Segments

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segments

9. Segments

The Company currently operates as one operating business segment focused on developing innovative medicines in areas of high unmet need for cancer patients. The Company's determination that it operates as a single segment is consistent with the financial information regularly reviewed by the chief operating decision maker for purposes of evaluating performance, allocating resources, and planning and forecasting for future periods.

The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the segment based on net loss, which is reported on the statement of operations and comprehensive loss as net loss. The measure of segment assets is reported on the balance sheet as total assets.

To-date, the Company has not recognized any revenue from product sales, and the Company does not expect to generate any revenue from the sale of products in the foreseeable future. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results is used in assessing performance of the segment and to make decisions about the allocation of resources, along with cash forecast models.

The following tables summarizes the significant expense categories regularly reviewed by the CODM for the years ended December 31, 2024, and 2023:

	Year ended December 31,
(in thousands)	2024			2023
Revenue from license agreement	$	7,000		$	—
Operating expenses:
Research and development
PRT3789	$	20,173		$	9,738
PRT2527		11,594			7,573
PRT7732		9,195			—
Discovery programs		13,856			12,387
Other		1,346			12,922
General costs, including personnel related		61,831			60,773
Total research and development		117,995			103,393
General and administrative		28,719			28,884
Total operating expenses	$	146,714		$	132,277
Loss from operations		(139,714	)		(132,277	)
Other income, net		12,541			10,445
Net loss	$	(127,173	)	$	(121,832	)