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Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting

Schedule of statements of operations for segment including significant segment expenses

In addition to the significant expense categories included within net loss presented in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss, see below for disaggregated amounts that comprise research and development expenses for the three and nine months ended September 30, 2025 and 2024 (in thousands):


		Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024
Revenue:
License revenue		$	—		$	—		$	17,389		$	—
Collaboration revenue			2,066			—			4,732			—
Total revenue			2,066			—			22,121			—
Operating expenses:
Research and development expenses
External costs
Milestones related to previously acquired IPR&D assets			—			23,000			—			23,000
CROs, CMOs and clinical trials			56,457			39,491			187,618			90,604
Professional consulting services			8,227			4,497			22,047			12,787
Other research and development costs			1,617			2,899			6,908			8,493
Internal costs
Personnel-related costs			24,854			13,476			69,334			32,705
Facilities and overhead costs			6,681			4,461			17,306			10,761
Total research and development expense			97,836			87,824			303,213			178,350
General and administrative expenses			19,522			10,575			76,267			23,782
Total operating expenses			117,358			98,399			379,480			202,132
Loss from operations			(115,292)			(98,399)			(357,359)			(202,132)
Total other income (expense), net			4,540			5,282			198,404			2,658
Net loss before income taxes			(110,752)			(93,117)			(158,955)			(199,474)
Income tax benefit			—			—			8,561			—
Net loss		$	(110,752)		$	(93,117)		$	(150,394)		$	(199,474)