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

15. Segments

The Company has one operating and reportable segment focused on inventing and developing novel medicines for patients with depression, anxiety, and other debilitating neuropsychiatric disorders using the Company's proprietary Glyph™ Platform.

The chief operating decision-maker, or CODM, manages the Company’s operations on a consolidated basis, and assesses performance based on consolidated net loss that is reported on the condensed consolidated statements of operations and comprehensive loss. The CODM makes decisions about allocating resources and assessing performance for the entire company. The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets.

The following table presents certain significant segment expenses that are regularly provided to the CODM (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development expenses:

 

 

 

 

 

 

 

 

 

 

 

GlyphAllo direct research and development expenses

$

12,796

 

 

$

4,751

 

 

$

21,093

 

 

$

8,060

 

GlyphAgo direct research and development expenses

 

3,478

 

 

 

2,011

 

 

 

9,972

 

 

 

3,971

 

Glyph2BLSD direct research and development expenses

 

1,617

 

 

 

1,552

 

 

 

2,199

 

 

 

2,448

 

Preclinical and early discovery assets

 

1,411

 

 

 

967

 

 

 

2,354

 

 

 

1,790

 

Personnel-related (including non-cash stock-based compensation expense of $0.9 million and $0.6 million for three months ended June 30, 2026 and 2025, respectively and $1.8 million and $1.1 million for six months ended June 30, 2026 and 2025, respectively)

 

4,732

 

 

 

3,715

 

 

 

9,331

 

 

 

6,870

 

Other indirect research and development expenses

 

585

 

 

 

413

 

 

 

1,100

 

 

 

805

 

Total research and development expenses

 

24,619

 

 

 

13,409

 

 

 

46,049

 

 

 

23,944

 

General and administrative expenses:

 

 

 

 

 

 

 

 

 

 

 

Personnel-related (including non-cash stock-based compensation expense of $36.0 million and $1.2 million for three months ended June 30, 2026 and 2025, respectively and $37.6 million and $2.3 million for six months ended June 30, 2026 and 2025, respectively)

 

38,168

 

 

 

3,239

 

 

 

42,292

 

 

 

6,262

 

Other general and administrative expenses(1)

 

3,021

 

 

 

1,822

 

 

 

5,010

 

 

 

4,449

 

Total general and administrative expenses

 

41,189

 

 

 

5,061

 

 

 

47,302

 

 

 

10,711

 

Other segment items(2)

 

(3,208

)

 

 

(3,393

)

 

 

(5,343

)

 

 

(6,453

)

Net loss

$

62,600

 

 

$

15,077

 

 

$

88,008

 

 

$

28,202

 

 

 

(1)
Other general and administrative expenses include professional fees, facilities, depreciation, IT, and other expenses.
(2)
Other segment items include interest income, net, research and development tax credit, income tax provision, and other expense, net.