Segment Information

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Segment Information

Note 13. Segment Information

The Company operates as a single reportable segment focused on autoimmune and inflammatory disease discovery. The Chief Executive Officer is the chief operating decision maker (“CODM”). The CODM evaluates net loss as the measure of segment profit or loss and total assets as the measure of segment assets.

Significant segment expenses regularly provided to the CODM were as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Operating expenses:
Employee-related expenses, excluding stock-based compensation	$	4,296		$	3,419		$	12,317		$	10,333
Stock-based compensation		178			129			522			312
External research and development expenses		6,556			3,048			23,606			10,490
External general and administrative expenses		732			491			2,481			1,848
Other segment expenses*		2,154			1,626			6,008			4,954
Total operating expenses		13,916			8,713			44,934			27,937
Loss from operations		(13,916	)		(8,713	)		(44,934	)		(27,937	)
Interest income		768			853			2,523			2,421
Other expense, net		(3	)		—			(6	)		(66	)
Total other income, net		765			853			2,517			2,355
Loss before provision for income taxes		(13,151	)		(7,860	)		(42,417	)		(25,582	)
Provision for income taxes		88			—			130			—
Net loss	$	(13,239	)	$	(7,860	)	$	(42,547	)	$	(25,582	)

*Other segment expenses include facility-related and office costs, information technology costs, depreciation and amortization and other operating expenses.

As of September 30, 2026 and December 31, 2025, all property and equipment and operating lease ROU assets were located in the United States.