Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

18. Segment Reporting

The Company operates and manages its business as one reportable and operating segment. The CODM regularly reviews and evaluates net loss, as reported in the 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 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 years ended December 31, 2025 and 2024 (in thousands):

	Year Ended December 31,
	2025			2024
External research and development expenses:
CDMO, CRO and other third-party preclinical studies, clinical trials and consulting costs	$	25,108		$	10,324
License fees, milestone payments, and annual maintenance fees related to acquired technologies		10			32,099
Internal research and development personnel expenses		5,244			2,490
Other research and development costs		391			129
General and administrative personnel expenses		4,447			1,940
Other general and administrative expenses		10,952			4,750
Interest expense		1,443			2,701
Other segment items1		(4,157	)		14,734
Net loss	$	(43,438	)	$	(69,167	)

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