Segment

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment

12. Segment

The Company is currently developing medicines for patients with neurological or psychiatric disorders in the United States. The Company does not have any revenue generating products, and revenue will not be generated from any other current or future product candidates until regulatory approval is obtained and products are commercialized.

For three and six months ended June 30, 2025 and 2024, the Company had identified one operating and reportable segment. The Company defines its operating segments based on internally reported financial information that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) to analyze financial performance, make decisions, and allocate resources. The Company’s Chief Executive Officer is the CODM.

The CODM reviews the segment’s profit or loss based on net (loss) income reported on the condensed consolidated statement of operations and comprehensive (loss) income and considers forecast-to-actuals variances on a quarterly basis for expenses that are deemed significant. Further, the CODM reviews the segment’s assets based on total assets reported on the condensed consolidated balance sheet. In addition, the CODM is regularly provided information on total cash, which is inclusive of cash, cash equivalents and short-term investments, as a measure of segment assets. As of June 30, 2025, the Company’s cash, cash equivalents and short-term investments were $260.4 million. All long-lived assets are held in the United States.

The Company’s CODM views specific categories within research and development expenses and general and administrative expenses as significant given the direct correlation between cash burn and profitability as a pre-revenue company. The following table

reconciles reported revenues to net (loss) income under the significant expense principle for the three and six months ended June 30, 2025 and 2024 (in thousands):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2025			2024			2025			2024
Research and Development Expenses:
RAP-219 program external expenses	$	9,685		$	4,846		$	17,648		$	8,747
Preclinical programs external expenses		4,722			5,648			7,968			9,582
R&D personnel-related costs (including stock-based    compensation)		6,666			4,590			13,452			8,607
Other costs		1,607			605			3,184			1,257
General and Administrative Expenses:
G&A personnel-related costs (including stock-based    compensation)		5,045			3,436			10,004			5,833
Professional and consulting costs		920			1,108			2,584			2,973
Facility related and other		851			567			1,764			895
Loss from operations	$	(29,496	)	$	(20,800	)	$	(56,604	)	$	(37,894	)
Interest income		2,764			2,679			5,809			4,494
Change in fair value of preferred stock tranche right liability		—			—			—			(7,390	)
Net loss	$	(26,732	)	$	(18,121	)	$	(50,795	)	$	(40,790	)

Accordingly, the Company consists of a single operating and reportable segment and the condensed consolidated financial statements and notes thereto are presented as a single reportable segment.