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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 segments 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 comprehensive (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 Company’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

)

 

Accordingly, 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.