Segment reporting

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment reporting

Segment reporting

The Company operates as one operating segment. The Company's chief operating decision maker, or CODM, is its chief executive officer, who reviews financial information presented on a consolidated basis. The CODM manages and allocates resources to the operations of our company on a total company basis by assessing the overall level of resources available and how to best deploy these resources across functions and research and development projects that are in line with our long-term company-wide strategic goals. Consistent with this decision-making process, the CODM uses operating expenses to monitor budget versus actual results for purposes of evaluating performance and to make decisions about the allocation of resources. The CODM does not utilize revenue in their decision-making process as a significant amount of the revenues recognized by the Company are derived from the upfront payments received from our collaboration partners (see Note 8 for further details).

These financial metrics used by the CODM to make key operating decisions, consists of development, research, and general and administrative expenses.

The following tables presents selected financial information with respect to 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
Revenue	$	—	$	—	$	—	$	—
Operating expenses:
Development expenses	12,605		11,645		27,155		22,646
Research expenses	8,846		7,589		16,570		14,807
General and administrative	8,521		7,833		17,142		16,220
Segment operating expenses	29,972		27,067		60,867		53,673
Reconciliation of profit or loss
Non-operating income	(2,481)		(3,726)		(5,323)		(7,584)
Adjustments or reconciling items(1)	(1,471)		(5,625)		(3,202)		(12)
Consolidated net loss	$	(26,020)	$	(17,716)	$	(52,342)	$	(46,077)

(1) The reconciling items include revenue and stock-based compensation expense for the three and six months ended June 30, 2025 and the three months ended June 30, 2024. The reconciling items include revenue, stock-based compensation expense, and restructuring expense for the six months ended June 30, 2024.