v3.26.1
Segment Information
 9 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
We operate in a single segment dedicated to the discovery, development, manufacturing and commercialization of RNAi therapeutics. The Company's RNAi therapeutics are comprised of siRNAs that function upstream of conventional medicines by potently silencing mRNA that encode for proteins implicated in the cause or pathway of disease, thus preventing them from being made. Consistent with our operational structure, our Chief Executive Officer (“CEO”), as the CODM, manages and allocates resources on a consolidated basis at the global corporate level. Our global research and development and technical operations and quality organizations are responsible for the discovery, development, and supply of products. Commercial efforts that coordinate the marketing, sales and distribution of these products are organized by geographic region. All of these activities are supported by corporate staff functions. Managing and allocating resources at the corporate level enables our CEO to assess the overall level of resources available and how to best deploy these resources in line with our overarching long-term, corporate-wide strategic goals. The determination of a single segment is consistent with the consolidated financial information regularly reviewed by the CODM for the purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets.
Consistent with our management reporting, results of our operations are reported on a consolidated basis for purposes of segment reporting. The CEO evaluates performance and decides how to allocate resources based on consolidated net (loss) income that is reported on the consolidated statements of operations and comprehensive (loss) income. The measure of segment assets is reported on the consolidated balance sheets as total assets. The CEO uses consolidated net (loss) income to evaluate loss or income generated from the Company’s business activities in deciding how to allocate company resources (such as pursuing clinical development or entering a strategic collaboration), monitoring budget versus actual results, and establishing management’s compensation. Please refer to the consolidated financial statements for further information related to these measures of segment performance. In addition, research and
development and selling, general and administrative expenses are significant segment expenses regularly provided to the CEO with the following categories:
Research and Development
Three Months Ended June 30,Nine Months Ended June 30,
2026202520262025
(in thousands)
Candidate costs$126,595 $95,007 $331,035 $243,094 
Discovery costs
18,320 21,043 58,645 48,785 
Salaries31,978 26,531 95,563 80,583 
Facilities related7,016 6,457 22,713 20,944 
Total research and development expense, excluding non-cash expense$183,909 $149,038 $507,956 $393,406 
Stock compensation8,149 7,612 22,804 23,049 
Depreciation and amortization6,165 5,718 17,919 16,017 
Total research and development expense$198,223 $162,368 $548,679 $432,472 

Selling, General & Administrative
Three Months Ended June 30,Nine Months Ended June 30,
2026202520262025
(in thousands)
Salaries$14,083 $7,964 $38,457 $23,152 
Professional, outside services, and other23,274 14,869 61,116 35,811 
Facilities related2,549 2,180 5,708 4,546 
Total selling, general and administrative expense, excluding non-cash expense
$39,906 $25,013 $105,281 $63,509 
Stock compensation6,723 5,431 28,109 21,230 
Depreciation/amortization494 505 1,498 1,525 
Total selling, general and administrative expense
$47,123 $30,949 $134,888 $86,264