Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

9. 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 consolidated balance sheets as total assets.

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

	Year Ended December 31,
	2024			2023
Collaboration revenue	$	1,534		$	1,558
Operating expenses:
Clinical related costs		15,156			20,682
Employee related costs		22,828			27,124
Product development and manufacturing costs		3,304			4,326
Facilities, support costs and depreciation		13,579			7,425
Professional, consulting and public company costs		7,400			7,663
Legal settlement		—			(568	)
Financing costs		—			434
Impairment of property and equipment		1,883			1,592
Impairment of right-of-use assets		22,836			—
Restructuring and other related charges		10,896			—
Total operating expenses		97,882			68,678
Loss from operations		(96,348	)		(67,120	)
Other income:
Interest income		2,952			4,499
Total other income		2,952			4,499
Loss before income tax expense		(93,396	)		(62,621	)
Income tax expense		(39	)		(59	)
Net loss	$	(93,435	)	$	(62,680	)