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

The Company operates under one reportable business segment, providing discovery research technology to enable the discovery of next-generation therapeutics. The determination of a single reportable business segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker (“CODM”). The Company’s CODM is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.

In addition to the significant expense categories included within the consolidated statements of operations, certain other disaggregated amounts that comprise research and development expenses and general and administrative expenses are reviewed by the CODM. These expenses consist of (1) personnel related expenses, including salaries, benefits and share-based compensation, (2) external expenses, including third-party costs for goods and services such as lab supplies and contract research, and (3) facility and other overhead expenses, including depreciation and occupancy costs.

The following table outlines information about segment revenues, significant segment expenses, and segment net loss for the three months ended June 30, 2025 and 2024:


Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Revenue
$3,897 $7,614 $8,051 $11,415 
Cost of xPloration revenue
262 — 265 — 
Research and development expenses
Personnel related expenses
5,517 7,064 12,366 $14,714 
External expenses
3,249 4,577 6,972 9,287 
Facility and other overhead expenses
2,098 2,294 4,128 4,485 
   Total research and development expenses
10,864 13,935 23,466 28,486 
General and administrative expenses
Personnel related expenses5,445 5,503 11,045 11,243 
External expenses2,035 2,240 4,085 4,440 
Facility and other overhead expenses204 222 469 619 
   Total general and administrative expenses
7,684 7,965 15,599 16,302 
Amortization of intangibles
3,228 4,543 6,456 7,955 
Other operating income, net(1,922)(2,524)(2,672)(2,470)
Total other income, net
463 776 1,001 1,751 
Income tax benefit (expense)
(119)1,898 (13)4,515 
Net loss
$(15,875)$(13,631)$(34,075)$(32,592)

All long-term assets are maintained in, and all net losses are attributable to, the United States of America.