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Segment Disclosures
 9 Months Ended
Sep. 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 nine months ended September 30:
Three Months Ended September 30,
20252024
Operating expenses:
Clinical product candidates$15,285 17,338 
Pre-clinical product candidates480 359 
Employee costs- research and development2,463 2,074 
Employee costs-general and administrative1,661 1,575 
Non-cash stock compensation3,614 1,910 
Depreciation expense40 42 
Professional fees and other segment expenses2,450 2,428 
Total operating expenses25,993 25,726 
Loss from operations(25,993)(25,726)
Interest income419 776 
Other income (expense)(5)582 
Net loss$(25,579)$(24,368)
Nine Months Ended September 30,
20252024
Operating expenses:
Clinical product candidates$50,776 47,220 
Pre-clinical product candidates825 760 
Employee costs- research and development7,224 5,955 
Employee costs-general and administrative5,305 4,279 
Non-cash stock compensation7,555 6,541 
Depreciation expense126 99 
Professional fees and other segment expenses8,090 7,567 
Total operating expenses79,901 72,421 
Loss from operations(79,901)(72,421)
Interest income843 2,961 
Change in fair value of the tranche rights— (4,796)
Other income (expense)1,186 (1,076)
Net loss$(77,872)$(75,332)