v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company operates as one operating segment, which is focused on the discovery, development, manufacturing and commercialization of genetic medicines to treat diseases with high unmet medical needs. The Company’s chief operating decision maker (“CODM”), our chief executive officer, utilizes financial information presented on a consolidated basis to manage and allocate resources. The CODM uses consolidated gross margin, operating margin, net income and total research and development expenses by product candidate or program to assess performance, forecast future financial results and to allocate resources.
The following table presents selected financial information with respect to the Company’s single operating segment for the three months ended June 30, 2026, and 2025:

Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Product revenue, net
$119,222 $96,042 $235,579 $184,225 
Cost of goods sold6,437 7,165 12,760 12,193 
Gross margin
95 %93 %95 %93 %
B-VEC1,539 2,378 2,100 4,353 
KB111
357 704 1,339 735 
KB30426 424 29 667 
KB407520 307 1,278 655 
KB408152 219 295 516 
KB7072,998 2,413 5,435 5,147 
KB801
1,214 426 2,006 879 
KB803487 408 1,618 894 
Other product candidates745 626 1,481 1,317 
Other research and development costs (1)
6,480 6,505 14,268 13,503 
Total research and development
14,518 14,410 29,849 28,666 
Selling, general and administrative
39,850 35,068 80,863 67,714 
Income from operations
$58,417 $39,399 $112,107 $75,652 
Other income
Interest and other income, net
7,662 7,376 15,414 14,720 
Income before income taxes
$66,079 $46,775 $127,521 $90,372 
Income tax expense
(11,311)(8,442)(16,821)(16,305)
Net income
$54,768 $38,333 $110,700 $74,067 
(1)Includes stock-based compensation and other unallocated expenses which consist of shared pre-commercial manufacturing costs, primarily relating to certain raw materials, process development, quality control and quality assurance activities, as well as other manufacturing and facility related costs including rent, storage and depreciation which support the development of multiple product candidates.