Segment information (Tables)

12 Months Ended

Dec. 31, 2025

Segment information

Schedule of segment financial information

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.