v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information
11.
Segment Information

The Company operates and manages its business as one operating and reportable segment, which is the business of developing curative therapeutics for patients using the Company’s proprietary, comprehensive metagenomics-derived genome editing toolbox. All of the Company’s long-lived assets are located in the U.S. All revenue presented relate to contracts with customers located in the U.S. The chief executive officer, who is the chief operating decision maker (CODM), reviews financial information on a basis for purposes of evaluating financial performance, making operating decisions, allocating resources and planning and forecasting for future periods. The CODM assesses performance and decides how to allocate resources based on net loss. This measure is used to monitor budget versus actual results to evaluate the performance of the segment.

The following table presents the results of operations that are provided to the Company’s CODM for the periods presented (in thousands).

Three Months Ended
March 31,

 

2026

 

 

2025

 

Collaboration revenue:

 

 

 

 

 

Ionis

$

1,248

 

 

$

3,974

 

Affini-T

 

—

 

 

 

153

 

Total collaboration revenue

 

1,248

 

 

 

4,127

 

Operating expenses:

 

 

 

 

 

Employee-related expenses

 

7,875

 

 

 

11,664

 

Facilities and overhead costs

 

6,391

 

 

 

7,369

 

Professional services and consulting

 

2,672

 

 

 

2,545

 

Research and development supplies and services

 

6,345

 

 

 

7,441

 

Stock-based compensation expense

 

2,552

 

 

 

2,928

 

Total operating expenses

 

25,835

 

 

 

31,947

 

Operating loss

 

(24,587

)

 

 

(27,820

)

Other income (expense):

 

 

 

 

 

Interest and other

 

1,538

 

 

 

2,879

 

Provision for income taxes

 

(10

)

 

 

(98

)

Net loss

$

(23,059

)

 

$

(25,039

)