Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting

Segment Reporting

14.Segment Reporting

For purposes of evaluating performance and allocating resources, the Company’s CODM, its Chief Executive Officer, regularly reviews consolidated net loss as reported in the Company’s consolidated statements of operations and comprehensive loss as compared to budget. The measure of segment assets is reported in the consolidated balance sheets as total consolidated assets.

In addition to the significant expense categories included within consolidated net loss presented in the Company’s consolidated statements of operations and comprehensive loss, see below for disaggregated amounts that comprise research and development expenses for the years ended December 31, 2024 and 2023 (in thousands):

	Year Ended December 31,
	2024		2023
Operating expenses:
Research and development expenses
External costs
Milestones related to previously acquired IPR&D assets	$	23,000	$	—
CRO, CMO and clinical trials		151,422		68,967
Professional consulting services		19,154		13,155
Other research and development costs		10,258		11,463
Internal costs
Personnel-related costs		46,774		32,068
Facilities and overhead costs		14,946		12,023
Total research and development expense		265,554		137,676
General and administrative expenses		35,200		20,498
Total operating expenses		300,754		158,174
Loss from operations		(300,754)		(158,174)
Total other income (expense), net		6,521		3,181
Consolidated net loss	$	(294,233)	$	(154,993)