XML 63 R26.htm IDEA: XBRL DOCUMENT v3.26.1
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting
14.
Segment Reporting

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker ("CODM"), or decision-making group, in making decisions regarding resource allocation and assessing performance. The Company’s CODM is its Chief Executive Officer. No product revenue has been generated since inception and all assets are held in the United States.

The Company views its operations and manages its business as one operating segment, focused on the discovery and development of novel therapies for the treatment of metabolic diseases. Segment profit or loss is measured as the Company’s net loss as reported on the Company’s consolidated statements of operations and comprehensive loss. The Company monitors its cash and cash equivalents and short-term investments as reported on the Company’s consolidated balance sheets to determine funding for its research and development.

As the Company does not currently generate revenue, the CODM assesses Company performance through the achievement of pre-clinical and clinical research goals. In addition to the Company’s consolidated statements of operations and comprehensive loss, the CODM is regularly provided with budgeted and forecasted expense information which is used to determine the Company’s liquidity needs and cash allocation. The measure of segment assets is reported on the consolidated balance sheets as total assets.

Segment net loss, including significant segment expenses regularly provided to the CODM, are as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

Research and development expenses:

 

 

 

 

 

 

Research expenses

 

$

36,014

 

 

$

12,659

 

Personnel-related (including stock-based compensation
   expense)

 

 

11,965

 

 

 

4,272

 

Facilities-related and other
   allocated costs

 

 

957

 

 

 

432

 

Total Research and development expenses

 

 

48,936

 

 

 

17,363

 

General and administrative expenses

 

 

13,789

 

 

 

5,305

 

Credit loss – related party accounts receivable

 

 

-

 

 

 

117

 

Interest and dividend income

 

 

(5,139

)

 

 

(2,414

)

Unrealized losses on short-term investments

 

 

5

 

 

 

217

 

Net Loss

 

$

(57,591

)

 

$

(20,588

)