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Segment data | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Segment data | 15. Segment data The Company defines its segments based on the way in which internally reported financial information is regularly reviewed by the chief operating decision maker, or CODM, to analyze financial performance, make decisions, and allocate resources. The Company manages its operations as a single operating and reportable segment committed to developing a portfolio of novel and proprietary MGDs. MGDs are small molecule drugs that employ the body’s natural protein destruction mechanisms to selectively degrade therapeutically-relevant proteins. As the internal reporting is based on the consolidated results, the Company has identified one operating and reportable segment. The CODM uses net (loss) income in the budget and forecasting process and considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources. The measure of the operating segment assets is reported on the condensed consolidated balance sheet as total assets. The accounting policies used in the segment reporting are the same as those described in the summary of significant accounting policies. (See Note 2 in our annual report on Form 10-K for the year ended December 31, 2025.) The Company’s CODM is the Chief Executive Officer. The Company's reportable segment net revenues and (loss) income for the three and six months ended June 30, 2026 and 2025 consisted of the following (in thousands):
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Collaboration revenue |  | $ | 8,968 |  |  | $ | 23,194 |  |  | $ | 13,178 |  |  | $ | 108,123 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Research and development: |  |  |  |  |  |  |  |  |  |  |  |
External research and development expenses: |  |  |  |  |  |  |  |  |  |  |  |
MRT-2359 |  |  | 3,520 |  |  |  | 2,243 |  |  |  | 5,901 |  |  |  | 4,187 |
MRT-6160 |  |  | 16 |  |  |  | 1,477 |  |  |  | 27 |  |  |  | 5,458 |
MRT-8102 |  |  | 8,660 |  |  |  | 1,623 |  |  |  | 15,441 |  |  |  | 3,081 |
CCNE1 |  |  | 1,621 |  |  |  | 716 |  |  |  | 3,324 |  |  |  | 1,478 |
Other development and discovery programs |  |  | 9,796 |  |  |  | 4,986 |  |  |  | 19,384 |  |  |  | 9,450 |
Personnel expense |  |  | 13,901 |  |  |  | 11,758 |  |  |  | 27,394 |  |  |  | 23,110 |
Overhead and administrative expense |  |  | 10,450 |  |  |  | 7,850 |  |  |  | 20,562 |  |  |  | 16,079 |
General and administrative expenses: |  |  |  |  |  |  |  |  |  |  |  |
Personnel expense |  |  | 6,649 |  |  |  | 5,479 |  |  |  | 13,069 |  |  |  | 11,158 |
Professional services |  |  | 1,702 |  |  |  | 1,050 |  |  |  | 3,845 |  |  |  | 2,528 |
Facility costs and other expense |  |  | 1,783 |  |  |  | 1,566 |  |  |  | 3,395 |  |  |  | 3,112 |
Interest and other income, net |  |  | 5,941 |  |  |  | 4,458 |  |  |  | 11,524 |  |  |  | 8,129 |
Income tax provision |  |  | (208 | ) |  |  | (1,199 | ) |  |  | (260 | ) |  |  | (2,021 | )
Net (loss) income |  | $ | (43,397 | ) |  | $ | (12,295 | ) |  | $ | (87,900 | ) |  | $ | 34,590 |
Other development and discovery expenses are related to the development of our QuEEN TM discovery engine and our disclosed and undisclosed programs, including CDK2. The Company's tangible assets are held in the U.S. and Switzerland with 37% and 29% of the assets held in Switzerland as of June 30, 2026 and December 31, 2025, respectively. All of the Company's collaboration revenue was generated in Switzerland during each of the three and six months ended June 30, 2026 and 2025.

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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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