Segment Reporting

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

15. Segment Reporting

The Company operates and manages its business as one reportable and operating segment. The CODM reviews and evaluates net loss, as reported in the statements of operations and comprehensive loss, for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods on an aggregate basis. The CODM does not review assets at a different level or category than the amounts disclosed in the condensed consolidated balance sheets. All of the Company’s long-lived assets are located in the United States.

The following table sets forth the Company’s summary of segment loss, including significant segment expenses for the three months ended March 31, 2025 and 2024 (in thousands):

		Three Months Ended March 31,
		2025			2024
External research and development expenses:
CDMO, CRO and other third-party preclinical studies, clinical trials and consulting costs		$	4,812		$	1,515
License fees, milestone payments, and annual maintenance fees related to acquired technologies			—			50
Internal research and development personnel expenses			1,069			376
Other research and development costs			149			20
General and administrative personnel expenses			677			209
Other general and administrative expenses			3,647			393
Interest expense			1,443			78
Other segment items	(1)		(1,601	)		766
Net loss		$	(10,196	)	$	(3,407	)

(1)Other segment items include change in fair value of tranche liability, change in fair value of derivative liabilities, loss on issuance of convertible promissory notes and other income.