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

Note 13. Segments

The Company, conducting operations as a single operating segment, has historically engaged in the business of developing immuno-oncology therapeutics. The Company currently does not recognize revenue from the sale of products as each of the Company’s product candidates have yet to reach commercialization. Revenue recognized to date has related to the GSK Collaboration Agreement. While the Company consists of entities in both the U.S. and Belgium, the Company is managed as one consolidated entity. The organization is structured as one consolidated entity, with departments consisting of employees from both locations reporting to shared managers. The executive committee also consists of a mix of employees from both the Belgium and U.S. legal entities, with all executive committee members having direct reports residing in both locations. Budgets and results prepared and provided to both the Chief Operating Decision Maker ("CODM") and the Board of Directors reflect the consolidated organizational activities. This information is not disaggregated by location.

The Company’s CODM is the Chief Executive Officer. The CODM evaluates the performance of the operating segment and decides how to allocate resources based on net income, which is equal to net loss reported as consolidated net loss on the statement of operations and comprehensive income. The Company did not earn revenue from the collaboration with GSK, the Company's only customer under the definition of ASC 606, for the three months ended June 30, 2025 or 2024.

The CODM utilizes net income to analyze budget versus actual results. The budget versus actual analysis is used to identify significant cost drivers and to assess the Company’s needs for future spend. Net income is also used to evaluate the Company’s ability to fund its future expenditures. The CODM will also use net income to evaluate the Company’s performance against its operating plan.

 

Segment expenses presented to the CODM were the following:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Collaboration Revenue

 

$

—

 

 

$

35,000

 

 

$

—

 

 

$

35,000

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Belrestotug expense

 

 

(34,034

)

 

 

(11,871

)

 

 

(40,464

)

 

 

(24,452

)

Inupadenant expense

 

 

(2,190

)

 

 

(5,813

)

 

 

(3,545

)

 

 

(11,329

)

EOS-984 expense

 

 

(2,985

)

 

 

(3,170

)

 

 

(6,182

)

 

 

(5,351

)

EOS-215 expense

 

 

(3,661

)

 

 

(3,594

)

 

 

(5,909

)

 

 

(6,252

)

Other R&D activities expense

 

 

(2,253

)

 

 

(1,061

)

 

 

(5,437

)

 

 

(2,214

)

R&D payroll

 

 

(7,947

)

 

 

(6,409

)

 

 

(15,874

)

 

 

(13,197

)

R&D stock-based compensation

 

 

(2,317

)

 

 

(2,478

)

 

 

(4,837

)

 

 

(4,280

)

G&A payroll

 

 

(3,370

)

 

 

(2,933

)

 

 

(6,368

)

 

 

(5,766

)

G&A stock-based compensation

 

 

(3,564

)

 

 

(5,584

)

 

 

(7,679

)

 

 

(11,045

)

General and overhead expense

 

 

(5,184

)

 

 

(5,997

)

 

 

(11,191

)

 

 

(12,309

)

Restructuring costs

 

 

(16,335

)

 

 

 

 

 

(16,335

)

 

 

 

Other segment items (1)

 

 

5,619

 

 

 

6,833

 

 

 

11,028

 

 

 

15,851

 

Adjustments (2)

 

 

(508

)

 

 

(51

)

 

 

(548

)

 

 

—

 

Consolidated net loss

 

$

(78,729

)

 

$

(7,128

)

 

$

(113,341

)

 

$

(45,344

)

 

(1) Other segment items consists of interest income, grant income, research and development tax credit income, income tax benefit (expense) and other income items including foreign exchange gains and losses.

 

(2) Adjustments include minor miscellaneous items excluded from the CODM package that need to be included in the presentation above in order to reconcile to consolidated net loss.