Segment Disclosures

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Segment Disclosures

Segment Disclosures

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision making group, in deciding how to allocate resources in assessing performance. The Company has one reportable segment: life science. The life science segment consists of the development of clinical and preclinical product candidates for the development of the Company’s proprietary new therapies. The Company’s chief operating decision maker (“CODM”) is the Company's Chief Executive Officer.

The accounting policies of the life science segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the life science segment based on net loss. The measure of segment assets is reported on the balance sheet as total consolidated assets. The CODM allocates resources and assesses performance on a consolidated basis, focused on the Company’s cash resources and an assessment of the probability of success of its ongoing research and development activities. Resource allocation decisions are informed by forecasted cash expenditures and actual expenses incurred to date.

To date, the Company has not generated any product revenue. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through all stages of development and clinical trials and, ultimately, seeks regulatory approval.

The table below summarizes the significant expense categories regularly reviewed by the CODM for the three and nine months ended September 30:

	Three Months Ended September 30,
	2026		2025
Operating expenses:
Clinical product candidates	$	16,881	$	15,285
Pre-clinical product candidates	599		480
Employee costs- research and development	3,846		2,463
Employee costs-general and administrative	2,997		1,661
Non-cash stock compensation	13,908		3,614
Depreciation expense	38		40
Professional fees and other segment expenses	5,100		2,450
Total operating expenses	43,369		25,993
Loss from operations	(43,369)		(25,993)
Interest income	1,093		419
Other income (expense)	(33)		(5)
Net loss	$	(42,309)	$	(25,579)
	Nine Months Ended September 30,
	2026		2025
Operating expenses:
Clinical product candidates	$	55,193	$	50,776
Pre-clinical product candidates	1,522		825
Employee costs- research and development	10,218		7,224
Employee costs-general and administrative	7,257		5,305
Non-cash stock compensation	25,156		7,555
Depreciation expense	105		126
Professional fees and other segment expenses	12,480		8,090
Total operating expenses	111,931		79,901
Loss from operations	(111,931)		(79,901)
Interest income	3,139		843
Other income (expense)	(204)		1,186
Net loss	$	(108,996)	$	(77,872)