Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

17. 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 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 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 nine months ended September 30, 2025 and 2024 (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
External research and development expenses:
CDMO, CRO and other third-party preclinical studies, clinical trials and consulting costs	$	7,437		$	3,170		$	19,164		$	7,044
License fees, milestone payments, and annual maintenance fees related to acquired technologies		7			32,144			7			32,194
Internal research and development personnel expenses		1,455			597			3,699			1,615
Other research and development costs		227			109			726			339
General and administrative personnel expenses		1,137			580			2,908			1,348
Other general and administrative expenses		2,478			1,249			8,847			2,059
Interest expense		—			815			1,443			1,392
Other segment items1		(847	)		(580	)		(3,354	)		1,150
Net loss	$	(11,894	)	$	(38,084	)	$	(33,440	)	$	(47,141	)

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.