Segment information

12 Months Ended

Dec. 31, 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 consolidated statements of operations and comprehensive loss as net loss. The measure of segment assets is reported on the 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):

	Year Ended December 31,
	2025			2024
Collaboration revenue	$	6,941		$	9,041
Less:
In-process research and development		(10,000	)		(152,344	)
Direct research and development expenses(1)
Varegacestat		(52,359	)		(27,954	)
IM-1021		(11,028	)		(24,130	)
IM-3050		(5,801	)		(13,359	)
Other direct research and development		(43,233	)		(26,803	)
Indirect research and development(2)		(51,413	)		(31,074	)
General and administrative(3)		(29,064	)		(21,862	)
Other segment expenses(4)		(28,156	)		(17,315	)
Total operating expenses		(231,054	)		(314,841	)
Loss from operations		(224,113	)		(305,800	)
Interest income		11,719			12,837
Net loss	$	(212,394	)	$	(292,963	)

(1)Direct research and development expenses include external costs, such as costs related to laboratory materials and services, 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 certain overhead expenses, and personnel salary and benefit costs, excluding share-based compensation.

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

(4)Other segment expenses include non-cash share-based compensation costs and depreciation and amortization.

For the year ended December 31, 2025, the Company revised the presentation of its significant segment expense categories to align with how the CODM currently evaluates the Company's financial performance. Prior period amounts have been reclassified to conform to the current year presentation.