Segment Reporting

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company operates under a single operating and reportable segment, which is the development of biopharmaceutical products for the treatment of patients with IBD and other immune-mediated diseases. The Company's Chief Operating Decision Maker ("CODM") is the Company's Chief Executive Officer. The Company's CODM uses consolidated Net loss as the measure of segment profit or loss and uses consolidated Total Assets as reported on the balance sheet as the measure of segment assets. The Company's CODM compares Net loss against budgeted and/or forecasted amounts to track the Company's financial performance against expectations and to inform, along with development timelines and scientific and commercial considerations, their decisions regarding resource allocations to fund the Company's development of its pipeline.

The following table sets forth the significant expenses provided to the CODM on a regular basis (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Compensation	$	8,120	$	4,881	$	15,111	$	9,055
Stock-based compensation (1)	9,378		8,682		18,237		22,517
Research and development, excluding compensation and stock-based compensation (2) (3)	30,749		26,808		64,300		52,910
Other segment items (4)	(11,530)		(1,534)		(16,158)		(1,788)
Segment net loss	$	36,717	$	38,837	$	81,490	$	82,694
Reconciliation of net loss
Adjustments and reconciling items	—		—		—		—
Consolidated net loss	$	36,717	$	38,837	$	81,490	$	82,694

(1) Includes $0.2 million and $1.7 million in related party expenses for the three months ended June 30, 2025 and 2024, respectively. Includes $0.5 million and $7.4 million in related party expenses for the six months ended June 30, 2025 and 2024, respectively.

(2) Includes non-clinical study, clinical trial, and manufacturing expenses.

(3) Includes de minimis and $7.9 million in related party expenses for the three months ended June 30, 2025 and 2024, respectively. Includes $2.6 million and $19.6 million in related party expenses for the six months ended June 30, 2025 and 2024, respectively.

(4) Includes general and administrative expenses such as audit, legal, and other professional fees, interest income, and other expense, net. Additionally, includes a $10.0 million gain recognized in connection with the sale of pegzilarginase to Immedica