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)	2026		2025
Revenue	$	10,838	$	29
Operating expenses
Research and development
Direct research and development expenses by product candidate:
PBGENE-HBV external development costs	1,835		1,601
PBGENE-DMD external development costs	3,998		2,438
Platform development and early-stage research expenses:
Employee-related costs (including share-based compensation)	4,506		5,300
Laboratory supplies and services	373		538
CMOs and outsourced research and development	53		2,109
Facility-related costs, laboratory equipment, and maintenance	746		728
Depreciation and amortization	276		340
Licensing fees and other research and development costs	1,323		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 services	1,436		1,536
Other operating expenses and all other costs	1,539		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)