Segment Reporting

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

7. 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 condensed consolidated balance sheets as total assets.

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Collaboration revenue	$	183		$	598		$	366		$	1,130
Operating expenses:
Clinical related costs		1,346			5,058			2,632			11,019
Employee related costs		3,074			5,451			6,149			14,926
Product development and manufacturing costs		176			1,415			309			2,898
Facilities, support costs and depreciation		2,669			3,708			5,341			7,773
Professional, consulting and public company costs		1,346			2,771			2,319			5,843
Impairment of property and equipment		—			1,883			—			1,883
Impairment of right-of-use assets		—			22,836			—			22,836
Restructuring and other related charges		398			6,450			1,283			6,450
Total operating expenses		9,009			49,572			18,033			73,628
Loss from operations		(8,826	)		(48,974	)		(17,667	)		(72,498	)
Other income:
Interest income		410			855			708			1,941
Other income:		981			—			981			—
Total other income		1,391			855			1,689			1,941
Loss before income tax expense		(7,435	)		(48,119	)		(15,978	)		(70,557	)
Income tax expense		(2	)		(12	)		(6	)		(26	)
Net loss	$	(7,437	)	$	(48,131	)	$	(15,984	)	$	(70,583	)