v3.26.1
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information

Note 15—Segment Information

The Company’s Chief Executive Officer (“CEO”) is the Chief Operating Decision Maker (“CODM”). The CODM allocates resources and makes operating decisions based on financial information presented on a consolidated basis. The CODM does not evaluate profitability below the level of the consolidated company. Accordingly, the Company has determined that it has a single reportable segment and operating segment structure. The Company views its operations and manages its business as a single operating segment, the gene therapy segment, which is the business of developing AAV-based gene therapies for the treatment of rare monogenic diseases of the central nervous system.

The gene therapy segment derives revenue solely from the Astellas Agreements (see Note 7). The accounting policies of the gene therapy segment are the same as those described in the summary of significant accounting policies.

The CODM reviews significant segment expenses including direct program expenses and compensation expenses as part of the assessment of segment profit and loss. The measure of segment assets is reported on the balance sheet as total consolidated assets.

The following table presents significant segment expenses for the years ended December 31, 2025 and 2024 (in thousands):

 

 

For the Twelve Months Ended December 31,

 

 

 

2025

 

 

2024

 

Revenue

 

$

9,773

 

 

$

8,333

 

Less:

 

 

 

 

 

 

Research and development program expense

 

 

 

 

 

 

Program expense

 

 

37,887

 

 

 

24,646

 

Consultants and contractors expense

 

 

12,175

 

 

 

15,204

 

Compensation expense

 

 

47,680

 

 

 

36,372

 

Other segment expense(a)

 

 

21,026

 

 

 

21,409

 

Consolidated net loss

 

$

(108,995

)

 

$

(89,298

)

 

 

 

 

 

 

 

(a) Other segment expense included in consolidated net loss includes interest income, depreciation, insurance, travel, software and subscription services, legal, professional and consulting expense, rent and facilities expense, other general and administrative expense, impairment of long-lived assets, change in fair value of term loan, change in fair value of warrant liability and other expense.