| Summary of Segment Net Loss Including Significant Segment Expenses |
Summary of the segment net loss, including significant segment expenses were as follows:
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
Revenue |
|
$ |
102,484 |
|
|
$ |
62,043 |
|
Less: |
|
|
|
|
|
|
Personnel-related expenses |
|
|
(81,114 |
) |
|
|
(107,916 |
) |
Outside services |
|
|
(75,686 |
) |
|
|
(105,056 |
) |
Preclinical research and clinical development expenses |
|
|
(6,680 |
) |
|
|
(35,217 |
) |
Laboratory supplies |
|
|
(9,962 |
) |
|
|
(15,547 |
) |
Facility and maintenance expenses |
|
|
(15,049 |
) |
|
|
(16,030 |
) |
Equipment and office-related expenses |
|
|
(18,120 |
) |
|
|
(19,216 |
) |
Travel-related expenses |
|
|
(825 |
) |
|
|
(1,514 |
) |
Restructuring and related costs |
|
|
(53,415 |
) |
|
|
— |
|
Operating expenses |
|
|
(260,851 |
) |
|
|
(300,496 |
) |
Loss from operations |
|
|
(158,367 |
) |
|
|
(238,453 |
) |
Non-cash interest expense related to the sale of future royalties |
|
|
(38,208 |
) |
|
|
(31,070 |
) |
Interest income |
|
|
9,251 |
|
|
|
18,643 |
|
Interest and other (income) expense, net |
|
|
(3,855 |
) |
|
|
25,782 |
|
Non-operating income |
|
|
(32,812 |
) |
|
|
13,355 |
|
Loss before provision for income taxes |
|
|
(191,179 |
) |
|
|
(225,098 |
) |
Income tax expense |
|
|
93 |
|
|
|
(2,363 |
) |
Segment net loss |
|
$ |
(191,086 |
) |
|
$ |
(227,461 |
) |
|
|
|
|
|
|
|
Reconciliation of profit or loss |
|
|
|
|
|
|
Adjustments and reconciling items |
|
|
— |
|
|
|
— |
|
Net loss |
|
$ |
(191,086 |
) |
|
$ |
(227,461 |
) |
|