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

13. Segment information

The Company operates as one operating and reportable segment, which is an oncology company that has focused on discovering and developing immunotherapies that may meaningfully improve the lives of patients with cancer. The Company discloses information about its operating segment based on management’s consideration of the business as one segment for making operating decisions and assessing financial performance. The accounting policies of the operating segment are described in Note 2, Basis of Presentation and Summary of Significant Accounting Policies. As the Company operates as one operating and reportable segment, intra-entity sales and intra-entity transfers, if any, among legal entities within the segment do not impact segment expenses or segment assets.

The Company’s Chief Operating Decision Maker (“CODM”), is the Chief Executive Officer. The CODM reviews the Company’s operating results on an aggregate basis and manages the Company’s operations on a consolidated basis as a single operating unit. The CODM assesses performance for the segment and decides how to allocate resources based on net loss. The CODM is regularly provided information on net loss and uses this information to evaluate the resources allocated to the development or commercialization of the Company’s product candidates, its operations, and its other activities, as well as to monitor budget versus actual results.

A reconciliation of the Company’s significant segment expenses to net loss is as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

External R&D program expenses:

 

 

 

 

 

 

 

 

 

 

 

 

ARTISTRY-6

 

$

4,471

 

 

$

1,796

 

 

$

8,700

 

 

$

3,832

 

ARTISTRY-7

 

 

1,540

 

 

 

3,693

 

 

 

4,849

 

 

 

10,790

 

Early discovery programs

 

 

2,464

 

 

 

840

 

 

 

5,330

 

 

 

1,442

 

Other external R&D program expenses(1)

 

 

8,570

 

 

 

11,123

 

 

 

16,140

 

 

 

16,461

 

Total external R&D program expenses

 

 

17,045

 

 

 

17,452

 

 

 

35,019

 

 

 

32,525

 

Internal R&D expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Employee-related

 

 

4,415

 

 

 

7,394

 

 

 

11,893

 

 

 

16,508

 

Other internal R&D expenses(2)

 

 

1,817

 

 

 

2,698

 

 

 

3,790

 

 

 

5,379

 

Total internal R&D expenses

 

 

6,232

 

 

 

10,092

 

 

 

15,683

 

 

 

21,887

 

Total R&D expenses

 

 

23,277

 

 

 

27,544

 

 

 

50,702

 

 

 

54,412

 

G&A expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Employee-related

 

 

3,061

 

 

 

3,567

 

 

 

5,843

 

 

 

7,727

 

Other G&A expenses(3)

 

 

5,018

 

 

 

3,166

 

 

 

9,195

 

 

 

6,171

 

Total G&A expenses

 

 

8,079

 

 

 

6,733

 

 

 

15,038

 

 

 

13,898

 

Restructuring expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Employee-related

 

 

9,457

 

 

 

—

 

 

 

9,457

 

 

 

—

 

Other restructuring expenses(4)

 

 

8,029

 

 

 

—

 

 

 

8,029

 

 

 

—

 

Total restructuring expenses:

 

 

17,486

 

 

 

—

 

 

 

17,486

 

 

 

—

 

Other segment (income) expense(5)

 

 

(860

)

 

 

(2,713

)

 

 

(2,107

)

 

 

(5,829

)

Segment net loss

 

$

47,982

 

 

$

31,564

 

 

$

81,119

 

 

$

62,481

 

(1) Other external R&D program expenses included in segment net loss include expenses related to other clinical trials and general external program expenses.

(2) Other internal R&D expenses included in segment net loss include expenses related to occupancy and depreciation.

(3) Other G&A expenses included in segment net loss include expenses related to professional fees, information technology, depreciation, and other general G&A expenses.

(4) Other restructuring expenses include contract termination costs, impairment and asset write-offs incurred in connection with our reduction-in-force and the termination of certain development programs.

(5) Other non-operating (income) expense included in segment net loss includes interest income, tax expense, and other non-operating income and expense.