SEGMENT REPORTING

3 Months Ended

Mar. 31, 2025

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 United States. 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 three months ended March 31, 2025 and 2024 (in thousands):

	Three Months Ended March 31,
	2025		2024
Operating Expenses
Research and development
External costs	$	19,427	$	7,306
Internally managed costs (1)	4,853		4,298
General and administrative (2)	3,601		3,670
Other segment expenses (3)	2,489		2,500
Other income, net	(1,574)		(2,901)
Segment net loss	$	28,796	$	14,873

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

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

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