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

12. Segment Information

The Company operates and manages its business as a single operating and reportable segment for the purpose of assessing performance and making operating decisions. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the Company’s chief operating decision maker, or decision-making group (the “CODM”), in deciding how to allocate resources and assess performance. The Company’s chief executive officer, who is the CODM, reviews the Company’s financial information on an aggregated basis for purposes of evaluating financial performance and allocating resources. The CODM assesses operating performance as compared to planned activities for the operating segment and decides how to allocate resources based on net loss that also is reported on the consolidated statement of operations and comprehensive loss.

As a single reportable segment entity, the Company’s segment performance measure is net loss. In addition to the significant expense categories included within consolidated net loss presented in the condensed consolidated statements of operations and comprehensive loss, the below table sets forth disaggregated amounts that comprise research and development expenses and general and administrative expenses (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development:

 

 

 

 

 

 

 

 

 

 

 

 

Direct research and development expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Program costs

 

$

5,372

 

 

$

4,879

 

 

$

9,896

 

 

$

7,988

 

Unallocated research and development expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Personnel-related

 

 

1,045

 

 

 

774

 

 

 

2,180

 

 

 

1,648

 

Stock-based compensation

 

 

142

 

 

 

—

 

 

 

303

 

 

 

57

 

Other

 

 

110

 

 

 

—

 

 

 

251

 

 

 

—

 

Total research and development expenses

 

$

6,669

 

 

$

5,653

 

 

$

12,630

 

 

$

9,693

 

General and administrative:

 

 

 

 

 

 

 

 

 

 

 

 

Personnel-related

 

$

1,467

 

 

$

589

 

 

$

3,529

 

 

$

1,328

 

Stock-based compensation

 

 

769

 

 

 

—

 

 

 

1,484

 

 

 

—

 

Consulting and professional services

 

 

1,496

 

 

 

645

 

 

 

3,473

 

 

 

2,301

 

Facilities-related and other

 

 

1,383

 

 

 

471

 

 

 

2,747

 

 

 

831

 

Total general and administrative expenses

 

$

5,115

 

 

$

1,705

 

 

$

11,233

 

 

$

4,460