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v3.26.1

Segment Information | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Segment Information | Segment Information Our Chief Operating Decision Maker (“CODM”) is our President and Chief Executive Officer, Paul Sekhri. The CODM makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results using net loss. Net (loss) income is also a measure that is considered in monitoring budget versus actual results. The measure of the segment assets is reported on the Condensed Consolidated Balance Sheet as total assets. The Company manages its business activities on a consolidated basis and operates in a single reportable segment. Its operations primarily focus on the research and development of its lead product candidate, cadisegliatin, and it has not yet generated any product revenue. All of the Company’s principal operations, assets, and decision-making functions are based in the U.S., and as a result, all of our financial information is derived from domestic sources except for collaboration and license revenue of $36.8 million during the six months ended June 30, 2026, which was derived from two foreign collaboration partners located in China and United Arab Emirates. Significant segment expenses are included in the table below and represent direct and indirect research and development expenses by project for the three and six months ended June 30, 2026, and 2025 were as follows (in thousands):
| Three Months Ended June 30, |  | Six months ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Direct research and development expense: |  |  |  |  |  |  |
Cadisegliatin | 5,488 |  |  | 1,992 |  |  | 11,995 |  |  | 2,910 |
Other projects* | 240 |  |  | 136 |  |  | 317 |  |  | 249 |
Indirect research and development expense† | 3,042 |  |  | 1,975 |  |  | 5,436 |  |  | 3,774 |
Total research and development expense | $ | 8,770 |  |  | $ | 4,103 |  |  | $ | 17,748 |  |  | $ | 6,933 |
* | Includes HPP737 and azeliragon
† | Includes share-based compensation
Segment revenue is consistent with what is presented in the Company’s Condensed Consolidated Statements of Operations. Other segment items consist of (i) operating expenses, which include share-based compensation, (ii) interest and other expense and (iii) income tax expense, all of which are reflected in the Company’s Condensed Consolidated Statements of Operations.

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