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Segments

3 Months Ended

Mar. 31, 2026

Segments

Segments

4. Segments

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The Company views its operations and manages its business in one operating segment, that of the development and commercialization of drugs and antibodies that target critical elements of the immune system. The Company’s Chief Operating Decision Maker (“CODM”) is made up of the Chief Executive Officer and Chief Financial Officer. The CODM assesses performance for the segment and decides how to allocate resources based on consolidated net loss that is reported on the consolidated statement of operations and comprehensive loss. The measure of segment assets is reported on the balance sheet as total consolidated assets. Managing and allocating resources on a consolidated basis enables the CODM to assess the overall level of resources available and how to best deploy these resources across functions and programs that are in line with the Company’s long-term company-wide strategic goals.

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The following table presents reportable segment net loss, including significant expense categories, attributable to the Company’s reportable segment for the three months ended March 31, 2026 and 2025 (in thousands):

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​	​	​	​	​	​	​	​
​	​	Three Months Ended					​
​	​	March 31,					​
​	​	2026		​ ​ ​	2025		​ ​ ​
Compensation and benefits, excluding stock-based compensation	​	$	3,027	​	$	2,239	​
Stock-based compensation	​	​	2,650		​	1,251	​
Drug manufacturing	​	​	431		​	1,830	​
Clinical trials	​	​	5,043		​	1,927	​
Outside general and administrative	​	​	1,244		​	946	​
Facilities and insurance	​	​	558		​	780	​
Other segment items (1)	​	​	1,924		​	949	​
Total segment expense	​	​	14,877		​	9,922	​
Non-operating income, net	​	​	(1,185)		​	(25,115)	​
Net loss	​	$	13,692		$	(15,193)	​

(1) Includes consulting, non-clinical research and laboratory supplies.

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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.

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