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Segment Information
 9 Months Ended
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.