| Summary of Significant Expense related to the Life Science Segment |
The table below summarizes segment net loss, including significant expenses for the three and nine months ended September 30, 2025 and 2024 (in thousands):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Milestone revenue, royalty revenue and sale of royalty rights |
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$ |
— |
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$ |
— |
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$ |
2,820 |
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$ |
16,146 |
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Costs and operating expenses |
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Cost of revenues |
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— |
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— |
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— |
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475 |
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Research and development |
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Clinical product candidates |
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6,727 |
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6,888 |
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16,261 |
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14,648 |
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Clinical product manufacturing |
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4,582 |
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4,267 |
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14,160 |
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10,487 |
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Personnel-related expenses excluding stock-based compensation |
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3,738 |
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3,663 |
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11,967 |
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10,649 |
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Stock-based compensation |
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|
698 |
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|
836 |
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2,389 |
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|
2,285 |
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Depreciation and amortization |
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454 |
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|
131 |
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1,385 |
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|
670 |
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Other (i) |
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1,609 |
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1,956 |
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5,823 |
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|
5,984 |
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Total research and development expenses |
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17,808 |
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17,741 |
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51,985 |
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44,723 |
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General and administrative |
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Personnel-related expenses excluding stock-based compensation |
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1,519 |
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1,245 |
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4,070 |
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4,399 |
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Stock-based compensation |
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2,375 |
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2,145 |
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7,330 |
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7,887 |
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Professional and consultant fees |
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|
713 |
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1,024 |
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2,390 |
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3,238 |
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Other (ii) |
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1,046 |
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1,599 |
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3,170 |
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4,815 |
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Total general and administrative expenses |
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5,653 |
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6,013 |
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16,960 |
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20,339 |
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Total costs and operating expenses |
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23,461 |
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23,754 |
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68,945 |
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65,537 |
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Other segment income (iii) |
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1,458 |
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2,551 |
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4,893 |
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7,631 |
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Income tax expense |
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— |
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— |
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283 |
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— |
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Segment net loss |
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$ |
(22,003 |
) |
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$ |
(21,203 |
) |
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$ |
(61,515 |
) |
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$ |
(41,760 |
) |
Reconciliation of profit or loss |
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Adjustments and reconciling items |
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— |
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— |
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— |
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— |
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Consolidated net loss |
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$ |
(22,003 |
) |
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$ |
(21,203 |
) |
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$ |
(61,515 |
) |
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$ |
(41,760 |
) |
(i)Other research and development segment items include facilities expenses, lab services, professional services and technology costs. (ii)Other general and administrative segment items include facilities expenses, technology costs, insurance and depreciation. (iii)Other segment income for the three months ended September 30, 2025 and 2024 consisted of $0.8 million and $1.8 million of interest and investment income and $0.7 million and $0.7 million of sublease income, respectively, and for nine months ended September 30, 2025 and 2024 consisted of $3.0 million and $5.4 million of interest and investment income and $1.9 million and $2.2 million of sublease income, respectively.
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