v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company manages its business as one reportable operating segment, in-house early-stage R&D to build a pipeline of high-value assets using its proven technology along with seeking to enter into partnerships to drive value creation for its assets. The Company has determined its reportable operating segment based on the management approach, which considers the internal organization and reporting used by the Company’s chief operating decision-maker (“CODM”) to make decisions about allocating resources and assessing the Company’s performance. The Company’s CODM uses consolidated single-segment net income (loss) as reported in the Consolidated Statements of Operations to evaluate performance, forecast future period financial results, allocate resources, and set incentive targets.
The table below summarizes the significant expense categories regularly reviewed by the CODM (in thousands):
Three Months Ended
March 31,
20262025
Revenue
$139,514 $666,655 
Cost of sales
30,695 14,115 
Research and development expenses:
Direct COVID-19 Vaccine(1)
34,255 7,277 
Direct CIC and influenza vaccines2,853 12,504 
Direct other vaccine development programs(1)
2,264 157 
Employee and benefit expenses
38,056 39,910 
Facility and other research and development expenses(2)
18,044 29,089 
Selling, general, and administrative expense
28,777 48,090 
Other segment income (expense)(3)
5,939 3,133 
Net income (loss)
$(9,491)$518,646 
(1)    Direct R&D expenses are comprised primarily of costs paid to third parties for clinical and product development activities. Direct COVID-19 Vaccines expenses include costs associated with the Phase 3 trial for the Company’s CIC and stand-alone influenza vaccine candidates.

(2)    Facility and other research and development expenses consist of indirect costs incurred in support of overall research and development activities and non-specific programs, such as overhead costs, information technology, and facility-based expenses not allocated to a specific program.

(3)     Other segment income (expense) includes interest expense, income tax expense, and other income, net.

Total revenue by the Company’s customer’s or collaboration partner’s geographic location was as follows (in thousands):
Three Months Ended
March 31,
20262025
United States
$96,093 $39,410 
Canada
— 575,670 
Europe20,146 8,086 
Rest of the world
23,275 43,489 
Total revenue
$139,514 $666,655 
Total long-lived assets of the Company by geographic location were as follows (in thousands):
March 31, 2026December 31, 2025
United States$57,022 $60,682 
Europe6,485 7,015 
Total long-lived assets
$63,507 $67,697