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Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting

7. Segment Reporting

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker (“CODM”) in deciding how to allocate resources and assess performance. The

Company and the Company’s CODM, its chief executive officer, regularly review the Company’s operations and manage its business as a single operating segment, which is the business of developing targeted medicines to address ear, nose, and throat, or ENT, diseases. Segment revenues represent collaboration revenue from the Company’s consolidated statements of operations and is received from a single customer.

Significant segment expenses consist primarily of employee-related costs, clinical, facility and professional and consulting costs in connection with preclinical and clinical development activities. Segment expenses also include impairment charges, when and as applicable.

The Company’s CODM evaluates and allocates resources within the segment based on the Company’s net loss. As the Company is a clinical-stage biotechnology company, the evaluation includes review of the actual and budget costs related to employee-related costs, clinical trials, facility, professional and consulting costs in connection with preclinical and clinical development activities, and the conduct of these pre-clinical and clinical trials and responses from government agencies in determining the probability of success of product candidates. Total segment assets are reported in the Company’s condensed consolidated balance sheets as total assets.

The following table presents revenue, significant expenses and net loss for the Company's segment (in thousands):

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Collaboration revenue

 

$

25

 

 

$

195

 

 

$

391

 

 

$

1,325

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Clinical related costs

 

 

90

 

 

 

2,186

 

 

 

2,722

 

 

 

13,204

 

Employee related costs

 

 

2,069

 

 

 

3,738

 

 

 

8,218

 

 

 

18,665

 

Product development and manufacturing costs

 

 

240

 

 

 

161

 

 

 

549

 

 

 

3,059

 

Facilities, support costs and depreciation

 

 

2,639

 

 

 

2,915

 

 

 

7,980

 

 

 

10,688

 

Professional, consulting and public company costs

 

 

1,245

 

 

 

833

 

 

 

3,564

 

 

 

6,676

 

Impairment of property and equipment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,883

 

Impairment of right-of-use assets

 

 

—

 

 

 

—

 

 

 

—

 

 

 

22,836

 

Restructuring and other related charges

 

 

(21

)

 

 

2,804

 

 

 

1,262

 

 

 

9,254

 

Total operating expenses

 

 

6,262

 

 

 

12,637

 

 

 

24,295

 

 

 

86,265

 

Loss from operations

 

 

(6,237

)

 

 

(12,442

)

 

 

(23,904

)

 

 

(84,940

)

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

256

 

 

 

576

 

 

 

964

 

 

 

2,517

 

Other income

 

 

—

 

 

 

—

 

 

 

981

 

 

 

—

 

Total other income

 

 

256

 

 

 

576

 

 

 

1,945

 

 

 

2,517

 

Loss before income tax expense

 

 

(5,981

)

 

 

(11,866

)

 

 

(21,959

)

 

 

(82,423

)

Income tax expense

 

 

(3

)

 

 

(7

)

 

 

(9

)

 

 

(33

)

Net loss

 

$

(5,984

)

 

$

(11,873

)

 

$

(21,968

)

 

$

(82,456

)