v3.25.2
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The table below summarizes the significant expense categories regularly reviewed by the CODM (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Revenue
$239,240 $415,484 $905,895 $509,339 
Cost of sales
15,325 46,242 29,439 105,451 
Research and development expenses:
Direct coronavirus vaccines(1)
20,194 40,812 46,722 65,962 
Direct other vaccine development programs(1)
842 400 2,720 736 
Employee and benefit expenses
36,149 42,415 76,060 85,873 
Facility and other research and development expenses(2)
22,048 23,319 42,668 47,054 
Selling, general, and administrative expense
43,612 101,298 91,702 188,096 
Other segment income (expense)(3)
5,438 1,383 8,570 (1,336)
Net income$106,508 $162,381 $625,154 $14,831 
(1)    Direct research and development expenses are comprised primarily of costs paid to third parties for clinical and product development activities. Direct coronavirus vaccines expenses include costs associated with the Phase 3 trial for the Company’s CIC and stand-alone influenza vaccine candidates.
(2)    Facility and other research and development expenses consist of indirect costs incurred in support of overall research and development activities and non-specific programs, such as overhead costs, information technology and facility-based expenses not allocated to a specific program.
(3)     Other segment income (expense) includes interest expense, income tax expense, and other income.
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas
Total revenue by the Company’s customer’s or collaboration partner’s geographic location was as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
United States
$198,183 $394,504 $237,593 $388,073 
Canada
— — 575,670 — 
Europe3,627 705 11,712 91,121 
Rest of the world
37,430 20,275 80,920 30,145 
Total revenue
$239,240 $415,484 $905,895 $509,339 
Total long-lived assets of the Company by geographic location were as follows (in thousands):
June 30, 2025December 31, 2024
United States$278,921 $295,879 
Europe3,766 4,119 
Total long-lived assets
$282,687 $299,998