v3.25.1
Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company manages its business as one reportable operating segment, in-house early-stage R&D to build a pipeline of high-value assets using its proven technology along with seeking to enter into partnerships to drive value creation for its assets. The Company has determined its reportable operating segment based on the management approach, which considers the internal organization and reporting used by the Company’s chief operating decision-maker (“CODM”) to make decisions about allocating resources and assessing the Company’s performance. The Company’s CODM uses consolidated single-segment net income (loss) as reported in the Consolidated Statements of Operations to evaluate performance, forecast future period financial results, allocate resources, and set incentive targets.
The table below summarizes the significant expense categories regularly reviewed by the CODM (in thousands):
Three Months Ended
March 31,
20252024
Revenue
$666,655 $93,855 
Cost of sales
14,115 59,209 
Research and development expenses:
Direct coronavirus vaccines(1)
18,059 26,061 
Direct other vaccine development programs(1)
1,879 336 
Employee and benefit expenses
39,910 43,458 
Facility and other research and development expenses(2)
29,089 22,824 
Selling, general, and administrative expense
48,090 86,798 
Other segment income (expense)(3)
3,133 (2,719)
Net income (loss)$518,646 $(147,550)
(1)    Direct research and development expenses are comprised primarily of costs paid to third parties for clinical and product development activities. Direct coronavirus vaccines expenses include costs associated with the Phase 3 trial for our CIC and influenza vaccine candidates.
(2)    Facility and other research and development expenses consist of indirect costs incurred in support of overall research and development activities and non-specific programs, such as overhead costs, information technology and facility-based expenses not allocated to a specific program.
(3)     Other segment income (expense) includes interest expense, income tax expense, and other income.

Total revenue by the Company’s customer’s or collaboration partner’s geographic location was as follows (in thousands):
Three Months Ended
March 31,
20252024
United States
$39,410 $(6,431)
Canada
575,670 — 
Europe8,086 90,416 
Rest of the world
43,289 9,870 
Total revenue
$666,455 $93,855 
Total long-lived assets of the Company by geographic location were as follows (in thousands):
March 31, 2025December 31, 2024
United States$287,059 $295,879 
Europe3,974 4,119 
Total long-lived assets
$291,033 $299,998