Segment information

12 Months Ended

Dec. 31, 2024

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 statement of operations and comprehensive loss as net loss. The measure of segment assets is reported on the consolidated balance sheet 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,
	2024		2023
Collaboration revenue	$	9,041	$	14,018
Less:
In-process research and development		(152,344)		(80,802)
Direct research and development expenses(1)
Varegacestat		(27,954)		—
IM-1021		(24,130)		—
IM-3050		(13,359)		—
Other		(35,335)		(11,278)
Indirect research and development(2)		(28,764)		(11,811)
General and administrative(3)		(32,955)		(19,657)
Total operating expenses		(314,841)		(123,548)
Loss from operations		(305,800)		(109,530)
Interest income		12,837		2,724
Net loss	$	(292,963)	$	(106,806)

(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.