SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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.