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) (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
License and collaboration revenue	$	490		$	8,466		$	32,228		$	15,936
Research and development expenses
External research and development expenses*		31,566			39,891			61,643			74,312
Employee related expenses*		31,955			27,623			64,822			56,865
General and administrative expenses
External general and administrative expenses*		9,562			6,302			22,927			11,675
Employee related expenses*		12,703			9,992			24,654			20,433
Facility and information technology related expenses*		15,441			14,576			29,879			28,960
Depreciation and amortization		5,410			5,538			11,015			11,066
Stock-based compensation		19,278			24,367			38,322			51,049
Interest and other income		(7,487	)		(12,326	)		(17,354	)		(22,190	)
Other segment items		4,740			(5,359	)		13,316			(5,766	)
Net income (loss)	$	(122,678	)	$	(102,138	)	$	(216,996	)	$	(210,468	)

* Denotes significant segment expense

Other segment items includes:

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Change in fair value of derivative liabilities

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Change in fair value of non-controlling equity investments

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Change in fair value of contingent consideration liabilities

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Milestone expense

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License and sublicenses fees

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Gain on sale of equity method investment