v3.25.4

Segment Disclosures | 6 Months Ended
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Dec. 31, 2025
Segment Disclosures |
Segment Disclosures | Note 14 — Segment Disclosures The Company has determined that it operates as a single reportable segment which includes all of its activities as a clinical stage biopharmaceutical company. The CODM uses consolidated net loss as reported in the unaudited condensed consolidated statements of operations and comprehensive loss to assess performance, analyze budget to actual results, forecast future operating results and cash requirements, and allocate resources for its single reportable segment. The significant segment expenses regularly reviewed by the CODM consist of clinical and manufacturing costs of ersodetug, personnel expenses, and other segment expenses. The measure of the operating segment assets is reported on the unaudited condensed consolidated balance sheets as total assets and all of the Company's tangible assets are located in the United States. ​ The following table presents consolidated net loss summarized by the significant segment expenses regularly reviewed by the CODM for the three and six months ended December 31, 2025, and 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended | ​ | Six Months Ended
​ | December 31, | ​ | December 31,
​ | 2025 | ​ ​ ​ | 2024 | ​ | 2025 | ​ ​ ​ | 2024
Research and development: |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​
Ersodetug | $ | 5,647 | ​ | $ | 7,260 | ​ | $ | 11,257 | ​ | $ | 14,476
Compensation and benefits | ​ | 6,991 | ​ | ​ | 4,491 | ​ | ​ | 12,579 | ​ | ​ | 8,788
Other research and development segment expenses (1) | ​ | 1,710 | ​ | ​ | 876 | ​ | ​ | 3,661 | ​ | ​ | 2,117
Total research and development |  | 14,348 | ​ | ​ | 12,627 | ​ |  | 27,497 | ​ | ​ | 25,381
General and administrative: |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​
Compensation and benefits | ​ | 4,917 | ​ | ​ | 2,602 | ​ | ​ | 8,267 | ​ | ​ | 4,854
Other general and administrative segment expenses (2) | ​ | 4,956 | ​ | ​ | 1,851 | ​ | ​ | 8,274 | ​ | ​ | 3,786
Total general and administrative |  | 9,873 | ​ | ​ | 4,453 | ​ |  | 16,541 | ​ | ​ | 8,640
Operating loss | ​ | (24,221) | ​ | ​ | (17,080) | ​ | ​ | (44,038) | ​ | ​ | (34,021)
Total non-operating income, net | ​ | 1,447 | ​ | ​ | 1,350 | ​ | ​ | 3,114 | ​ | ​ | 2,913
Net loss | $ | (22,774) | ​ | $ | (15,730) | ​ | $ | (40,924) | ​ | $ | (31,108)
(1) | Other research and development segment expenses primarily include quality regulatory and other pipeline development costs, employee travel and expense, and other facility and information technology costs.
(2) | Other general and administrative segment expenses primarily include consulting expenses related to business development and market planning activities, insurance expense, public company costs, employee travel and expense, and other facility and information technology costs.

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- Definition The entire disclosure for reporting segments including data and tables. 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