SEGMENT REPORTING

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTING

The Company manages its operations as a single segment. The CODM assesses performance and allocates resources for its clinical-stage biopharmaceutical segment based on net loss, which is reported on the statement of operations and comprehensive loss as net loss. The CODM is regularly provided with actual, budgeted and forecasted expense information to make decisions on resource allocation and assess performance of the business and monitor budget versus actual results using loss from operations. Substantially all long-lived assets are located in the U.S. The measure of segment assets is reported on the balance sheet as total assets.

The following table presents selected financial information about the Company’s single operating segment for the years ended December 31, 2024 and 2023 (in thousands):

	Year Ended December 31,
	2024		2023
Operating expenses
Research and development
External costs (1)	$	71,188	$	25,405
Internally-managed costs (2)	19,062		15,025
General and administrative (3)	14,069		14,506
Other segment expenses (4)	9,698		6,202
Other income, net	(11,688)		(8,767)
Segment net loss	$	102,329	$	52,371

(1) Includes a $0.7 million non-cash charge for the year ended December 31, 2023.

(2) Includes Acumen-managed research, consultants and contractors, as well as internal personnel and operating expenses, and excludes stock-based compensation expense and depreciation.

(3) Excludes stock-based compensation expense and depreciation.

(4) Other segment expenses include stock-based compensation expense and depreciation.