SEGMENT REPORTING

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2025 and 2024 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Operating Expenses
Research and development
External costs	$	31,559	$	13,862	$	50,986	$	21,168
Internally managed costs (1)	4,556		4,790		9,409		9,088
General and administrative (2)	3,121		3,243		6,722		6,913
Other segment expenses (3)	2,514		2,486		5,003		4,986
Other income, net	(800)		(3,844)		(2,374)		(6,745)
Segment net loss	$	40,950	$	20,537	$	69,746	$	35,410

(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.