Segment Reporting

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

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 the Company's 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:

	Three Months Ended March 31,
	2025			2024
Revenue	$	22,100		$	10,287
Less:
Research and development expenses
External research and development:
STAT6		20,605			3,918
TYK2		8,893			3,271
IRAK4		1,193			1,810
Other external research and development expense (1)		16,292			11,697
Research and development compensation and related personnel expense (2)		22,049			18,866
Research and development overhead and administrative costs		11,223			9,257
General & administrative (3)		16,271			14,374
Interest and other expense (4)		72			4,994
Plus:
Interest income		8,917			9,343
Segment net loss	$	(65,581	)	$	(48,557	)

(1) Certain prior period amounts have been recast to conform with current period presentation.

(2) Research and development compensation and related personnel expense for the quarter ended March 31, 2025 and 2024 is inclusive of $7.5 and $6.1 million of stock-based compensation expense, respectively.

(3) General and administrative expense for the quarter ended March 31, 2025 and 2024 is inclusive of $6.7 million and $5.9 million of stock-based compensation expense, respectively.

(4) Other expense for the quarter ended March 31, 2024 is inclusive of a $4.9 million impairment of long-lived assets.

Depreciation expense for the three months ended March 31, 2025 and 2024 was $1.6 million and $1.5 million respectively. Amortization expense related to right-of-use assets for the three months ended March 31, 2025 and 2024 was $0.4 million and $0.4 million respectively.