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

13. Segment Information

The Company has identified one operating and reportable segment: the development of gene editing-based therapies. All of the Company’s material assets are held in the U.S. and all of the Company’s collaboration revenue has been generated in the U.S. The operating segment’s revenue is primarily generated through collaboration arrangements with third parties. The Company does not have any intra-entity sales or transfers. The Company manages all business activities on a consolidated basis. The Company’s chief operating decision maker (“CODM”) is the chief executive officer.

The accounting policies for the segment are the same as those described in Note 2, “Summary of Significant Accounting Policies,” in the Company’s Annual Report for the year ended December 31, 2025. The CODM evaluates the performance of the operating segment and allocates resources based on net loss that also is reported on the consolidated statements of operations and comprehensive loss. The CODM uses net loss to monitor budget versus actual results and to analyze cash flows in assessing performance of the segment and allocating resources. The measure of the operating segment assets is reported on the consolidated balance sheets as total assets.

The following table summarizes the reportable segment’s financial information:

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Collaboration revenue

 

$

15,048

 

 

$

16,627

 

Less:

 

 

 

 

 

 

Research and development:

 

 

 

 

 

 

   External development expenses - nex-z

 

 

20,244

 

 

 

23,130

 

   External development expenses - lonvo-z

 

 

8,142

 

 

 

10,668

 

   Other research and development (1)

 

 

52,351

 

 

 

74,629

 

       Total research and development

 

 

80,737

 

 

 

108,427

 

General and administrative (2)

 

 

34,843

 

 

 

29,007

 

Interest income

 

 

(5,205

)

 

 

(8,603

)

Other segment information (3)

 

 

904

 

 

 

2,125

 

Segment and consolidated net loss

 

$

(96,231

)

 

$

(114,329

)
(1)
Includes unallocated research and development expenses including stock-based compensation of $7.6 million and $12.6 million for the three months ended March 31, 2026 and 2025, respectively, as disclosed within Note 10, “Stock-Based Compensation.”
(2)
Includes stock-based compensation of $5.9 million and $9.2 million for the three months ended March 31, 2026 and 2025, respectively, as disclosed within Note 10, “Stock-Based Compensation.”
(3)
Includes change in fair value of investments as disclosed in the Company’s condensed consolidated statements of operations and comprehensive loss.

Depreciation and amortization expense totaled $2.2 million and $2.5 million for the three months ended March 31, 2026 and 2025, respectively.

14. Subsequent Event

On April 28, 2026, the Company entered into an underwriting agreement (the “Underwriting Agreement”) related to a public offering of 16,744,187 shares of its common stock at a public offering price of $10.75 per share. Pursuant to the Underwriting Agreement, the Company granted a 30-day option to purchase up to an additional 2,511,628 shares of its Common Stock at the public offering price, less underwriting discounts and commissions. The option was exercised in full on April 29, 2026. The offering closed on April 30, 2026, for aggregate net proceeds of $194.6 million after deducting underwriting discounts and commissions.