Segment Information

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company operates as one reportable segment focused on delivering novel therapeutics for MASH. The Company's Chief Executive Officer, as the chief operating decision maker (“CODM”), leads the Company in support of four core values—focus on the patient, having an owner mindset, the relentless pursuit of innovation and commitment to collaboration. To best align the Company with these values, the CODM reviews consolidated financials, along with qualitative information, to evaluate performance, manage and allocate resources, make operating decisions, and assess planning and forecasting on a total company basis. Assets, liabilities and equity are reviewed and presented on the same level as the Company's consolidated balance sheet.

Management does not segment business operations for internal reporting or decision making purposes. As the Company has a single reporting segment, the segment accounting policies are the same as those at the Company level, as described in Note 2 “Summary of Significant Accounting Policies.” As of June 30, 2025, the Company did not have revenue or material assets outside of the U.S.

The following table presents net income reported at the segment measure of profit and loss:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Product revenue, net	$	212,802	$	14,638	$	350,052	$	14,638
Cost of sales	(9,065)		(636)		(13,578)		(636)
Research and development - personnel and internal expense	(15,002)		(17,295)		(30,024)		(34,011)
Research and development - external expense	(39,079)		(53,796)		(68,229)		(108,317)
Selling, general and administrative	(196,858)		(105,448)		(364,734)		(186,249)
Other segment income (expense)(1)	4,921		10,566		10,994		15,063
Net loss	$	(42,281)	$	(151,971)	$	(115,519)	$	(299,512)

(1) Other segment income (expense) includes interest income and interest expense.