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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information

12. Segment Information

The Company manages its operations as a single operating and reportable segment focused on the research and development of precision oncology therapies. The accounting policies of the single reportable segment are identical to those described in Note 2. The chief operating decision maker, who manages the Company’s operations on a consolidated basis, assesses performance for the reportable segment using consolidated net loss to monitor budget versus actual results and to determine how to effectively allocate the Company’s resources. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets.

The following table presents certain financial data including significant segment expenses for the Company’s reportable segment for the years ended December 31, 2024 and 2023 (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

ACR-368 direct research and development expenses

 

$

34,135

 

 

$

21,764

 

ACR-2316 direct research and development expenses1

 

 

3,384

 

 

 

—

 

Other drug discovery programs direct research and development expenses

 

 

4,037

 

 

 

6,982

 

Personnel related indirect research and development expenses

 

 

18,184

 

 

 

13,987

 

Facilities, supplies and other indirect research and development expenses

 

 

4,252

 

 

 

3,291

 

General and administrative expenses

 

 

25,207

 

 

 

21,079

 

Other segment items2

 

 

(8,643

)

 

 

(6,715

)

Net loss

 

$

(80,556

)

 

$

(60,388

)

 

1 ACR-2316 direct research and development expenses include costs related to the Company’s novel, internally-discovered second clinical stage asset, which was promoted to a development program upon being granted IND clearance in the third quarter of 2024 and includes clinical trial and related activities. Prior to IND clearance, costs related to preclinical drug discovery activities progression related to ACR-2316 were included in other drug discovery programs direct research and development expenses.

 

2 Other segment items consist of interest income and other expense, net. Interest income consists of interest income earned on cash equivalents and investments and amortization of premiums and accretion of discounts to maturity for available-for-sale debt securities. Other expense, net primarily consists of realized and unrealized gains and losses on foreign currency transactions, state taxes, and investment management fees.