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Segment Reporting (Q1) | 3 Months Ended | 12 Months Ended
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Mar. 31, 2026 | Dec. 31, 2025
Segment Reporting |  |
Segment Reporting | 12. Segment Reporting Operating segments are defined as components of an enterprise which engages in business activities from which it may recognize revenues and incur expenses about which separate discrete information is available for evaluation by the chief operating decision maker, or CODM, in deciding how to allocate resources and in assessing performance. The Company operates in a single reportable segment, developing and advancing genetic medicines designed to target critical underlying pathology of neurodegenerative diseases. The accounting policies of the single segment are the same as those described in the summary of significant accounting policies in the Company’s 2025 Annual Report filed on Form 10-K. The Company’s CODM is its chief executive officer. The measure of segment assets is reported on the balance sheet as total assets. All assets are located within the United States. The CODM uses net loss as reported on the Company’s statement of operations to assess the Company’s performance. The CODM also uses cash forecasts in deciding where to invest or expand operations within the business. In these cash forecasts, research and development expenses and general and administrative expenses exclude certain non-cash items such as share-based compensation and depreciation and amortization expenses. The following table summarizes significant segment expenses:
|  |  | Three Months Ended March 31,
(in thousands) |  |  | 2026 |  |  | 2025
Research and development |  |  |  |  |  |
Wages, benefits, and other payroll |  |  | $1,458 |  |  | $3,589
Third-party costs |  |  | 2,432 |  |  | 3,794
Share-based compensation |  |  | 142 |  |  | 244
Depreciation and amortization |  |  | 61 |  |  | 110
Total research and development expenses |  |  | 4,093 |  |  | 7,737
General and administrative |  |  |  |  |  |
Wages, benefits, and other payroll |  |  | 1,891 |  |  | 2,790
Third-party costs |  |  | 2,415 |  |  | 2,603
Share-based compensation |  |  | 414 |  |  | 614
Depreciation and amortization |  |  | 67 |  |  | 78
Total general and administrative expenses |  |  | 4,787 |  |  | 6,085
Impairment of long-lived assets |  |  | — |  |  | 2,637
Net gain on lease termination |  |  | (633) |  |  | —
Loss from operations |  |  | (8,247) |  |  | (16,459)
Other income (expense), net |  |  | 688 |  |  | 1,054
Net loss |  |  | $(7,559) |  |  | $(15,405)
The components of Other (income) expense, net are further described in Note 3 to the financial statements. | 15. Segment Reporting Operating segments are defined as components of an enterprise which engages in business activities from which it may recognize revenues and incur expenses about which separate discrete information is available for evaluation by the chief operating decision maker, or CODM, in deciding how to allocate resources and in assessing performance. The Company operates in a single reportable segment, developing and advancing genetic medicines designed to target critical underlying pathology of neurodegenerative diseases. The accounting policies of the single segment are the same as those described in the summary of significant accounting policies. The Company’s CODM is its chief executive officer. The measure of segment assets is reported on the balance sheet as total assets. All assets are located within the United States. The CODM uses net loss as reported on the Company’s statement of operations to assess the Company’s performance. The CODM also uses cash forecasts in deciding where to invest or expand operations within the business. In these cash forecasts, research and development expenses and general and administrative expenses exclude certain non-cash items such as share-based compensation and depreciation and amortization expenses. The following table summarizes significant segment expenses:
|  |  | Year Ended December 31,
(in thousands) |  |  | 2025 |  |  | 2024
Research and development |  |  |  |  |  |
Wages, benefits, and other payroll |  |  | $7,462 |  |  | $12,265
Third-party costs |  |  | 14,532 |  |  | 22,691
Share-based compensation |  |  | 842 |  |  | 2,529
Depreciation and amortization |  |  | 440 |  |  | 2,694
Total research and development expenses |  |  | 23,276 |  |  | 40,179
General and administrative |  |  |  |  |  |
Wages, benefits, and other payroll |  |  | 7,784 |  |  | 9,255
Third-party costs |  |  | 9,644 |  |  | 12,055
Share-based compensation |  |  | 2,159 |  |  | 3,291
Depreciation and amortization |  |  | 288 |  |  | 387
Total general and administrative expenses |  |  | 19,875 |  |  | 24,988
Impairment of long-lived assets |  |  | 6,145 |  |  | 5,233
Loss from operations |  |  | 49,296 |  |  | 70,400
Other (income) expense, net |  |  | (3,774) |  |  | (5,633)
Net loss |  |  | $45,522 |  |  | $64,767
The components of Other (income) expense, net are further described in note 3 to the financial statements.

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- Definition The entire disclosure for reporting segments including data and tables. 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