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SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Operating segments are identified as components of an entity about which separate discrete financial information is available for evaluation by the chief operating decision maker or decision-making group (“CODM”) in making decisions on how to allocate resources and assess performance. The Company’s CODM, the Chief Executive Officer, views the Company’s operations as one operating segment, which includes the discovery and development of therapies utilizing our novel proprietary ARCUS platform. Our clinical and preclinical candidates were developed using the ARCUS platform to treat various forms of infectious and genetic disease.
The Company has not generated any revenue from product sales to date and expects to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through development and clinical trials. As such, the CODM uses cash forecast models in managing and allocating resources on a total company basis, such as pursuing clinical development or entering into potential strategic collaborations. The CODM assesses the overall level of
resources available and how to best deploy these resources across functions and research and development projects that are in line with the Company’s long-term strategic goals.
Consistent with its management reporting, results of operations are reported on a Company-wide basis for purposes of segment reporting. The CODM uses Company-wide financial information, including net income (loss) and comprehensive income (loss), net cash used in operating activities for the period, and cash on hand for purposes of evaluating operating results and performance. As the Company operates in one operating segment, all measures of the segment assets are reported on the balance sheets as total assets. Please refer to the financial statements for further information related to these measures of segment performance.
The table below summarizes the significant research and development and general and administrative expense categories regularly provided to the CODM for the three months ended March 31, 2026 and March 31, 2025. Due to the pause in development of the PBGENE-3243 program to prioritize the Company’s two lead programs, PBGENE-HBV and PBGENE-DMD, expenses for PBGENE-3243 have been recast for the periods presented below. The amounts previously reported under “PBGENE-3243 external development costs” are now reported within the “Platform development and early-stage research expense” line items:
Three months ended March 31,
(in thousands)20262025
Revenue$10,838 $29 
Operating expenses
Research and development
Direct research and development expenses by product candidate:
PBGENE-HBV external development costs1,835 1,601 
PBGENE-DMD external development costs3,998 2,438 
Platform development and early-stage research expenses:
Employee-related costs (including share-based compensation)4,506 5,300 
Laboratory supplies and services373 538 
CMOs and outsourced research and development53 2,109 
Facility-related costs, laboratory equipment, and maintenance746 728 
Depreciation and amortization276 340 
Licensing fees and other research and development costs1,323 534 
Total research and development expenses$13,110 $13,588 
General and administrative expense
Employee-related costs (including share-based compensation)3,828 5,460 
Consulting and professional services1,436 1,536 
Other operating expenses and all other costs1,539 1,557 
Total general and administrative expenses$6,803 $8,553 
Total operating expenses$19,913 $22,141 
Operating loss(9,075)(22,112)
Total other (expense) income(9,366)1,547 
Net loss$(18,441)$(20,565)