Segment Reporting

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

13. Segment Reporting

The Company operates and manages its business as one reportable and operating segment, which is the business of developing therapies for autoimmune and inflammatory diseases. The chief executive officer, who is the chief operating decision maker (“CODM”), reviews financial information on an aggregate basis for purposes of allocating resources, assessing performance and monitoring budget versus actuals. The CODM assesses performance based on net loss as reported on the statement of operations and comprehensive loss. Further, segment depreciation expense and segment asset additions are consistent with amounts reported within the statement of cash flows given the Company's operations are aggregated within a single reportable segment. All of the Company’s long-lived assets are located in the United States. Asset and other balance sheet information is not reported to the CODM.

The following table sets forth the Company’s summary of segment loss, including significant segment expenses for the three and six months ended June 30, 2025 and 2024 (in thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Research and development expenses:
KYV-101 program	$		22,541		$		13,326		$		44,661		$		24,323
Other programs			986				512				1,498				3,140
Other research and development expenses(a)			12,289				13,483				27,090				22,334
General and administrative expenses(b)			8,594				6,114				18,569				12,996
Interest (income)			(2,364	)			(4,694	)			(5,189	)			(7,429	)
Interest expense and other expenses, net			35				62				87				132
Segment Loss and Net loss	$		42,081		$		28,803		$		86,716		$		55,496

(a) Primarily includes personnel costs, R&D professional services, unallocated CRO and CMO costs and allocated overhead and facilities expenses

(b) Primarily includes personnel costs, allocated overhead and facilities expenses, legal, IT, accounting and general and administrative expenses