Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of reportable segment profit and loss including significant expense categories


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue⁽¹⁾:
Collaboration revenue	$	706	$	—	$	706	$	—
Expenses⁽¹⁾:
Research and development:
Navenibart	$	13,438	$	8,797	$	36,349	$	23,868
STAR-0310		2,377		3,539		15,551		12,224
Employee expenses		5,393		3,689		14,690		10,321
General and administrative:
Program support⁽²⁾		305		333		649		538
Employee expenses		3,646		2,877		10,500		8,476
Stock-based compensation expense		4,308		3,434		12,498		9,639
Consulting and professional services expenses		3,961		4,847		12,239		12,675
Other segment expenses⁽³⁾		1,382		1,498		5,149		4,226
Other income, net⁽⁴⁾		(2,461)		(4,480)		(8,515)		(13,333)
Segment net loss	$	31,643	$	24,534	$	98,404	$	68,634

(1)The significant revenue and 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 nine months ended September 30, 2025, the Company recognized interest income of $2.5 million and $8.7 million, respectively. For the three and nine months ended September 30, 2024, the Company recognized interest income of $4.5 million and $13.4 million, respectively.