v3.26.1
Segment Reporting (Tables)
3 Months Ended
Mar. 31, 2026
Segment Reporting  
Schedule of segment revenue, segment profit (loss) and significant expenses

Segment information was as follows (in thousands):

Three Months Ended

March 31, 

  ​ ​ ​

2026

  ​ ​ ​

2025

 

 

Revenue

$

56,368

$

28,321

Less:

Discovery department expense (1)(2)

(8,506)

(3,746)

Development department expense (1)(2)

(17,473)

(12,905)

General and administrative expenses (1)

(5,695)

(5,535)

Employee wages and benefits - discovery (2)

(3,148)

(2,327)

Employee wages and benefits - development (2)

(5,952)

(5,485)

Employee wages and benefits - general and administrative

(4,723)

(3,831)

Stock-based compensation expense

(14,519)

(13,802)

Other segment items (3)

53

82

Interest income

5,876

7,573

Income tax benefit

1,502

Segment profit (loss)

$

3,783

$

(11,655)

Reconciliation of profit (loss)

Adjustments and reconciling items

$

$

Consolidated net income (loss)

$

3,783

$

(11,655)

(1) Amounts exclude employee wages and benefits, stock-based compensation and expense allocations.

(2) As of April 1, 2025, the information regularly provided to the CODM was changed to reclassify pre-clinical expenses from development expense to discovery expense. Prior period segment information has been recast to reflect this change.

(3) Other segment items include foreign currency related income (expense) and other miscellaneous income (expense).