v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information
12.
Segment Information

The Company operates in the U.S. and has one operating segment that is managed on a consolidated basis. The Company’s revenues are primarily generated through its license and collaboration agreement with Gilead. The accounting policies, as described in the summary of significant accounting policies, is applicable across all Company operations. The Company’s chief executive officer (CEO), as the chief operating decision maker (CODM), manages and allocates resources to the operations of our company on a consolidated basis. Managing and allocating resources on a total company basis enables the CODM to assess the overall level of resources available and how to best deploy these resources across departments and research and development programs that are in-line with our long-term company-wide strategic goals. Consistent with this decision-making process, the Company’s CODM uses consolidated, single-segment financial information for purposes of evaluating performance, forecasting future period financial results and allocating resources.

The CODM assesses performance and decides how to allocate resources based on segment net income (loss). This measure is used to monitor budget versus actual results to assess performance of the segment.

The following table presents the Company’s segment expense for the three and six months ended June 30, 2025 and 2024:

 

Oncology Segment

 

 

Oncology Segment

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

 

(in thousands)

 

Revenue

 

$

3,181

 

 

$

19,875

 

 

$

8,573

 

 

$

26,346

 

Less R&D expenses:

 

 

 

 

 

 

 

 

 

 

 

 

       TNG462 direct program expenses

 

 

5,577

 

 

 

3,957

 

 

 

11,038

 

 

 

9,043

 

       TNG456 direct program expenses

 

 

1,646

 

 

 

-

 

 

 

2,970

 

 

 

-

 

       TNG260 direct program expenses

 

 

1,809

 

 

 

3,763

 

 

 

3,539

 

 

 

5,999

 

       TNG961 direct program expenses

 

 

1,572

 

 

 

-

 

 

 

3,793

 

 

 

-

 

       TNG908 direct program expenses*

 

 

1,235

 

 

 

3,260

 

 

 

2,947

 

 

 

7,518

 

       TNG348 direct program expenses**

 

 

-

 

 

 

1,641

 

 

 

-

 

 

 

4,941

 

       Discovery direct program expenses

 

 

2,709

 

 

 

7,514

 

 

 

7,388

 

 

 

13,025

 

       Personnel-related expenses

 

 

12,834

 

 

 

13,108

 

 

 

26,684

 

 

 

25,906

 

       Facilities and other related expenses

 

 

5,425

 

 

 

5,411

 

 

 

10,890

 

 

 

10,287

 

Less G&A and other expenses:

 

 

 

 

 

 

 

 

 

 

 

 

       Other segment expenses (a)

 

 

9,227

 

 

 

6,772

 

 

 

18,053

 

 

 

13,092

 

Segment net loss

 

$

(38,853

)

 

$

(25,551

)

 

$

(78,729

)

 

$

(63,465

)

 

*In November 2024, we announced we stopped enrollment of the TNG908 Phase 1/2 clinical trial due to insufficient brain exposure for clinical activity in GBM patients and portfolio prioritization. Expenses beyond November 2024 related to previously enrolled patients and close-out clinical trial costs.

**In May 2024, we announced the discontinuation of TNG348, a USP1 inhibitor, due to toxicity observed in the dose escalation portion of our Phase 1/2 clinical trial. Expenses beyond May 2024 related to close-out clinical trial costs.

(a) Other segment expenses included in Segment net loss includes general and administrative expense, interest income, other income and provision for income taxes.

The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets. The CODM reviews cash, cash equivalents and marketable securities as a measure of segment assets. As of June 30, 2025, the Company’s cash, cash equivalents and marketable securities were $180.8 million. All long-lived assets of the Company reside in the U.S.