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

14. Segment Data

The Company defines its segments on the basis of the way in which internally reported financial information is regularly reviewed by the chief operating decision maker, or CODM, to analyze financial performance, make decisions, and allocate resources. The Company’s CODM is John Evans, its Chief Executive Officer. The Company manages its operations as a single operating and reportable segment and the measure of segment profit or loss is consolidated net income (loss). The CODM uses net income (loss) in the budget and forecasting process and considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources.

The internal reporting of significant segment expenses is based on the functional classification. External expenses include costs from external manufacturing, clinical and research organizations, supply chain and logistics costs, consultants, and other vendors. Employee related expenses include employee salaries and benefits costs, employee meal, travel and entertainment spend, along with payroll related taxes and other similar items. These functional costs exclude stock-based compensation, facility and information technology costs, depreciation and amortization, and other segment items.

The table below provides information about the Company’s segment, including significant expenses, other segment items, certain other segment expenses, and a reconciliation to net income (loss):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

License and collaboration revenue

 

$

31,738

 

 

$

7,470

 

Research and development expenses

 

 

 

 

 

 

External research and development expenses*

 

 

30,077

 

 

 

34,421

 

Employee related expenses*

 

 

32,867

 

 

 

29,242

 

General and administrative expenses

 

 

 

 

 

 

External general and administrative expenses*

 

 

13,366

 

 

 

5,373

 

Employee related expenses*

 

 

11,951

 

 

 

10,441

 

Facility and information technology related expenses*

 

 

14,438

 

 

 

14,383

 

Depreciation and amortization

 

 

5,605

 

 

 

5,528

 

Stock-based compensation

 

 

19,044

 

 

 

26,682

 

Interest and other income

 

 

(9,867

)

 

 

(9,864

)

Other segment items

 

 

8,575

 

 

 

(406

)

Net income (loss)

 

$

(94,318

)

 

$

(108,330

)

* Denotes significant segment expense

Other segment items includes:

•
Change in fair value of derivative liabilities
•
Change in fair value of non-controlling equity investments
•
Change in fair value of contingent consideration liabilities
•
Milestone expense
•
License and sublicenses fees