v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Segment Reporting
The chief operating decision maker (“CODM”), who is defined as the Company’s chief executive officer, assesses performance for the Company’s single reportable segment and decides how to allocate resources based on the Company’s total operating expenses as reported on the condensed consolidated statements of operations and comprehensive loss. The CODM’s review of total operating expenses at the consolidated level is used to monitor the Company’s spending as well as budget versus actual results. The Company’s reportable segment primarily generates revenue through its license agreements.
As part of the CODM’s review of the segment’s performance, the CODM reviews the Company’s operating expense information, grouped by certain detailed line items from the internal income statement reporting. This includes research and development costs as well as general and administrative expenses. Based upon the operating expense information, the CODM can reconcile to net loss as reported on the consolidated statements of operations and comprehensive loss, shown in the table below.
The following table presents the segment loss, including significant segment expenses, for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,
Six Months Ended June 30,
2025202420252024
(In thousands)
Operating expenses
Compensation and benefits$16,032 $13,469 $32,338 $27,929 
Clinical trial and manufacturing
18,707 4,483 29,680 7,838 
Facilities and IT
6,045 9,594 17,793 16,562 
Other research and development2,815 945 4,958 1,726 
Other segment(a)
6,256 4,413 13,307 8,048 
Total operating expenses$49,855 $32,904 $98,076 $62,103 
Operating loss(49,855)(32,904)(98,076)(62,103)
Other income, net
664 2,406 1,866 4,458 
Segment and consolidated net loss$(49,191)$(30,498)$(96,210)$(57,645)
(a)
Other segment include professional services, consultants and contractors, travel and entertainment expenses, and general business expenses.