Segment Reporting

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

11. Segment Reporting

The Company manages its operations as a single segment, focused on developing novel therapeutics for rare diseases impacting bone health and blood vessel function. The Company's Chief Executive Officer, as the Company's chief operating decision maker ("CODM"), manages and allocates resources at a consolidated level.

The CODM assesses performance, monitors budget versus actual results, and decides how to allocate resources based on net loss that also is reported on the consolidated statement of operations and comprehensive loss as consolidated net loss.

The accounting policies of the Company's single operating segment are the same as those described in the summary of significant accounting policies in Note 2. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets. In the first three months of 2025 and in 2024, all the Company's long-lived assets were held in the United States. Expenditures for the addition of long-lived assets are reported on the consolidated statements of cash flows as purchases of property and equipment.

The company does not have intra-entity sales or transfers.

The following table presents reportable segment profit and loss, including significant expense categories, attributable to the Company's reportable segment for the periods presented:

	Three Months Ended March 31,
	2025			2024
Clinical	$	6,050		$	5,751
CMC		6,393			4,226
Other research and development expense (1)		2,236			3,426
Personnel expense - R&D		5,701			4,362
Personnel expense - G&A		2,231			1,815
Stock-based compensation expense		1,857			1,691
Administrative & facilities expense (2)		3,221			3,074
Interest income		(1,117	)		(2,374	)
Interest expense		1,405			1,325
Other expense, net		62			51
Net loss	$	28,039		$	23,347

(1) Other research and development expenses primarily consist of consulting, regulatory support, toxicology, sponsored research costs, and other research and development activities.

(2) Administrative & facilities expense primarily consists of facilities expenses, depreciation expense, legal costs, insurance, consulting, and other administrative costs.