Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

18. Segment reporting

The Company currently has a single reportable operating segment and revenue generated exclusively from transactions with a related party located in Japan. The Company’s chief executive officer, who is the CODM, manages the Company on a consolidated basis and utilizes consolidated net loss as a basis for resource allocation and decision making. The CODM considers budget-to-actual variances for each of the disaggregated components of operating expenses when making decisions about allocating resources and evaluating performance. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets. 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 December 31, 2024, the Company’s cash, cash equivalents and short-term investments were $470.5 million.

The Company's consolidated and segment net loss, including disaggregated components of operating expenses is as follows (in thousands):

	Year Ended December 31,
	2024			2023
Collaboration revenue - related party	$	2,370		$	2,380
Operating expenses:
Research and development:
Verekitug program:
Asthma indication		28,069			14,537
CRSwNP indication		10,524			3,330
COPD indication		3,115			—
Personnel expenses (including stock-based compensation of $1,162     and $1,073, respectively)		9,911			7,588
Manufacturing costs		6,580			3,373
Professional fees and other		4,767			2,971
Total research and development expenses		62,966			31,799
General and administrative:
Personnel expenses (including stock-based compensation of $4,842    and $2,354, respectively)		10,842			6,352
Professional fees		4,349			3,347
Other (including depreciation of $89 and $60, respectively)		1,977			996
Total general and administrative expenses		17,168			10,695
Total operating expenses		80,134			42,494
Loss from operations		(77,764	)		(40,114	)
Other income (expense):
Change in fair value of preferred stock tranche right liabilities		2,859			15,527
Interest income		12,123			4,165
Other expense, net		(24	)		(115	)
Total other income, net		14,958			19,577
Segment and consolidated net loss	$	(62,806	)	$	(20,537	)