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

3. Segment reporting

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 Company's Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment. When evaluating the Company's financial performance, the CODM reviews total expenses and expenses by function. Further, the CODM reviews the segment's assets based on total assets reported on the consolidated balance sheet.

The table below is a summary of the segment loss, including significant segment expenses (in thousands):

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(in thousands)

(in thousands)

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Facility costs

 

$

4,825

 

 

$

6,515

 

 

$

10,335

 

 

$

12,174

 

Research, development, and laboratory

 

 

8,962

 

 

 

23,945

 

 

 

21,053

 

 

 

47,737

 

Support functions

 

 

12,932

 

 

 

18,731

 

 

 

27,308

 

 

 

38,823

 

Stock-based compensation

 

 

6,629

 

 

 

11,380

 

 

 

13,651

 

 

 

20,472

 

Technical operations and manufacturing

 

 

4,511

 

 

 

11,452

 

 

 

11,948

 

 

 

21,475

 

Other(1)

 

 

2,243

 

 

 

5,293

 

 

 

4,480

 

 

 

9,352

 

Research and development related success payments and contingent consideration

 

 

10,262

 

 

 

(27,944

)

 

 

12,219

 

 

 

10,063

 

Impairment of long-lived assets

 

 

44,611

 

 

 

-

 

 

 

44,611

 

 

 

-

 

Total operating expenses

 

 

94,975

 

 

 

49,372

 

 

 

145,605

 

 

 

160,096

 

Loss from operations

 

 

(94,975

)

 

 

(49,372

)

 

 

(145,605

)

 

 

(160,096

)

Interest income, net

 

 

577

 

 

 

3,202

 

 

 

1,569

 

 

 

6,236

 

Other income (expense), net

 

 

598

 

 

 

(4,121

)

 

 

847

 

 

 

(3,906

)

Net loss

 

$

(93,800

)

 

$

(50,291

)

 

$

(143,189

)

 

$

(157,766

)

 

(1) Other includes licensing costs, consulting fees, insurance, and business taxes for the three and six months ended June 30, 2025 and 2024.