Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Operating Segments

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