Segment Reporting
The Company manages its business activities on a consolidated basis and operates as a single operating segment: R&D, which engages in the business of developing a new class of RNA-based therapeutics to treat a broad range of genetic diseases. The Company's operations are primarily in the United States.

The Company’s CODM is its Chief Executive Officer. The CODM uses net loss, as reported on the Company’s consolidated statement of operations and comprehensive loss, in evaluating performance and determining how to allocate resources. The CODM does not review assets in evaluating the results and therefore, such information is not presented. The following table provides the revenue and significant and other segment expenses for the years ended December 31, 2025 and 2024 (in thousands):

20252024
Revenue$3,498 $652 
Less: Significant segment expenses
Personnel-related expenses20,506 20,299 
Clinical and preclinical expenses17,322 18,049 
Facilities-related and overhead7,734 7,625 
Professional and consulting fees7,660 5,984 
Corporate expenses1,678 1,175 
Impairment of right-of-use asset494 — 
Travel and entertainment659 608 
Plus: Other segment (loss) income(27,848)1,297 
Segment net loss$(80,403)$(51,791)

Other segment income includes total other income, net on the consolidated statements of operations.

Historical Timeline

Fiscal YearFiled
2025Mar 5, 2026Showing above
2024Mar 27, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.