Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

16. Segment Reporting

The Company has one reportable segment relating to the research and development of its research programs, CR-001, CR-002, and CR-003. The Company’s CODM, its Chief Executive Officer, manages the Company’s operations on a company-wide basis for the allocation of resources and the assessment of performance. The Company’s measure of segment profit or loss used to assess performance and allocate resources is net loss and comprehensive loss. Although the Company’s financial reporting package that is reviewed and approved by the CODM disaggregates significant expenses such as program-level external research and development costs, personnel costs, including share-based compensation expense, and professional and consulting fees, all decisions made by the CODM are based upon reviewing operating metrics and performance indications at the Company-wide level. The CODM uses net loss to evaluate loss generated from the Company’s business activities in deciding how to allocate company resources and monitoring budget versus actual results. Assets are also managed on a Company-wide basis.

The table below is a summary of the segment loss, including significant segment expenses (in thousands):

	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
License revenue	$	1,039	$	—
Less:
CR-001 external research and development costs	5,078		6,275
CR-002 external research and development costs	3,585		1,065
Discovery external research and development costs(1)	21		868
Personnel costs	10,646		3,091
Milestone and license fees	2,500		965
Professional and other fees(2)	3,938		1,736
Other expense (income)	(1,446)		1,148
Net loss and comprehensive loss	$	(23,283)	$	(15,148)

_________________________

(1)Discovery external research and discovery costs include costs associated with candidate discovery activities.

(2)Profession and other fees includes professional fees, consulting fees, office and facilities expense, and miscellaneous other expense.

For the three months ended March 31, 2026, all of the Company’s revenues were earned from a license agreement with a single customer located in China. As of March 31, 2026, all of the Company’s long-lived assets are located in the United States.