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Segment Reporting | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting | 14. Segment Reporting The Company operates and manages its business as one reportable segment and one operating segment, which is dedicated to reinventing the treatment of human disease through the development of innovative, highly differentiated medicines that address significant health problems and that meaningfully improve patients’ lives. The Company’s chief operating decision maker, or CODM, is the chief executive officer. The CODM assesses performance for the segment and decides how to allocate resources based on consolidated net loss that is also reported on the consolidated statements of operations. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. All material long-lived assets are located in the United States. Long-lived assets consist of property and equipment, net, and operating lease right-of-use assets. The chief operating decision maker uses net loss to monitor budget versus actual results and to analyze cash flows in assessing performance of the segment and allocating resources. Factors used in determining the reportable segment include the nature of the Company’s operating activities, the organizational and reporting structure and the type of information reviewed by the CODM to allocate resources and evaluate financial performance. The accounting policies of the segment are the same as those described in Note 2 of the notes to the consolidated financial statements included in the Company's Annual Report on Form 10-K. The following table presents reportable segment profit and loss, including significant expense categories, attributable to the Company’s reportable segment for the periods presented:
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
| 2025 |  | 2024 |  |  | 2025 |  | 2024 |
Revenue | $ | 2,764 |  | $ | 3,741 |  |  | $ | 36,341 |  | $ | 39,678 |
Less: |  |  |  |  |  |  |  |  |
Research and development expenses |  |  |  |  |  |  |  |  |
External research and development: |  |  |  |  |  |  |  |  |
STAT6 |  | 17,353 |  |  | 9,078 |  |  |  | 60,151 |  |  | 24,704 |
Other external research and development expense (1) |  | 21,950 |  |  | 22,699 |  |  |  | 71,634 |  |  | 58,377 |
Research and development compensation and related personnel expense (2) |  | 22,323 |  |  | 18,549 |  |  |  | 66,330 |  |  | 56,266 |
Research and development overhead and administrative costs |  | 12,468 |  |  | 10,084 |  |  |  | 34,622 |  |  | 29,084 |
General & administrative (3) |  | 17,336 |  |  | 15,455 |  |  |  | 51,252 |  |  | 47,202 |
Interest and other expense (4) |  | 3,953 |  |  | 60 |  |  |  | 4,135 |  |  | 5,115 |
Plus: |  |  |  |  |  |  |  |  |
Interest income |  | 10,444 |  |  | 9,697 |  |  |  | 27,413 |  |  | 27,964 |
Segment net loss | $ | (82,175 | ) | $ | (62,487 | ) |  | $ | (224,370 | ) | $ | (153,106 | )
(1) Certain prior period amounts have been recast to conform with current period presentation. (2) Research and development compensation and related personnel expense for the three months ended September 30, 2025 and 2024 is inclusive of $8.4 and $7.6 million of stock-based compensation expense, respectively. Research and development compensation and related personnel expense for the nine months ended September 30, 2025 and 2024 is inclusive of $23.9 and $20.9 million of stock-based compensation expense, respectively. (3) General and administrative expense for the three months ended September 30, 2025 and 2024 is inclusive of $7.4 million and $7.3 million of stock-based compensation expense, respectively. General and administrative expense for the nine months ended September 30, 2025 and 2024 is inclusive of $21.5 million and $20.3 million of stock-based compensation expense, respectively. (4) Other expense for the three and nine months ended September 30, 2025 is inclusive of a $3.9 million impairment of long-lived assets. Other expense for the nine months ended September 30, 2024 is inclusive of a $4.9 million impairment of long-lived assets Depreciation expense for the three months ended September 30, 2025 and 2024 was $2.1 million and $2.0 million, respectively. Depreciation expense for the nine months ended September 30, 2025 and 2024 was $5.4 million and $5.4 million, respectively. Amortization expense related to right-of-use assets during the three months ended September 30, 2025 and 2024 was $0.4 million and $0.3 million, respectively. Amortization expense related to right-of-use assets during the nine months ended September 30, 2025 and 2024 was $1.2 million and $1.1 million, respectively.

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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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