v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company operates as one operating segment, which is focused on the discovery, development, manufacturing and commercialization of genetic medicines to treat diseases with high unmet medical needs. The Company’s chief operating decision maker (“CODM”), our chief executive officer, utilizes financial information presented on a consolidated basis to manage and allocate resources. The CODM uses consolidated gross margin, operating margin, net income and total research and development expenses by product candidate or program to assess performance, forecast future financial results and to allocate resources.
The following table presents selected financial information with respect to the Company’s single operating segment for the three months ended March 31, 2026, and 2025:

Three Months Ended
(in thousands)March 31, 2026March 31, 2025
Product revenue, net
$116,357 $88,183 
Cost of goods sold6,323 5,028 
Gross margin
95 %94 %
B-VEC547 1,973 
KB111
992 27 
KB3043 242 
KB407762 349 
KB408143 298 
KB7072,432 2,738 
KB801
787 454 
KB8031,142 486 
Other research programs736 692 
Other research and development costs (1)
7,787 6,997 
Total research and development
15,331 14,256 
Selling, general and administrative
41,014 32,647 
Income from operations
$53,689 $36,252 
Other income
Interest and other income, net
7,753 7,345 
Income before income taxes
$61,442 $43,597 
Income tax expense
(5,510)(7,864)
Net income
$55,932 $35,733 
(1)Includes stock-based compensation, other manufacturing expenses related to our product candidates and other unallocated expenses which largely relates to depreciation and other facilities and equipment related costs.