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

14. Segment Reporting

The Company operates and manages its business as one reportable segment and one operating segment, which is dedicated to reinventing the treatment of human disease through the development of innovative, highly differentiated medicines that address significant health problems and that meaningfully improve patients’ lives. The Company’s chief operating decision maker, or CODM, is the chief executive officer. The CODM assesses performance for the segment and decides how to allocate resources based on consolidated net loss that is also reported on the consolidated statements of operations.

The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. All material long-lived assets are located in the United States. Long-lived assets consist of property and equipment, net, and operating lease right-of-use assets.

The chief operating decision maker uses net loss to monitor budget versus actual results and to analyze cash flows in assessing performance of the segment and allocating resources.

Factors used in determining the reportable segment include the nature of the Company’s operating activities, the organizational and reporting structure and the type of information reviewed by the CODM to allocate resources and evaluate financial performance. The accounting policies of the segment are the same as those described in Note 2 of the notes to the consolidated financial statements included in the Company's Annual Report on Form 10-K.

The following table presents reportable segment profit and loss, including significant expense categories, attributable to the Company’s reportable segment for the periods presented:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

2024

 

 

2025

 

2024

 

Revenue

$

11,476

 

$

25,650

 

 

$

33,576

 

$

35,937

 

Less:

 

 

 

 

 

 

 

 

 

   Research and development expenses

 

 

 

 

 

 

 

 

 

       External research and development:

 

 

 

 

 

 

 

 

 

            STAT6

 

22,193

 

 

11,707

 

 

 

42,798

 

 

15,626

 

            TYK2

 

5,612

 

 

5,158

 

 

 

14,505

 

 

8,428

 

            IRAK4

 

1,465

 

 

1,421

 

 

 

2,658

 

 

3,231

 

            Other external research and development expense (1)

 

16,262

 

 

12,321

 

 

 

32,520

 

 

24,019

 

       Research and development compensation and related personnel expense (2)

 

21,958

 

 

18,852

 

 

 

44,007

 

 

37,717

 

       Research and development overhead and administrative costs

 

10,898

 

 

9,743

 

 

 

22,155

 

 

19,000

 

  General & administrative (3)

 

17,645

 

 

17,373

 

 

 

33,916

 

 

31,747

 

  Interest and other expense (4)

 

108

 

 

61

 

 

 

180

 

 

5,056

 

Plus:

 

 

 

 

 

 

 

 

 

  Interest income

 

8,051

 

 

8,924

 

 

 

16,968

 

 

18,268

 

Segment net loss

$

(76,614

)

$

(42,062

)

 

$

(142,195

)

$

(90,619

)

 

(1) Certain prior period amounts have been recast to conform with current period presentation.

(2) Research and development compensation and related personnel expense for the three months ended June 30, 2025 and 2024 is inclusive of $8.0 and $7.3 million of stock-based compensation expense, respectively. Research and development compensation and related personnel expense for the six months ended June 30, 2025 and 2024 is inclusive of $15.6 and $13.3 million of stock-based compensation expense, respectively.

(3) General and administrative expense for the three months ended June 30, 2025 and 2024 is inclusive of $7.4 million and $7.1 million of stock-based compensation expense, respectively. General and administrative expense for the six months ended June 30, 2025 and 2024 is inclusive of $14.1 million and $13.0 million of stock-based compensation expense, respectively.

(4) Other expense for the six months ended June 30, 2024 is inclusive of a $4.9 million impairment of long-lived assets.

 

Depreciation expense for the three months ended June 30, 2025 and 2024 was $1.7 million and $1.9 million respectively. Depreciation expense for the six months ended June 30, 2025 and 2024 was $3.3 million and $3.4 million respectively. Amortization expense related to right-of-use assets during the three months ended June 30, 2025 and 2024 was $0.4 million and $0.4 million, respectively. Amortization expense related to right-of-use assets during the six months ended June 30, 2025 and 2024 was $0.7 million and $0.8 million, respectively.