| Schedule of segment revenue, segment profit (loss) and significant expenses |
Segment information is as follows (dollars in thousands): | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | | | | | | | | | Revenue | | $ | 5,546 | | $ | 4,167 | | $ | 33,867 | | $ | 259,120 | Less: | | | | | | | | | | | | | Discovery department expense (1)(2) | | | (4,952) | | | (3,832) | | | (8,698) | | | (6,492) | Development department expense (1)(2) | | | (15,504) | | | (14,655) | | | (28,409) | | | (29,426) | General and administrative expenses (1) | | | (5,890) | | | (5,051) | | | (11,425) | | | (14,975) | Employee wages and benefits - discovery (2) | | | (2,188) | | | (1,808) | | | (4,515) | | | (3,677) | Employee wages and benefits - development (2) | | | (4,658) | | | (5,268) | | | (10,142) | | | (11,646) | Employee wages and benefits - general and administrative | | | (3,483) | | | (3,402) | | | (7,315) | | | (7,092) | Stock-based compensation expense | | | (10,912) | | | (8,944) | | | (24,714) | | | (18,296) | Other segment items (3) | | | 36 | | | 97 | | | 118 | | | 78 | Interest income | | | 7,406 | | | 7,404 | | | 14,979 | | | 11,780 | Income tax (expense) benefit | | | (172) | | | 676 | | | (172) | | | (2,650) | Segment (loss) profit | | $ | (34,771) | | $ | (30,616) | | $ | (46,426) | | $ | 176,724 | Reconciliation of (loss) profit | | | | | | | | | | | | | Adjustments and reconciling items | | $ | — | | $ | — | | $ | — | | $ | — | Consolidated net (loss) income | | $ | (34,771) | | $ | (30,616) | | $ | (46,426) | | $ | 176,724 |
(1) Amounts exclude employee wages and benefits, stock-based compensation and expense allocations. (2) As of April 1, 2025, the information regularly provided to the CODM was changed to reclassify pre-clinical expenses from development expense to discovery expense. Prior period segment information has been recast to reflect this change. (3) Other segment items include foreign currency related income (expense) and other miscellaneous income (expense).
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