Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

15.Segment Information

The Company has one operating segment and one reporting unit. The Company’s chief operating decision maker (“CODM”), its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of assessing performance and allocating resources. All of the Company’s assets are located in the United States.

The following table summarizes our segment information for the periods presented (in thousands):

	FOR THE THREE MONTHS ENDED MARCH 31,
	2025			2024
Operating expenses(1):
Research and development personnel-related (excluding equity-based compensation)	$	15,296		$	5,903
External research and development costs - APG777		14,571			5,955
External research and development costs - APG990 / APG279		3,213			5,210
External research and development costs - APG333 / APG777 + APG333		2,434			3,659
External research and development costs - APG808		1,310			3,959
External-discovery related costs and other		4,127			2,071
General and administrative personnel-related (excluding equity-based compensation)		5,707			3,533
General and administrative operations(2)		5,105			3,676
Equity-based compensation		11,126			4,186
Depreciation expense		207			29
Interest income		(7,840	)		(6,087	)
Provision for income taxes		83			—
Consolidated net loss	$	55,339		$	32,094

(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM

(2)General and administrative operations are comprised of finance, investor relations, business development, human resources, legal, facilities & IT, and certain overhead expenses