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

13. Segments

 

The Company operates and manages its business as one reportable and operating segment, centered around the commercial development of its product candidates. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer (“CEO”). On June 25, 2025, the Company appointed a new CEO who has taken over the role of CODM from the previous CEO.

The Company’s CODM reviews consolidated operating results, manages the business on a consolidated basis and utilizes consolidated net loss from the condensed consolidated statements of operations and comprehensive loss to make decisions about allocating resources and assessing performance for the entire Company. Consolidated net loss is also used to monitor budget to actual results. The CODM is additionally regularly provided with more detailed expense information at the program level. Through the date of issuance of these financial statements, the CODM has not been provided with any modified information other than what has been provided and reviewed historically by the previous CEO.

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

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Segment expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Trem-cel(a)

 

$

3,095

 

 

$

3,619

 

 

$

9,477

 

 

$

8,480

 

VCAR33(a)

 

 

2,419

 

 

 

1,762

 

 

 

6,055

 

 

 

4,362

 

Other research and development(a)

 

 

225,144

 

 

 

3,177

 

 

 

228,139

 

 

 

6,294

 

Salaries and benefits

 

 

17,863

 

 

 

10,404

 

 

 

29,476

 

 

 

22,517

 

General corporate activities

 

 

16,694

 

 

 

4,947

 

 

 

21,863

 

 

 

10,246

 

Other segment items(b)

 

 

1,308,454

 

 

 

3,930

 

 

 

1,311,145

 

 

 

6,744

 

Segment expenses:

 

 

1,573,669

 

 

 

27,839

 

 

 

1,606,155

 

 

 

58,643

 

Segment net loss

 

$

(1,573,669

)

 

$

(27,839

)

 

$

(1,606,155

)

 

$

(58,643

)

 

(a) Includes only external research and development expenditures.

(b) Other segment items are primarily comprised of taxes, interest income on marketable securities and certain non-cash expenses such as change in fair value of warrant liabilities, stock-based compensation, depreciation expense, and non-cash lease expense.

 

The measure of segment assets is reported on the condensed consolidated balance sheets as total assets. The CODM additionally reviews cash, cash equivalents and marketable securities when reviewing segment assets. As of June 30, 2025, the Company’s cash, cash equivalents and marketable securities were $200.6 million. The Company does not provide its CODM with any more detailed segment asset information than what is included on the Company’s condensed consolidated balance sheets.