v3.25.3
Segment Reporting (Tables)
9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Presents Reportable Segment Profit and Loss

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
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

2024

 

 

2025

 

2024

 

Revenue

$

2,764

 

$

3,741

 

 

$

36,341

 

$

39,678

 

Less:

 

 

 

 

 

 

 

 

 

   Research and development expenses

 

 

 

 

 

 

 

 

 

       External research and development:

 

 

 

 

 

 

 

 

 

            STAT6

 

17,353

 

 

9,078

 

 

 

60,151

 

 

24,704

 

            Other external research and development expense (1)

 

21,950

 

 

22,699

 

 

 

71,634

 

 

58,377

 

       Research and development compensation and related personnel expense (2)

 

22,323

 

 

18,549

 

 

 

66,330

 

 

56,266

 

       Research and development overhead and administrative costs

 

12,468

 

 

10,084

 

 

 

34,622

 

 

29,084

 

  General & administrative (3)

 

17,336

 

 

15,455

 

 

 

51,252

 

 

47,202

 

  Interest and other expense (4)

 

3,953

 

 

60

 

 

 

4,135

 

 

5,115

 

Plus:

 

 

 

 

 

 

 

 

 

  Interest income

 

10,444

 

 

9,697

 

 

 

27,413

 

 

27,964

 

Segment net loss

$

(82,175

)

$

(62,487

)

 

$

(224,370

)

$

(153,106

)

 

(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 September 30, 2025 and 2024 is inclusive of $8.4 and $7.6 million of stock-based compensation expense, respectively. Research and development compensation and related personnel expense for the nine months ended September 30, 2025 and 2024 is inclusive of $23.9 and $20.9 million of stock-based compensation expense, respectively.

(3) General and administrative expense for the three months ended September 30, 2025 and 2024 is inclusive of $7.4 million and $7.3 million of stock-based compensation expense, respectively. General and administrative expense for the nine months ended September 30, 2025 and 2024 is inclusive of $21.5 million and $20.3 million of stock-based compensation expense, respectively.

(4) Other expense for the three and nine months ended September 30, 2025 is inclusive of a $3.9 million impairment of long-lived assets. Other expense for the nine months ended September 30, 2024 is inclusive of a $4.9 million impairment of long-lived assets