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Segment Reporting
 6 Months Ended
Jun. 30, 2025
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 immunologic diseases. The CODM assesses performance for the segment and decides how to allocate resources based on consolidated net loss, which is also reported on the condensed consolidated statements of operations and condensed consolidated statements of comprehensive loss.

The measure of segment assets reviewed by the CODM is consolidated total assets, which is reported on the condensed consolidated balance sheets. 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 to 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”.

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

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Three Months Ended June 30,

 

Six Months Ended June 30,

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2025

    

2024

    

2025

    

2024

Expenses(1):

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​

​

​

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​

​

​

​

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Research and development:

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​

​

​

​

​

​

​

​

​

​

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Navenibart

​

$

11,082

​

$

7,935

​

$

22,911

​

$

15,071

STAR-0310

​

 

5,738

​

 

5,710

​

 

13,174

​

 

8,685

Employee expenses

​

 

4,647

​

 

3,195

​

 

9,297

​

 

6,632

General and administrative:

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​

​

 

​

​

 

​

​

 

​

Program support(2)

​

 

373

​

 

9

​

 

344

​

 

206

Employee expenses

​

 

3,330

​

 

2,736

​

 

6,854

​

 

5,598

Stock-based compensation expense

​

 

4,351

​

 

3,451

​

 

8,190

​

 

6,205

Consulting and professional services expenses

​

 

4,274

​

 

4,459

​

 

8,278

​

 

7,828

Other segment expenses(3)

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2,025

​

 

1,308

​

 

3,767

​

 

2,728

Other income, net(4)

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(2,768)

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(4,631)

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(6,054)

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(8,853)

Segment net loss

​

$

33,052

​

$

24,172

​

$

66,761

​

$

44,100

(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 pre-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 expenses include: 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)Other income, net, consists primarily of interest income on investments, as further described in Note 4, “Short-Term Investments”. For the three and six months ended June 30, 2025, the Company recognized interest income of $2.9 million and $6.2 million, respectively. For the three and six months ended June 30, 2024, the Company recognized interest income of $4.6 million and $8.9 million, respectively.