SEGMENT REPORTING

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTING

The Company manages its operations as a single reportable segment which includes both clinical and preclinical research and development efforts for the treatment of AD. The CODM assesses performance and allocates resources for the segment based on segment net loss, which is reported on the statement of operations and comprehensive loss as net loss. The CODM uses segment net loss to monitor spending, assess performance for the Company and management, evaluate the progress of completing corporate goals and make decisions regarding the allocation of resources among the Company’s clinical and preclinical activities. 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, 2026 and 2025 (in thousands):

	Three Months Ended March 31,
	2026		2025
Operating expenses
Research and development
External costs	$	10,759	$	19,427
Internally managed costs (1)	4,695		4,853
General and administrative (2)	3,287		3,601
Other segment expenses (3)	2,408		2,489
Other income, net	(412)		(1,574)
Segment net loss	$	20,737	$	28,796

(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.