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Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Information | 13. Segment information The Company operates as one operating and reportable segment, which is an oncology company that focused on discovering and developing immunotherapies that may meaningfully improve the lives of patients with cancer. The Company discloses information about its operating segment based on management’s consideration of the business as one segment for making operating decisions and assessing financial performance. The accounting policies of the operating segment are described in Note 2, Basis of Presentation and Summary of Significant Accounting Policies. As the Company operates as one operating and reportable segment, intra-entity sales and intra-entity transfers, if any, among legal entities within the segment do not impact segment expenses or segment assets. The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The CODM reviews the Company’s operating results on an aggregate basis and manages the Company’s operations on a consolidated basis as a single operating unit. The CODM assesses performance for the segment and decides how to allocate resources based on net loss. The CODM is regularly provided information on net loss and uses this information to evaluate the resources allocated to the development or commercialization of the Company’s product candidates, its operations, and its other activities, as well as to monitor budget versus actual results. A reconciliation of the Company’s significant segment expenses to net loss is as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
External R&D program expenses: |  |  |  |  |  |  |  |  |  |  |  |
ARTISTRY-6 |  | $ | (4,802 | ) |  | $ | 3,075 |  |  | $ | 3,898 |  |  | $ | 6,907 |
ARTISTRY-7 |  |  | (71 | ) |  |  | 4,801 |  |  |  | 4,778 |  |  |  | 15,591 |
Early discovery programs |  |  | 11 |  |  |  | 700 |  |  |  | 5,341 |  |  |  | 2,142 |
Other external R&D program expenses(1) |  |  | 77 |  |  |  | 8,737 |  |  |  | 16,217 |  |  |  | 25,198 |
Total external R&D program expenses |  |  | (4,785 | ) |  |  | 17,313 |  |  |  | 30,234 |  |  |  | 49,838 |
Internal R&D expenses: |  |  |  |  |  |  |  |  |  |  |  |
Employee-related |  |  | 493 |  |  |  | 7,635 |  |  |  | 12,386 |  |  |  | 24,143 |
Other internal R&D expenses(2) |  |  | 4 |  |  |  | 2,637 |  |  |  | 3,794 |  |  |  | 8,016 |
Total internal R&D expenses |  |  | 497 |  |  |  | 10,272 |  |  |  | 16,180 |  |  |  | 32,159 |
Total R&D expenses |  |  | (4,288 | ) |  |  | 27,585 |  |  |  | 46,414 |  |  |  | 81,997 |
G&A expenses: |  |  |  |  |  |  |  |  |  |  |  |
Employee-related |  |  | 980 |  |  |  | 3,443 |  |  |  | 6,823 |  |  |  | 11,170 |
Other G&A expenses(3) |  |  | 7,274 |  |  |  | 3,070 |  |  |  | 16,469 |  |  |  | 9,241 |
Total G&A expenses |  |  | 8,254 |  |  |  | 6,513 |  |  |  | 23,292 |  |  |  | 20,411 |
Restructuring expenses: |  |  |  |  |  |  |  |  |  |  |  |
Employee-related |  |  | — |  |  |  | — |  |  |  | 9,457 |  |  |  | — |
Other restructuring expenses(4) |  |  | — |  |  |  | — |  |  |  | 8,029 |  |  |  | — |
Total restructuring expenses: |  |  | — |  |  |  | — |  |  |  | 17,486 |  |  |  | — |
Other segment (income) expense(5) |  |  | (260 | ) |  |  | (2,339 | ) |  |  | (2,367 | ) |  |  | (8,168 | )
Segment net loss |  | $ | 3,706 |  |  | $ | 31,759 |  |  | $ | 84,825 |  |  | $ | 94,240 |
(1) Other external R&D program expenses included in segment net loss include expenses related to other clinical trials and general external program expenses. (2) Other internal R&D expenses included in segment net loss include expenses related to occupancy and depreciation. (3) Other G&A expenses included in segment net loss include expenses related to professional fees, information technology, depreciation, and other general G&A expenses. (4) Other restructuring expenses include contract termination costs, impairment and asset write-offs incurred in connection with our reduction-in-force and the termination of certain development programs. (5) Other non-operating (income) expense included in segment net loss includes interest income, tax expense, and other non-operating income and expense. During the three months ended September 30, 2025, the Company and one of its CROs completed the review and reconciliation of the costs incurred during the ARTISTRY-6 trial following the close-out of all clinical trial sites, concluding that actual costs incurred were approximately $4.8 million less than estimated over the course of the trial. The reduction in the estimated costs incurred during the ARTISTRY-6 trial was recorded as a change in estimate during the three months ended September 30, 2025 as a credit to R&D expense.

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