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SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Operating segments are identified as components of an entity about which separate discrete financial information is available for evaluation by the chief operating decision maker or decision-making group (“CODM”) in making decisions on how to allocate resources and assess performance. The Company’s CODM, the Chief Executive Officer, views the Company’s operations as one operating segment, which includes the discovery and development of therapies utilizing our novel proprietary ARCUS platform. Our clinical and preclinical candidates were developed using the ARCUS platform to treat various forms of infectious and genetic disease.
The Company has not generated any revenue from product sales to date and expects to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through development and clinical trials. As such, the CODM uses cash forecast models in managing and allocating resources on a total company basis, such as pursuing clinical development or entering into potential strategic collaborations. The CODM assesses the overall level of resources available and how to best deploy these resources across functions and research and development projects that are in line with the Company’s long-term strategic goals.
Consistent with its management reporting, results of operations are reported on a Company-wide basis for purposes of segment reporting. The CODM uses Company-wide financial information, including net (loss) income, net cash used in operating activities for the period, and cash on hand for purposes of evaluating operating results and performance. As the Company operates in one operating segment, all measures of the segment assets are reported on the balance sheets as total assets. Please refer to the financial statements for further information related to these measures of segment performance.
The table below summarizes the significant research and development and general and administrative expense categories regularly provided to the CODM:
Years Ended December 31,
(in thousands)20252024
Revenue$34,264 $68,696 
Operating expenses
Research and development
Direct research and development expenses by product candidate:
PBGENE-HBV external development costs7,152 16,111 
PBGENE-DMD external development costs1
15,298 1,230 
PBGENE-3243 external development costs3,103 9,808 
Platform development and early-stage research expenses:
Employee-related costs (including share-based compensation)19,939 21,313 
Laboratory supplies and services1,798 2,621 
CMOs and outsourced research and development504 247 
Facility-related costs, laboratory equipment, and maintenance2,841 3,082 
Depreciation and amortization1,299 2,718 
Licensing fees and other research and development costs2,238 2,429 
Total research and development expenses$54,172 $59,559 
General and administrative expense
Employee-related costs (including share-based compensation)19,904 21,861 
Consulting and professional services6,106 6,327 
Other operating expenses and all other costs6,230 7,111 
Total general and administrative expenses$32,240 $35,299 
Total operating expenses$86,412 $94,858 
Operating loss(52,148)(26,162)
Total other income5,539 33,329 
(Loss) income from continuing operations$(46,609)$7,167 
Gain from discontinued operations885 — 
Net (loss) income$(45,724)$7,167 
1 December 31,2024 amounts have been recast for comparability due to PBGENE-DMD being named a product candidate in the year ended December 31, 2025.