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Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting

9. 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 chief operating decision maker, or CODM, uses total operating expenses and consolidated net loss to assess financial 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 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

 

Research and development - external expenses(1)

 

$

37,733

 

 

$

20,414

 

 

$

103,509

 

 

$

47,783

 

Research and development - personnel

 

 

7,916

 

 

 

6,031

 

 

 

25,338

 

 

 

17,134

 

General and administrative - personnel

 

 

2,193

 

 

 

1,521

 

 

 

6,686

 

 

 

4,578

 

Other general and administrative expenses(2)

 

 

4,795

 

 

 

6,329

 

 

 

15,875

 

 

 

16,275

 

Depreciation expense

 

 

546

 

 

 

538

 

 

 

1,623

 

 

 

1,613

 

Stock-based compensation

 

 

3,835

 

 

 

4,609

 

 

 

13,118

 

 

 

14,211

 

Total operating expense

 

 

57,018

 

 

 

39,442

 

 

 

166,149

 

 

 

101,594

 

Loss from operations

 

 

(57,018

)

 

 

(39,442

)

 

 

(166,149

)

 

 

(101,594

)

Interest and other income, net

 

 

2,096

 

 

 

4,618

 

 

 

7,715

 

 

 

11,984

 

Consolidated segment net loss

 

$

(54,922

)

 

$

(34,824

)

 

$

(158,434

)

 

$

(89,610

)

__________________

(1) Research and development - external expenses include program expenses, 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.