v3.25.3
Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company operates as one operating segment, which is focused on the discovery, development, manufacturing and commercialization of genetic medicines to treat diseases with high unmet medical needs. The Company’s chief operating decision maker (“CODM”), our chief executive officer, utilizes financial information presented on a consolidated basis to manage and allocate resources. The CODM uses consolidated gross margin, operating margin, net income and total research and development expenses by product candidate or program to assess performance, forecast future financial results and to allocate resources.
The following table presents selected financial information with respect to the Company’s single operating segment for the three and nine months ended September 30, 2025, and 2024:

Three Months Ended
Nine Months Ended
(in thousands)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Product revenue, net
$97,800 $83,841 $282,025 $199,376 
Cost of goods sold4,263 6,684 16,457 15,112 
Gross margin
96 %92 %94 %92 %
B-VEC1,810 1,255 6,144 7,068 
KB111
568 — 1,309 — 
KB301120 138 185 521 
KB304244 189 906 1,146 
KB407608 180 1,272 1,631 
KB408248 611 763 1,107 
KB7073,181 3,311 8,342 6,469 
KB801
359 167 1,233 372 
KB803401 180 1,291 394 
Other dermatology programs1 449 10 484 
Other ophthalmology programs3 137 44 430 
Other research programs379 247 1,123 890 
Other development programs219 171 679 596 
Other research and development costs (1)
6,444 6,477 19,950 18,944 
Total research and development
14,585 13,512 43,251 40,052 
Selling, general and administrative
37,578 28,673 105,292 82,339 
Litigation settlement
— 12,500 — 37,500 
Income from operations
$41,374 $22,472 $117,025 $24,373 
Other income
Interest and other income, net
6,593 7,297 21,315 22,373 
Income before income taxes
$47,967 $29,769 $138,340 $46,746 
Income tax benefit (expense)
$31,398 $(2,589)$15,091 $(3,066)
Net income
$79,365 $27,180 $153,431 $43,680 
(1)Includes stock-based compensation, other manufacturing expenses related to our product candidates and other unallocated expenses which largely relates to depreciation and other facilities and equipment related costs.