Annual report [Section 13 and 15(d), not S-K Item 405]

Segments

v3.25.1
Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segments Segments
Our CODM, our Chief Executive Officer, views the Company’s operations and manages the business as one operating segment. The presentation of financial results as one reportable segment is consistent with the way we operate our business and is consistent with the manner in which our CODM evaluates performance and makes resource and operating decisions for the business. The accounting policies of the business segment are the same as those described in the summary of significant accounting policies.

The CODM evaluates performance and makes resource and operating decisions for the business based on net loss that is reported on the consolidated statement of operations and total assets as reported on the consolidated balance sheet. The CODM’s primary evaluation of the Company’s success is the ability to progress its research and development pipeline programs toward commercialization or opportunistically out-license rights to indications or geographies. The CODM uses net loss compared to budget and/or forecast amounts to evaluate this progress to make resource and operating decisions such as whether to issue equity and/or make new investments in additional indications or pipeline assets. Additionally, the Company’s CODM periodically reviews research and development expense, as stated on the consolidated statement of operations, and treats it as a significant segment expense. The CODM considers research and development expense in the context of achieving the next expected milestone in the pipeline, and will make resource and operating decisions accordingly, such as decisions on raising additional capital and/or pursuing additional indications or programs. The following table summarizes our research and development expenses for the years ended December 31, 2024 and 2023:
 
  Year Ended December 31,
  2024 2023
  (in thousands)
Nonclinical expenses $ 570  $ 1,029 
Clinical expenses 9,966  5,780 
CMC expenses 5,106  1,855 
Internal expenses:
Salaries, benefits and related costs 6,164  3,576 
Stock-based compensation expense 2,402  1,318 
Other 229  226 
  $ 24,437  $ 13,784