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Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting  
Segment Reporting

11.   Segment Reporting

The Company operates and manages its business as one reportable segment and one operating segment focused on the discovery, development and commercialization of novel therapeutics for allergic and immunological diseases. The CODM assesses performance for the segment and decides how to allocate resources based on consolidated net loss that is also reported on the consolidated statements of operations.

The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. All material long-lived assets are located in the United States. Long-lived assets consist of property and equipment, net, and operating lease right-of-use assets.

The CODM uses consolidated net loss to evaluate the Company’s spend and monitor budget versus actual results. The monitoring of budgeted versus actual results is used in assessing performance of the segment and in establishing resource allocation across the organization.

Factors used in determining the reportable segment include the nature of the Company’s operating activities, the organizational and reporting structure and the type of information reviewed by the CODM to allocate resources and evaluate financial performance. The accounting policies of the segment are the same as those described in Note 2, “Summary of Significant Accounting Policies”.

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The following table presents reportable segment profit and loss, including significant expense categories, attributable to the Company’s reportable segment for the periods presented:

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

    

2024

    

2023

Expenses1:

 

​

  

 

​

  

Research and development:

 

​

  

 

​

  

Navenibart

​

$

32,401

​

$

24,186

STAR-0310

​

 

15,497

​

 

677

Employee expenses

​

 

14,415

​

 

9,859

General and administrative:

​

 

  

​

 

  

Program support2

​

 

1,021

​

 

476

Employee expenses

​

 

11,575

​

 

9,128

Stock-based compensation expense

​

 

12,907

​

 

6,313

Consulting and professional services expenses

​

 

17,952

​

 

9,382

Other segment expenses3

​

 

5,790

​

 

7,810

Acquired in-process research and development4

​

 

—

​

 

15,199

Other income, net5

​

 

(17,298)

​

 

(10,139)

Segment net loss

​

$

94,260

​

$

72,891

(1) The significant expense categories and amounts align with segment level information that is regularly provided to the CODM.

(2) General and administrative program support expense includes commercial costs incurred in support of navenibart and STAR-0310, and patient advocacy costs incurred in support of navenibart and STAR-0310.

(3) Other segment expense includes: costs incurred in support of overall research and development activities and non-specific programs, facilities expense, office expense, insurance expense and depreciation and amortization.

(4) Acquired in-process research and development includes expense associated with entering into a license agreement as discussed in Note 1, “Organization and Operations”.

(5) Other income, net, consists primarily of interest income on investments, as further described in Note 4, “Short-Term Investments”. For the years ended December 31, 2024 and 2023, the Company recognized interest income of $17.4 million and $10.2 million, respectively.