Segments

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segments

Segments

The Company operates and manages its business as one reportable and operating segment, which is the business of developing and commercializing novel therapies for patients. The Company’s chief executive officer, who is the chief operating decision maker (“CODM”), reviews financial information on an aggregate basis for allocating and evaluating financial performance. The Company defines its segments based on the way in which internally reported financial information is regularly reviewed by the CODM to analyze financial performance, make decisions, and allocate resources. The CODM assesses performance for the segment and decides how to allocate resources based on net loss which is also reported on the Statement of Operations and Comprehensive Loss as consolidated net loss.

All long-lived assets are maintained in the United States of America.

Our CODM is regularly provided with more detailed expense information than what is included in our Statement of Operations and Comprehensive Loss. The table below shows a reconciliation of the Company’s net loss, including the significant expense categories regularly provided to and reviewed by the CODM, as computed under U.S. GAAP to the Company’s total net loss in the statements of operations (in thousands).

	Three Months Ended
	2025		2024
Operating expenses:
Bexotegrast - clinical trial and third party contracting costs	21,589		17,217
Employee-related expenses - research and development (excluding stock-based compensation)	10,486		9,138
General and administrative costs (excluding stock-based compensation)	10,289		8,650
Other segment items	16,571		17,387
Segment loss	58,935		52,392
Reconciliation of segment loss
Interest and other (income) expense, net	(3,568)		(5,882)
Interest expense	799		445
Net loss	$	56,166	$	46,955

Other segment items include total stock-based compensation and research and development costs related to other pipeline programs and other non-program costs (excluding employee-related expenses).