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Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segments

11. Segments

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 (the CODM). The Company views its operations and manages its business as one operating and reportable segment, focused on developing therapeutics for patients with immune-mediated diseases. The Company’s CODM is its chief executive officer.

Segment profit or loss is measured as net loss presented on the unaudited condensed consolidated statements of operations and comprehensive loss. For the purpose of evaluating segment performance and allocating resources, the CODM reviews the Company’s financial information on a consolidated basis together with certain operating metrics and evaluates net loss against comparable prior periods and the Company’s annual operating plan. The measure of segment assets is reported on the unaudited condensed consolidated balance sheets as total consolidated assets.

In addition to the significant expense categories included within net loss presented on the unaudited condensed consolidated statements of operations and comprehensive loss, the following table sets forth disaggregated research and development expenses (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Direct research and development expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Budoprutug

 

$

5,288

 

 

$

4,521

 

 

$

10,651

 

 

$

10,662

 

CLYM1161

 

 

1,511

 

 

 

145

 

 

 

2,704

 

 

 

9,265

 

Legacy programs2

 

 

7

 

 

 

31

 

 

 

29

 

 

 

73

 

Unallocated research and development expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Personnel-related (including stock-based compensation)

 

 

2,346

 

 

 

1,452

 

 

 

4,699

 

 

 

3,209

 

Other research and development expenses

 

 

562

 

 

 

426

 

 

 

1,004

 

 

 

693

 

Total research and development expenses

 

$

9,714

 

 

$

6,575

 

 

$

19,087

 

 

$

23,902

 

 

1 Includes the upfront payment and the associated direct transaction costs incurred in connection with the Mabworks Agreement for the six months ended June 30, 2025.

2 Includes direct expenses related to the Company’s legacy product candidates ETX-123 and ETX-155.