v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting

Note 13. Segment Reporting

The Company conducts business as a single operating segment for its IgM therapeutics, which has historically been in the business of developing engineered IgM antibodies for the treatment of autoimmune and inflammatory diseases. The Company’s chief executive officer, who is the chief operating decision maker (CODM), reviews financial information on an aggregate basis for allocating and evaluating financial performance. The single operating segment is further based upon the Company’s organizational and management structure and other factors.

The key measure of segment profit and loss that the CODM uses to allocate resources and assess performance is the Company’s net income (loss), which is utilized to evaluate the progress of the Company’s various product candidates. The table below shows a reconciliation of the Company’s net income (loss), including the significant expense categories regularly provided to and reviewed by the CODM, as computed under U.S. GAAP to the Company’s total net income (loss) in the condensed statements of operations (in thousands):
 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Operating revenue by external customer:

 

 

 

 

 

 

 

 

 

 

 

 

Sanofi collaboration revenue

 

$

143,623

 

 

$

1,254

 

 

$

144,122

 

 

$

1,751

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued clinical programs(1):

 

 

 

 

 

 

 

 

 

 

 

 

Imvotamab – Autoimmune programs

 

$

(215

)

 

$

2,522

 

 

$

2,522

 

 

$

5,393

 

Aplitabart

 

 

(418

)

 

 

8,976

 

 

 

1,367

 

 

 

16,748

 

Other discontinued programs

 

 

(3

)

 

 

1,529

 

 

 

(207

)

 

 

5,255

 

Preclinical and other R&D (2)

 

 

1,802

 

 

 

5,394

 

 

 

3,689

 

 

 

12,102

 

Personnel

 

 

3,104

 

 

 

16,907

 

 

 

14,507

 

 

 

33,405

 

Depreciation and facilities

 

 

1,593

 

 

 

6,634

 

 

 

6,322

 

 

 

12,874

 

General and administrative:

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

4,648

 

 

 

7,236

 

 

 

11,619

 

 

 

14,238

 

Other general and administrative (3)

 

 

4,933

 

 

 

3,413

 

 

 

9,011

 

 

 

6,949

 

Impairment and disposal of long-lived assets

 

 

31,917

 

 

 

—

 

 

 

53,806

 

 

 

—

 

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

1,322

 

 

 

3,455

 

 

 

3,206

 

 

 

7,495

 

Net income (loss)

 

$

97,584

 

 

$

(47,902

)

 

$

44,692

 

 

$

(97,718

)
(1)
Discontinued clinical program expenses were primarily driven by the wind down of aplitabart and other discontinued programs, including imvotamab in oncology and autoimmune diseases, IGM-2644 in oncology and autoimmunity, and IGM-7354, and the receipt of refunds from certain CROs.
(2)
Preclinical and other R&D expense includes sample analysis, preclinical testing, R&D licensing agreements, and drug product services.
(3)
Other general and administrative expense includes professional services, accounting services, software, rent, and other overhead expense.

Assets provided to the CODM are consistent with those reported on the balance sheets.

All historical long-lived assets were maintained in, and all income, losses, and revenue are attributable to, the United States of America.