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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information

16. Segment Information

The CODM assesses performance for the Company’s operating segment and decides how to allocate resources based on the Company’s available cash resources. Total operating expenses and net (loss) income of the Company’s operating segment are used to monitor budget versus actual results. The measure of segment assets is reported as total assets on the Company’s balance sheet.

The CODM is regularly provided with the following significant segment expenses:

 

Years Ended December 31,

 

 

2024

 

 

2023

 

Revenue

 

$

1,075

 

 

$

151

 

Employee-related expenses, excluding stock-based compensation

 

 

22,233

 

 

 

15,726

 

Stock-based compensation

 

 

3,152

 

 

 

1,620

 

External research and development expenses

 

 

32,786

 

 

 

15,106

 

External general and administrative expenses

 

 

6,511

 

 

 

3,415

 

Gain on sale of non-financial asset

 

 

—

 

 

 

(47,625

)

Other segment expenses*

 

 

17,216

 

 

 

9,834

 

Total operating expenses (income)

 

 

81,898

 

 

 

(1,924

)

(Loss) income from operations

 

 

(80,823

)

 

 

2,075

 

Other income, net

 

 

8,527

 

 

 

2,796

 

(Loss) income before provision for income taxes

 

 

(72,296

)

 

 

4,871

 

(Benefit) provision for income taxes

 

 

(498

)

 

 

691

 

Net (loss) income

 

$

(71,798

)

 

$

4,180

 

(*) Other segment expenses include facility related and office costs, information technology costs, general laboratory costs, and other operating expenses.

As of December 31, 2024 and 2023, all of the Company’s property and equipment was maintained in the U.S. For the year ended December 31, 2024 and 2023, the Company’s revenue was generated from providing research services and was earned in the U.S.