v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company operates as one operating segment, which is focused on the discovery, development, manufacturing and commercialization of genetic medicines to treat diseases with high unmet medical needs. The Company’s chief operating decision maker (“CODM”), our chief executive officer, utilizes financial information presented on a consolidated basis to manage and allocate resources. The CODM uses consolidated gross margin, operating margin, net income and total research and development expenses by product candidate or program to assess performance, forecast future financial results and to allocate resources.
The following table presents selected financial information with respect to the Company’s single operating segment for the quarters ended March 31, 2025, and 2024:
Three Months Ended
(in thousands)20252024
Product revenue, net
$88,183 $45,250 
Cost of goods sold5,028 2,419 
Gross margin
94 %95 %
B-VEC1,973 2,129 
KB1057 15 
KB30138 176 
KB304242 131 
KB407349 783 
KB408298 245 
KB7072,738 1,419 
KB801
454 51 
KB803486 — 
Other dermatology programs27 — 
Other aesthetics programs— 3 
Other ophthalmology programs27 49 
Other research programs393 251 
Other development programs226 232 
Other research and development costs (1)
6,997 5,473 
Total research and development
14,255 10,957 
Selling, general and administrative
32,723 26,058 
Litigation settlement
— 12,500 
Income (loss) from operations
$36,177 $(6,684)
Other income
Interest and other income, net
7,420 7,616 
Income before income taxes
$43,597 $932 
Income tax expense
(7,864)— 
Net income
$35,733 $932 
(1)Includes stock-based compensation, other manufacturing expenses related to our product candidates and other unallocated expenses which largely relates to depreciation and other facilities and equipment related costs