v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information

Note 15 – Segment Information

The Company’s Chief Executive Officer (“CEO”) is the Chief Operating Decision Maker (“CODM”). The CODM allocates resources and makes operating decisions based on financial information presented on a consolidated basis. The CODM does not evaluate profitability below the level of the consolidated company. Accordingly, the Company has determined that it has a single reportable segment and operating segment structure. The Company views its operations and manages its business as a single operating segment, the gene therapy segment, which is the business of developing AAV-based gene therapies for the treatment of severe monogenic diseases of the central nervous system.

The gene therapy segment derived revenue solely from the Astellas Agreements (see Note 6). The accounting policies of the gene therapy segment are the same as those described in the summary of significant accounting policies.

The CODM reviews significant segment expenses including direct program expenses and compensation expenses as part of the assessment of segment profit and loss. The measure of segment assets is reported on the balance sheet as total consolidated assets.

The following table presents significant segment expenses for the three months ended March 31, 2026 and 2025 (in thousands):

 

 

For the Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Revenue

 

$

—

 

 

$

2,302

 

Less:

 

 

 

 

 

 

Research and development program expense

 

 

 

 

 

 

Program expense

 

 

18,457

 

 

 

3,998

 

Consultants and contractors expense

 

 

3,895

 

 

 

3,209

 

Compensation expense

 

 

15,390

 

 

 

11,270

 

Other segment expense(a)

 

 

4,668

 

 

 

5,354

 

Consolidated net loss

 

$

(42,410

)

 

$

(21,529

)

 

 

 

 

 

 

 

(a) Other segment expense included in consolidated net loss includes interest income, depreciation, insurance, travel, software and subscription services, legal, professional and consulting expense, rent and facilities expense, other general and administrative expense, impairment of long-lived assets, change in fair value of term loan, change in fair value of warrant liability and other expense.