Segment Reporting

3 Months Ended

Mar. 31, 2025

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 three months ended March 31, 2025 and 2024 (in thousands):

	Three Months Ended March 31,
	2025		2024
Revenue:
License revenue	$	17,389	$	—
Total revenue		17,389		—
Operating expenses:
Research and development expenses
External costs
Clinical Research Organizations, Contract Manufacturing Organizations and clinical trials		65,072		24,264
Professional consulting services		6,403		3,525
Other research and development costs		2,296		1,997
Internal costs
Personnel-related costs		17,659		9,096
Facilities and overhead costs		5,192		3,079
Total research and development expense		96,622		41,961
General and administrative expenses		22,295		5,632
Total operating expenses		118,917		47,593
Loss from operations		(101,528)		(47,593)
Total other income (expense), net		2,565		(2,256)
Consolidated net loss	$	(98,963)	$	(49,849)