Segment information

6 Months Ended

Jun. 30, 2025

Segment information

Segment information

11. Segment information

The Company has one operating and reportable segment related to the development of targeted oncology therapies. The segment derives its current revenues from research and development collaborations.

The CODM assesses performance for the segment based on net loss, which is reported on the condensed consolidated statements of operations and comprehensive loss as net loss. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets. When evaluating the Company’s financial performance, the CODM regularly reviews total revenues, total expenses and research and development expenses by program.

The table below is a summary of the segment net loss, including significant segment expense categories (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Collaboration revenue	$	4,015		$	2,364		$	6,941		$	3,393
Less:
In-process research and development		—			6,312			—			118,266
Direct research and development expenses(1)
Varegacestat		12,733			4,526			27,120			4,776
IM-1021		1,728			7,685			4,795			10,409
IM-3050		1,012			3,182			2,045			5,154
Other product candidates		11,206			8,206			18,049			14,501
Indirect research and development(2)		13,772			5,484			25,314			9,612
General and administrative(3)		10,042			6,978			20,732			12,983
Total operating expenses		50,493			42,373			98,055			175,701
Loss from operations		(46,478	)		(40,009	)		(91,114	)		(172,308	)
Interest income		3,081			3,887			6,077			6,694
Net loss	$	(43,397	)	$	(36,122	)	$	(85,037	)	$	(165,614	)

(1)Direct research and development expenses include external costs, such as costs related to manufacturing, outsourced research, product development, and clinical trial costs, including fees paid to investigators, consultants, central laboratories and CROs to specific product candidates.

(2)Indirect research and development expenses include personnel salary, benefit and share-based compensation costs, depreciation and amortization, laboratory materials and services, and certain overhead expenses.

(3)General and administrative expenses include personnel salary, benefit and share-based compensation costs, legal fees, professional fees for accounting, auditing, tax and consulting services, insurance costs, travel, depreciation and amortization, and certain overhead expenses.