Segment reporting

3 Months Ended

Mar. 31, 2026

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 consist of development, research, and general and administrative expenses.

The following table presents selected financial information with respect to 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
Revenue	$	—	$	—
Operating expenses:
Development expenses	12,589		14,550
Research expenses	8,710		7,724
General and administrative	9,967		8,621
Segment operating expenses	31,266		30,895
Reconciliation of profit or loss
Non-operating income	(2,656)		(2,842)
Adjustments or reconciling items(1)	(3,481)		(1,731)
Consolidated net loss	$	(25,129)	$	(26,322)

(1) The reconciling items include revenue and stock-based compensation expense for the three months ended March 31, 2026 and 2025, respectively.