
	Years Ended December 31,
(in thousands)	2025		2024
Revenue	$	34,264	$	68,696
Operating expenses
Research and development
Direct research and development expenses by product candidate:
PBGENE-HBV external development costs	7,152		16,111
PBGENE-DMD external development costs1	15,298		1,230
PBGENE-3243 external development costs	3,103		9,808
Platform development and early-stage research expenses:
Employee-related costs (including share-based compensation)	19,939		21,313
Laboratory supplies and services	1,798		2,621
CMOs and outsourced research and development	504		247
Facility-related costs, laboratory equipment, and maintenance	2,841		3,082
Depreciation and amortization	1,299		2,718
Licensing fees and other research and development costs	2,238		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 services	6,106		6,327
Other operating expenses and all other costs	6,230		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 income	5,539		33,329
(Loss) income from continuing operations	$	(46,609)	$	7,167
Gain from discontinued operations	885		—
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.