Segment information

3 Months Ended

Mar. 31, 2026

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 has historically derived its 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 March 31,
	2026			2025
Collaboration revenue	$	—		$	2,926
Less:
Direct research and development expenses(1)
Varegacestat		9,832			14,387
IM-1021		3,864			3,067
IM-3050		1,307			1,033
IM-1617		838			375
Other direct research and development		9,971			4,673
Indirect research and development(2)		16,314			10,337
General and administrative(3)		8,649			7,376
Other segment expenses(4)		8,556			6,314
Total operating expenses		59,331			47,562
Loss from operations		(59,331	)		(44,636	)
Interest income		5,492			2,996
Net loss	$	(53,839	)	$	(41,640	)

(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 for specific product candidates.

(2)Indirect research and development expenses include certain overhead expenses, and personnel salary and benefit costs, excluding share-based compensation costs.

(3)General and administrative expenses include legal fees, professional fees for accounting, auditing, tax and consulting services, insurance costs, travel, 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 three months ended March 31, 2026, 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.