v3.25.1
Segment reporting
3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment reporting Segment reporting
The Company operates as one operating segment. The Company's chief operating decision maker, or CODM, is its chief executive officer, who reviews financial information presented on a consolidated basis. The CODM manages and allocates resources to the operations of our company on a total company basis by assessing the overall level of resources available and how to best deploy these resources across functions and research and development projects that are in line with our long-term company-wide strategic goals. Consistent with this decision-making process, the CODM uses operating expenses to monitor budget versus actual results for purposes of evaluating performance and to make decisions about the allocation of resources. The CODM does not utilize revenue in their decision-making process as a significant amount of the revenues recognized by the Company are derived from the upfront payments received from our collaboration partners (see Note 8 for further details).
These financial metrics used by the CODM to make key operating decisions, consists of development, research, and general and administrative expenses.
The following tables presents selected financial information with respect to the Company’s single operating segment for the three months ended March 31, 2025 and 2024.
(in thousands)Three Months Ended March 31,
20252024
Operating expenses:
Development expenses14,550 11,001 
Research expenses7,724 7,218 
General and administrative8,621 8,387 
Segment operating expenses30,895 26,606 
Reconciliation of profit or loss
Non-operating income(2,842)(3,858)
Adjustments or reconciling items(1)
(1,731)5,613 
Consolidated net loss$(26,322)$(28,361)
(1) The reconciling items include revenue and stock-based compensation expense for the three months ended March 31, 2025. The reconciling items include revenue, stock-based compensation expense, and restructuring expense for the three months ended March 31, 2024.