v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 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 three and six months ended June 30, 2025, and 2024:

Three Months Ended
Six Months Ended
(in thousands)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Product revenue, net
$96,042 $70,284 $184,225 $115,535 
Cost of goods sold7,165 6,009 12,193 8,428 
Gross margin
93 %91 %93 %93 %
B-VEC2,378 3,594 4,353 5,815 
KB30124 223 62 383 
KB304424 823 667 958 
KB407307 713 655 1,451 
KB408219 249 516 495 
KB7072,413 1,770 5,147 3,156 
KB801
426 155 879 205 
KB803408 214 894 214 
Other dermatology programs706 21 744 35 
Other ophthalmology programs15 243 42 293 
Other research programs351 393 745 643 
Other development programs233 193 459 425 
Other research and development costs (1)
6,506 6,992 13,503 12,465 
Total research and development
14,410 15,583 28,666 26,539 
Selling, general and administrative
35,160 27,626 67,883 53,685 
Litigation settlement
— 12,500 — 25,000 
Income from operations
$39,307 $8,566 $75,483 $1,883 
Other income
Interest and other income, net
7,468 7,479 14,889 15,095 
Income before income taxes
$46,775 $16,045 $90,372 $16,978 
Income tax expense
$(8,442)$(477)$(16,305)$(477)
Net income
$38,333 $15,568 $74,067 $16,501 
(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