v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Reportable Segment Revenue, Operating Expenses, and Net Loss

The following table illustrates information about segment revenue, significant segment expenses, and segment net loss.

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

 

(in thousands)

 

License and other revenue

 

$

3,000

 

 

$

7,679

 

Less:

 

 

 

 

 

 

Research and development expenses

 

 

 

 

 

 

External costs for programs in clinical trials

 

$

41,383

 

 

$

23,673

 

External costs for platform technologies and preclinical programs

 

 

3,691

 

 

 

14,638

 

Employee related expenses (1)

 

 

14,339

 

 

 

17,011

 

Other expenses (2)

 

 

4,019

 

 

 

5,768

 

General and administrative expenses (3)

 

 

7,117

 

 

 

10,925

 

Other segment expenses (income)

 

 

 

 

 

 

Depreciation expense

 

 

504

 

 

 

1,208

 

Stock compensation expense in research and development expenses

 

 

6,690

 

 

 

11,689

 

Stock compensation expense in general and administrative expenses

 

 

3,847

 

 

 

7,636

 

Interest income

 

 

(5,352

)

 

 

(7,813

)

Other expense

 

 

53

 

 

 

9

 

Segment net loss

 

 

(73,291

)

 

 

(77,065

)

Reconciliation to consolidated net loss:

 

 

 

 

 

 

Adjustments or reconciling items

 

 

—

 

 

 

—

 

Consolidated net loss

 

$

(73,291

)

 

$

(77,065

)

The expense categories and amounts in the table above align with the segment-level information regularly provided to the CODM.

(1) "Employee related expenses" within research and development expenses excludes stock compensation expense.

(2) "Other expenses" within research and development expenses excludes depreciation expense.

(3) "General and administrative expenses" excludes stock compensation expense and depreciation expense.