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Segment | 3 Months Ended
--- | ---
Mar. 31, 2026
Segment Reporting [Abstract] |
Segment | 12. Segment The Company is currently developing medicines for patients with neurological or psychiatric disorders in the United States. The Company does not have any revenue generating products, and revenue will not be generated from any other current or future product candidates until regulatory approval is obtained and products are commercialized. For three months ended March 31, 2026 and 2025, the Company had identified one operating and reportable segment. The Company defines its operating se gments based on internally reported financial information that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) to analyze financial performance, make decisions, and allocate resources. The Company’s Chief Executive Officer is the CODM. The CODM reviews the segment’s profit or loss based on net (loss) income reported on the condensed consolidated statement of operations and c omprehensive (loss) income and considers forecast-to-actuals variances on a quarterly basis for expenses that are deemed significant. Further, the CODM reviews the segment’s assets based on total assets reported on the condensed consolidated balance sheet. In addition, the CODM is regularly provided information on total cash, which is inclusive of cash, cash equivalents and short-term investments, as a measure of segment assets. As of March 31, 2026, the Company’s cash, cash equivalents and short-term investments were $476.8 million. All long-lived assets are held in the United States. The Compan y’s CODM views specific categories within research and development expenses and general and administrative expenses as significant given the direct correlation between cash burn and profitability as a pre-revenue company. The following table reconciles reported revenues to net (loss) income under the significant expense principle for the three months ended March 31, 2026 and 2025 (in thousands):
|  | For the Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Collaboration Revenue |  | $ | 20,000 |  |  | $ | — |
Research and Development Expenses: |  |  |  |  |  |
RAP-219 program external expenses |  |  | 15,821 |  |  |  | 7,963 |
Preclinical programs external expenses |  |  | 4,289 |  |  |  | 3,246 |
R&D personnel-related costs (including stock-based compensation) |  |  | 10,640 |  |  |  | 6,786 |
Other costs |  |  | 1,966 |  |  |  | 1,577 |
Selling, General and Administrative Expenses: |  |  |  |  |  |
G&A personnel-related costs (including stock-based compensation) |  |  | 6,983 |  |  |  | 4,959 |
Professional and consulting costs |  |  | 3,672 |  |  |  | 1,664 |
Facility related and other |  |  | 844 |  |  |  | 913 |
Loss from operations |  | $ | (24,215 | ) |  | $ | (27,108 | )
Interest income |  |  | 4,358 |  |  |  | 3,045 |
Net loss |  | $ | (19,857 | ) |  | $ | (24,063 | )
According ly, the Company consists of a single operating and reportable segment and the condensed consolidated financial statements and notes thereto are presented as a single reportable segment.

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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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