Segment Reporting

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Segment Reporting

Segment Reporting

16.Segment Reporting

The Company has one reportable segment relating to the discovery and development of novel orally bioavailable, small molecule therapies across a broad range of diseases driven by STAT3 with high unmet need.

The Company’s CODM, its Chief Executive Officer and Chief Financial Officer, manages the Company’s operations on company-wide level for the purpose of allocating resources. The key measure of segment profit or loss that the CODM uses to allocate resources and assess financial performance is the Company’s net income (loss), which is utilized to evaluate the progress of its research and development programs and other expense categories. The CODM makes decisions using this information on a company-wide basis.

The table below shows a reconciliation of the Company’s net income (loss), including the significant expense categories regularly provided to and reviewed by the CODM, as computed under GAAP, to the Company’s net income (loss) in the condensed consolidated statements of operations and comprehensive income (loss) (in thousands):

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Direct research and development expenses by program:
TTI-101:
HCC	$	967	$	1,599	$	1,404	$	3,016
IPF		2,830		1,352		3,863		1,968
mBC		(268)		1,878		(268)		2,088
Pre-clinical, CMC, and other (unallocated)(1)		140		229		315		585
TTI-109		822		462		1,180		678
Unallocated research and development expense:
Personnel costs		917		760		1,775		1,555
Consultant fees and other costs(2)		398		251		648		362
General and administrative expense:
Personnel costs		1,038		486		1,647		1,009
Other general and administrative expenses(3)		2,025		164		2,659		368
Interest income		(377)		(206)		(652)		(452)
Other income, net		(12,659)		—		(7,159)		—
Net income (loss)	$	4,167	$	(6,975)	$	(5,412)	$	(11,177)

(1) Pre-clinical, CMC, and other (unallocated) costs include pre-clinical testing, CMC, and other direct research and development expenses that are not allocated to a specific program.

(2) Consultant fees and other costs include expenses incurred for research and development consultants as well as payroll costs for employees within the research and development function.

(3) Other general and administrative expenses include professional fees, accounting services, rent, and other overhead and administrative expenses.

Assets provided to the CODM are consistent with those reported on the condensed consolidated balance sheets.

17.Segment Reporting

The Company has one reportable segment relating to the discovery and development of novel orally bioavailable, small molecule therapies across a broad range of diseases driven by STAT3 with high unmet need.

The Company’s CODM, its Chief Executive Officer and Chief Financial Officer, manages the Company’s operations on company-wide level for the purposes of allocating resources. The key measure of segment profit or loss that the CODM uses to allocate resources and assess financial performance is the Company’s net loss, which is utilized to evaluate the progress of its research and development programs and other expense categories. The CODM makes decisions using this information on a company-wide basis.

The table below shows a reconciliation of the Company’s net loss, including the significant expense categories regularly provided to and reviewed by the CODM, as computed under GAAP, to the Company’s net loss in the statements of operations (in thousands):

	For the Year Ended
	December 31,
	2024		2023
Direct research and development expenses by program:
TTI-101:
HCC	$	8,583	$	2,127
IPF		6,703		3,210
mBC		2,182		646
Pre-clinical, CMC, and other (unallocated) (1)		969		4,373
TTI-109		1,193		1,466
Unallocated research and development expense:
Personnel costs		2,988		2,900
Consultant fees and other costs (2)		1,032		1,144
General and administrative expense:
Personnel costs		2,085		1,882
Other general and administrative expenses (3)		2,372		917
Interest income		(747)		(1,318)
Other (income) expense, net		2,037		—
Net loss	$	(29,397)	$	(17,347)

(1) Pre-clinical, CMC, and other (unallocated) costs includes pre-clinical testing, CMC, and other direct research and development expenses that are not allocated to a specific program.

(2) Consultant fees and other costs includes expenses incurred for research and development consultants as well as payroll costs for employees within the research and development function.

(3) Other general and administrative expenses include professional fees, accounting services, rent, and other overhead and administrative expenses.

Assets provided to the CODM are consistent with those reported on the balance sheets.