Segment Reporting

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

16. 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 condensed consolidated statements of operations, 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 as total assets. All of the Company’s long-lived assets are located in the United States.

The following is the Company’s summary of segment loss, including significant segment expenses for the three and six months ended June 30, 2025 and 2024 (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
External research and development expenses:
CDMO, CRO and other third-party preclinical studies, clinical trials and consulting costs	$	6,915		$	2,359		$	11,727		$	3,874
License fees, milestone payments, and annual maintenance fees related to acquired technologies		—			—			—			50
Internal research and development personnel expenses		1,175			642			2,244			1,018
Other research and development costs		350			210			499			230
General and administrative personnel expenses		1,094			559			1,771			768
Other general and administrative expenses		2,722			417			6,369			810
Interest expense		—			499			1,443			577
Other segment items1		(906	)		964			(2,507	)		1,730
Net loss	$	(11,350	)	$	(5,650	)	$	(21,546	)	$	(9,057	)

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, net.