Segment Reporting

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

12. SEGMENT REPORTING

Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision maker ("CODM") in making decisions regarding the allocation of resources, assessing performance and monitoring budget versus actuals. The Company's CODM is its founder and chief executive officer. The Company views its operations and manages its business as one operating and reportable segment as the Company has devoted substantially all of its resources to drug discovery and development activities through conducting preclinical studies and clinical trials associated with its programs, all of which aim to discover, develop and commercialize novel therapeutics for rare endocrine diseases and endocrine-related tumors, as outlined in the table below. The Company's operating segment derives its revenues from licensing arrangements (see Note 8). The CODM assesses performance based on condensed consolidated net loss as reported on the condensed consolidated statement of operations and comprehensive loss. The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets. Further, segment depreciation expense and segment asset additions are consistent with consolidated amounts reported within the condensed consolidated statement of cash flows given the Company's operations are aggregated within a single reportable segment. Substantially all of the Company’s assets and sources of revenues are located in the United States. The total segment amount of equity method investments for the segment is also consistent with the consolidated amount of equity method investments reported within the condensed consolidated balance sheet.

Segment revenue and significant segment expenses which are regularly reported to the CODM are included within the table below and are reconciled to condensed consolidated net loss:

	Three Months ended March 31,
	2025			2024
Revenue	$	361		$	640
Less:
Research and development expenses
Paltusotine		(16,491	)		(12,952	)
Atumelnant		(7,195	)		(3,932	)
Early research and development programs		(7,065	)		(4,787	)
Research and development personnel expenses		(27,473	)		(18,427	)
Research and development stock-based compensation		(11,819	)		(7,565	)
Other research and development (1)		(6,197	)		(5,678	)
Total research and development expenses		(76,240	)		(53,341	)
Selling, general and administrative
External selling, general and administrative expenses		(14,041	)		(7,185	)
Selling, general and administrative personnel expenses		(12,826	)		(7,754	)
Selling, general and administrative stock-based compensation		(8,659	)		(5,889	)
Total selling, general and administrative expenses		(35,526	)		(20,828	)
Total other income, net		14,631			7,069
Loss on equity method investment		—			(470	)
Segment and consolidated net loss	$	(96,774	)	$	(66,930	)

(1) Other research and development is comprised of non-personnel related research and development indirect costs incurred for the benefit of multiple research and development programs, including depreciation, and other facility-based expenses, such as rent expense.