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Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting

10. Segment Reporting

The Company has one reportable segment, which is related to the research and development of its product candidates focused on complement-mediated diseases of the body, brain and eye for which there is significant unmet medical need. The accounting policies of the one reportable segment are the same as those described in the summary of significant accounting policies. See Note 2—Basis of Presentation and Significant Accounting Policies.

The segment is managed on a consolidated basis and the CODM uses total operating expenses and consolidated net loss to assess performance, forecast future financial results and allocate resources. In assessing the Company's financial performance and making strategic decisions, the CODM regularly reviews operating expenses by function. This includes a review of budget versus actual expenses and direct program spend, which includes clinical costs, consultant fees, manufacturing expenses, and other direct external costs.

The following table presents the operations for the reportable segment during the years ended December 31, 2024 and 2023 (in thousands):

 

 

 

Year Ended
December 31,

 

 

 

2024

 

 

2023

 

Research and development - program expenses(1)

 

$

79,548

 

 

$

76,008

 

Research and development - personnel

 

 

24,291

 

 

 

23,893

 

General and administrative - personnel

 

 

6,578

 

 

 

6,896

 

Other general and administrative expenses(2)

 

 

22,073

 

 

 

16,595

 

Depreciation expense

 

 

2,150

 

 

 

2,148

 

Stock-based compensation

 

 

19,433

 

 

 

18,183

 

Total operating expense

 

 

154,073

 

 

 

143,723

 

Loss from operations

 

 

(154,073

)

 

 

(143,723

)

Interest and other income, net

 

 

15,873

 

 

 

9,486

 

Consolidated segment net loss

 

$

(138,200

)

 

$

(134,237

)

__________________

(1) Research and development - program expenses include other non-program specific expenses and other research expenses.

(2) Other general and administrative expenses include consulting and professional services fees for legal, accounting, tax, and facilities costs.