v3.25.2
Segment information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment information Segment information
The Company operates in one operating segment: immunotherapies, which is focused on pioneering and delivering transformative immunomodulating medicines in the areas of cancer, infectious diseases and autoimmune diseases. The Company primarily generates revenue from one stream, revenue from the sale of therapies, which consists of sales of KIMMTRAK. Historically, the Company had a second stream, collaboration revenue, which is no longer significant. The Company manages its business activities on a consolidated basis. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker ("CODM"), the Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The measure of the segment profit or loss used is consolidated net income (loss), and the measure of segment assets is reported on the condensed consolidated balance sheet as total assets. The accounting policies of the immunotherapies segment are the same as those described in Note 2. "Summary of significant accounting policies". The following table summarizes the reportable segment's financial information (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenue
$97,964 $75,400 $191,845 $145,902 
Less:
Cost of revenue from sale of therapies
(1,040)(1,707)(1,871)(1,953)
External research and development (R&D) expenses:
PRAME programs(20,678)(21,932)(37,983)(48,632)
Tebentafusp programs(10,417)(4,557)(18,407)(10,451)
Infectious disease programs(1,325)(1,439)(2,730)(3,685)
All other external clinical and preclinical costs
(15,253)(4,449)(26,484)(10,948)
Total external R&D expenses(47,673)(32,377)(85,604)(73,716)
R&D salaries and other employee-related costs(12,907)(12,221)(23,950)(21,975)
Selling, general and administrative (SG&A) salaries and other employee-related costs
(12,827)(10,481)(25,045)(25,321)
Other SG&A expenses
(22,249)(20,329)(42,921)(37,792)
Other segment expense, net (a)
(11,568)(9,901)(17,731)(21,197)
Segment and consolidated net loss
$(10,300)$(11,616)$(5,277)$(36,052)
(a) Other segment expenses, net includes other internal R&D expenses, share-based compensation expense, R&D tax credits, interest income, interest expense, foreign currency (loss) gain, other income, net and income tax expense