v3.26.1
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting

9. Segment Reporting

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker (“CODM”) in deciding how to allocate resources and assess performance. The Company and the Company’s CODM, its chief executive officer, regularly review the Company’s operations and manage its business as a single operating segment, which is the business of developing targeted medicines to address ear, nose, and throat, or ENT, diseases. Segment revenues represent collaboration revenue from the Company’s consolidated statements of operations and is received from a single customer.

Significant segment expenses consist primarily of employee-related costs, clinical, facility and professional and consulting costs in connection with preclinical and clinical development activities. Segment expenses also include impairment charges, when and as applicable.

The Company’s CODM evaluates and allocates resources within the segment based on the Company’s net loss. As the Company is a clinical-stage biotechnology company, the evaluation includes review of the actual and budget costs related to employee-related costs, clinical trials, facility, professional and consulting costs in connection with preclinical and clinical development activities, and the conduct of these pre-clinical and clinical trials and responses from government agencies in determining the probability of success of product candidates. Total segment assets are reported in the Company’s consolidated balance sheets as total assets.

The following table presents revenue, significant expenses and net loss for the Company's segment (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

Collaboration revenue

 

$

398

 

 

$

1,534

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

Clinical related costs

 

 

2,920

 

 

 

15,156

 

Employee related costs

 

 

10,557

 

 

 

22,828

 

Product development and manufacturing costs

 

 

818

 

 

 

3,304

 

Facilities, support costs and depreciation

 

 

10,718

 

 

 

13,579

 

Professional, consulting and public company costs

 

 

4,938

 

 

 

7,400

 

Impairment of property and equipment

 

 

—

 

 

 

1,883

 

Impairment of right-of-use assets

 

 

—

 

 

 

22,836

 

Restructuring and other related charges

 

 

1,469

 

 

 

10,896

 

Total operating expenses

 

 

31,420

 

 

 

97,882

 

Loss from operations

 

 

(31,022

)

 

 

(96,348

)

Other income:

 

 

 

 

 

 

Interest income

 

 

1,133

 

 

 

2,952

 

Other income

 

 

981

 

 

 

—

 

Total other income

 

 

2,114

 

 

 

2,952

 

Loss before income tax expense

 

 

(28,908

)

 

 

(93,396

)

Income tax expense

 

 

(11

)

 

 

(39

)

Net loss

 

$

(28,919

)

 

$

(93,435

)