| 2025 |  | 2024
Operating expenses: |  |  |
Clinical product candidates | $ | 35,491 |  |  | $ | 29,882 |
Pre-clinical product candidates | 345 |  |  | 400 |
Employee costs- research and development | 4,761 |  |  | 3,881 |
Employee costs-general and administrative | 3,643 |  |  | 2,704 |
Non-cash stock compensation | 3,941 |  |  | 4,632 |
Depreciation expense | 86 |  |  | 57 |
Professional fees and other segment expenses | 5,641 |  |  | 5,139 |
Total operating expenses | 53,908 |  |  | 46,695 |
Loss from operations | (53,908) |  |  | (46,695) |
Interest income | 424 |  |  | 2,185 |
Change in fair value of the tranche rights | — |  |  | (4,796) |
Other income (expense) | 1,191 |  |  | (1,658) |
Net loss | $ | (52,293) |  |  | $ | (50,964) |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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