Segment Reporting

12 Months Ended

Dec. 31, 2025

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 consolidated 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,
	2025			2024			2023
Revenue	$	39,211		$	47,072		$	78,592
Less:
Research and development expenses
External research and development:
STAT6		86,615			39,805			—
Other external research and development expense (1)		92,165			84,981			94,700
Research and development compensation and related personnel expense (2)		90,346			75,975			65,039
Research and development overhead and administrative costs		47,442			39,487			29,342
General & administrative (3)		68,187			63,534			55,041
Interest and other expense (4)		4,225			5,174			196
Plus:
Interest income		38,418			38,026			18,764
Segment net loss	$	(311,351	)	$	(223,858	)	$	(146,962	)

(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 years ended December 31, 2025, 2024 and 2023 is inclusive of $31.5 million, $27.8 million, and $21.6 million of stock-based compensation expense, respectively.

(3) General and administrative expense for the years ended December 31, 2025, 2024 and 2023 is inclusive of $28.4 million, $27.2 million, and $21.6 million of stock-based compensation expense, respectively.

(4) Other expense for the years ended December 31, 2025 and 2024 is inclusive of a $3.9 million and $4.9 million impairment of long-lived assets, respectively.

Depreciation expense for the years ended December 31, 2025, 2024 and 2023 was $8.3 million, $7.4 million and $3.6 million, respectively. Amortization expense related to right-of-use assets was $1.6 million, $1.4 million and $1.5 million the years ended December 31, 2025, 2024 and 2023 and is included in depreciation expense.