Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

Note 14. Segment Reporting

The Company operates and manages its business as one reportable segment and one operating segment, which is dedicated to reinventing the treatment of human disease through the development of innovative, highly differentiated medicines that address significant health problems and that meaningfully improve patients’ lives. The Company’s chief operating decision maker, or CODM, is the chief executive officer. The CODM assesses performance for the segment and decides how to allocate resources based on consolidated net loss that is also reported on the consolidated statements of operations.

The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. All material long-lived assets are located in the United States. Long-lived assets consist of property and equipment, net, and operating lease right-of-use assets.

The chief operating decision maker uses net loss to monitor budget versus actual results and to analyze cash flows in assessing performance of the segment and allocating resources.

Factors used in determining the reportable segment include the nature of the Company’s operating activities, the organizational and reporting structure and the type of information reviewed by the CODM to allocate resources and evaluate financial performance. The accounting policies of the segment are the same as those described in Note 2 of the notes to the consolidated financial statements included in this Annual Report on Form 10-K.

The following table presents reportable segment profit and loss, including significant expense categories, attributable to the Company’s reportable segment for the periods presented:

	Year ended December 31,
	2024			2023			2022
Revenue	$	47,072		$	78,592		$	46,826
Less:
Research and development expenses
External research and development:
STAT6		39,805			—			—
TYK2		18,292			—			—
IRAK4		7,065			13,762			17,850
MDM2		8,516			8,170			11,823
STAT3		7,199			11,490			8,332
Other external research and development expense		43,909			61,278			51,388
Research and development compensation and related personnel expense (1)		75,975			65,039			55,751
Research and development overhead and administrative costs		39,487			29,342			19,104
General & administrative (2)		63,534			55,041			43,834
Interest and other expense (3)		5,174			196			176
Plus:
Interest income		38,026			18,764			6,624
Segment net loss	$	(223,858	)	$	(146,962	)	$	(154,808	)

(1) Research and development compensation and related personnel expense for the years ended December 31, 2024, 2023 and 2022 is inclusive of $27.8 million, $21.6 million, and $18.0 million of stock-based compensation expense, respectively.

(2) General and administrative expense for the years ended December 31, 2024, 2023 and 2022 is inclusive of $27.2 million, $21.6 million, and $17.5 million of stock-based compensation expense, respectively.

(3) Other expense for the year ended December 31, 2024 is inclusive of a $4.9 million impairment of long-lived assets.

Depreciation expense for the years ended December 31, 2024, 2023 and 2022 was $7.4 million, $3.6 million and $3.0 million, respectively. Amortization expense related to right-of-use assets was $1.4 million, $1.5 million and $1.2 million the years ended December 31, 2024, 2023 and 2022 and is included in depreciation expense.