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Segment Disclosures
 6 Months Ended
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,
20252024
Operating expenses:
Clinical product candidates$17,710 $14,931 
Pre-clinical product candidates231 219 
Employee costs- research and development2,594 1,887 
Employee costs-general and administrative2,083 1,348 
Non-cash stock compensation1,899 1,882 
Depreciation expense43 34 
Professional fees and other segment expenses2,523 2,513 
Total operating expenses27,083 22,814 
Loss from operations(27,083)(22,814)
Interest income241 998 
Other income (expense)22 436 
Net loss$(26,820)$(21,380)
Six Months Ended June 30,
20252024
Operating expenses:
Clinical product candidates$35,491 $29,882 
Pre-clinical product candidates345 400 
Employee costs- research and development4,761 3,881 
Employee costs-general and administrative3,643 2,704 
Non-cash stock compensation3,941 4,632 
Depreciation expense86 57 
Professional fees and other segment expenses5,641 5,139 
Total operating expenses53,908 46,695 
Loss from operations(53,908)(46,695)
Interest income424 2,185 
Change in fair value of the tranche rights— (4,796)
Other income (expense)1,191 (1,658)
Net loss$(52,293)$(50,964)