Segment Reporting

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

14. Segment Reporting

The Company has one reportable segment which focuses on developing novel therapies for the treatment of orphan pulmonary and fibrosis indications with no approved or limited effective treatments. The Company’s CODM, the CEO, manages the Company’s operations on a consolidated basis as one operating segment for the purposes of evaluating financial performance and allocating resources.

The Company has not generated any revenue yet. The CODM assesses the financial performance of the segment and decides how to allocate resources based on net loss on a consolidated basis. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets.

The CODM uses net loss predominantly in the annual operating budget and in the strategic planning and forecasting process. Such loss measure is used to monitor budget versus actual results on an ongoing basis by the CODM and determine how resources are allocated to the various activities of the Company. The CODM also uses net loss to evaluate the Company’s performance and assist in determination of management’s incentive compensation.

All of the Company’s tangible assets are held in the United States. The Company views its operations and manages its business in one operating segment operating exclusively in the United States.

The table below is a summary of the segment loss, including significant segment expenses:

	Three Months Ended March 31,
	2025			2024
Revenues	$	—		$	—
Research and development expenses:
LTI-01 program-related expenses:
CMC activities		537			1,420
Clinical operation activities		65			43
Total LTI-01 program-related expenses		602			1,463
LTI-03 program-related expenses:
Preclinical study costs		556			82
CMC activities		560			260
Clinical operation activities		673			1,031
Total LTI-03 program-related expenses		1,789			1,373
Other program-related expenses		8			39
Employee related expenses		622			606
Professional fees for services		17			(20	)
Facilities and other expenses		16			2
Total research and development expenses		3,054			3,463
General and administrative expenses:
Employee related expenses		947			1,200
Professional fees for services		1,138			2,000
Facilities and other expenses		470			542
Total general and administrative expenses		2,555			3,742
Other income, net		(108	)		(92	)
Segment and consolidated net loss	$	(5,501	)	$	(7,113	)