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Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting

11. Segment Reporting

 

The Company has one reportable and one operating segment and manages its business activities primarily in North America and on a consolidated basis. The Company’s singular focus is on developing treatments through gene therapy and other means for patients with neuromuscular and cardiac diseases. All of the Company’s tangible assets are held in the United States.

The accounting policies of the Company are the same as those described in the summary of significant accounting policies.

The Company’s chief operating decision maker ("CODM") is its chief executive officer. The CODM assesses performance for the Company and decides how to allocate resources based on net loss as reported on the condensed consolidated statements of operations. The annual budgeting process is the primary mechanism used to make these decisions. The financial information also helps in making performance assessments using budgeted versus actual results.

The following table presents segment expenses, other segment items, and segment net loss for the periods presented:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Segment expenses:

 

 

 

 

 

 

 

 

 

 

 

 

SGT-003

 

 

12,219

 

 

 

2,434

 

 

 

21,385

 

 

 

4,340

 

SGT-501

 

 

2,223

 

 

 

3,422

 

 

 

6,689

 

 

 

7,229

 

External R&D other

 

 

3,116

 

 

 

1,845

 

 

 

5,886

 

 

 

4,573

 

Internal R&D expense(1)

 

 

6,765

 

 

 

4,921

 

 

 

13,608

 

 

 

10,298

 

External G&A expense

 

 

5,279

 

 

 

5,449

 

 

 

10,156

 

 

 

10,883

 

Internal G&A expense(1)

 

 

3,360

 

 

 

3,037

 

 

 

6,823

 

 

 

6,003

 

Other segment items(2)

 

 

8,731

 

 

 

6,680

 

 

 

17,198

 

 

 

11,324

 

Other income, net

 

 

(2,213

)

 

 

(2,716

)

 

 

(2,983

)

 

 

(5,275

)

Condensed consolidated net loss

 

 

(39,480

)

 

 

(25,072

)

 

 

(78,762

)

 

 

(49,375

)

 

(1)

Internal expenses consisted primarily of payroll and related costs, temporary services, and travel and entertainment.

(2)

Other segment items primarily included other program costs, equity-based compensation expense, and depreciation and amortization expense.

 

The measure of segment assets is reported on the balance sheet as total condensed consolidated assets.