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Segment reporting | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment reporting | Segment reporting The Company operates as one operating segment. The Company's chief operating decision maker, or CODM, is its chief executive officer, who reviews financial information presented on a consolidated basis. The CODM manages and allocates resources to the operations of our company on a total company basis by assessing the overall level of resources available and how to best deploy these resources across functions and research and development projects that are in line with our long-term company-wide strategic goals. Consistent with this decision-making process, the CODM uses operating expenses to monitor budget versus actual results for purposes of evaluating performance and to make decisions about the allocation of resources. The CODM does not utilize revenue in their decision-making process as a significant amount of the revenues recognized by the Company are derived from the upfront payments received from our collaboration partners (see Note 8 for further details). These financial metrics used by the CODM to make key operating decisions, consists of development, research, and general and administrative expenses. The following tables presents selected financial information with respect to the Company’s single operating segment for the three and six months ended June 30, 2025 and 2024.
(in thousands) | Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenue | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Operating expenses: |  |  |  |  |  |  |
Development expenses | 12,605 |  |  | 11,645 |  |  | 27,155 |  |  | 22,646 |
Research expenses | 8,846 |  |  | 7,589 |  |  | 16,570 |  |  | 14,807 |
General and administrative | 8,521 |  |  | 7,833 |  |  | 17,142 |  |  | 16,220 |
Segment operating expenses | 29,972 |  |  | 27,067 |  |  | 60,867 |  |  | 53,673 |
Reconciliation of profit or loss |  |  |  |  |  |  |
Non-operating income | (2,481) |  |  | (3,726) |  |  | (5,323) |  |  | (7,584) |
Adjustments or reconciling items(1) | (1,471) |  |  | (5,625) |  |  | (3,202) |  |  | (12) |
Consolidated net loss | $ | (26,020) |  |  | $ | (17,716) |  |  | $ | (52,342) |  |  | $ | (46,077) |
(1) The reconciling items include revenue and stock-based compensation expense for the three and six months ended June 30, 2025 and the three months ended June 30, 2024. The reconciling items include revenue, stock-based compensation expense, and restructuring expense for the six months ended June 30, 2024.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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