Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company has one reportable segment relating to research and development of its product. The segment does not currently generate revenues as it is currently conducting clinical trials and has not commercialized.

The Company’s Chief Operating Decision Maker (the “CODM”), its Chief Executive Officer, manages the Company’s operations on an integrated basis for the purposes of allocating resources. When evaluating the Company’s financial performance, the CODM regularly reviews total expenses and expenses by function and the CODM makes decisions using this information on a global basis. The CODM monitors performance at the consolidated level such that the measure of segment loss is consolidated net loss and the measure of reportable segment assets is reported on the balance sheet as total assets.

The table below is a summary of the segment profit or loss, including significant segment expenses (in thousands):

	Year Ended December 31,
	2025		2024
Expenses
Clinical operations and development	$	47,630	$	27,146
Manufacturing and process development	48,798		23,411
Research and development personnel cost and other (including stock-based compensation)	25,544		10,330
Research	3,124		2,732
Total research and development	125,096		63,619
General and administrative personnel costs (including stock-based compensation)	20,582		12,545
Professional fees	5,910		3,696
Facility costs, IT, office expense and other	4,016		2,529
Total general and administrative expenses	30,508		18,770
Total operating expenses	155,604		82,389
Operating loss	(155,604)		(82,389)
Interest income	17,871		14,581
Total other income, net	17,871		14,581
Net income before losses	(137,733)		(67,808)
Income tax expense	(217)		(187)
Segment and consolidated net loss	$	(137,950)	$	(67,995)

Included within General and administrative personnel costs are depreciation expense, which is disclosed on the Statement of Cash Flows.