v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company manages the business activities on a consolidated basis and operates as one reportable segment that constitutes all of the consolidated entity, which is the business of powering the immune system to transform lives by discovering and developing medicines for serious infectious diseases and cancer. The Company’s CODM is its Chief Executive Officer. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The measure of segment profit or loss is segment net income (loss) that also is reported on the condensed consolidated statements of operations as consolidated net income (loss). The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets. The CODM uses segment net income (loss) to monitor spending, assess performance for the Company and management, evaluate the progress of completing corporate goals, decide how to allocate resources among the Company’s clinical and pre-clinical portfolios, and make strategic decisions about business development opportunities.
The following table summarizes segment revenues by geographic area (in thousands). Our revenues primarily include license and collaboration revenues recognized under the Company’s collaboration agreements with Astellas. Revenue is attributed to geographic areas based on the location of the Company’s customers and collaboration counterparties.
Three Months Ended
June 30,		Six Months Ended
June 30,
Segment revenues attributed to:2026202520262025
U.S.
Astellas$239,276 $— $239,276 $— 
Other11 183 23 1,421 
Foreign(341)1,031 (382)2,825 
Total segment and consolidated revenue$238,946 $1,214 $238,917 $4,246 
The Company’s long-lived assets are primarily located in the U.S.
The segment revenue, segment profit or loss, and significant segment expenses regularly provided to CODM are summarized as follows (in thousands).
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Segment revenue$238,946 $1,214 $238,917 $4,246 
Less: Segment expenses (1)
Cost of revenue— 11 — 11 
Research and development
Contract manufacturing23,967 14,063 59,974 23,399 
Personnel (2)
28,512 33,165 60,040 66,883 
Clinical costs22,532 20,361 48,666 40,967 
Licenses, collaborations and contingent consideration, net41,211 11,301 38,402 47,892 
Other R&D (3)
19,061 18,619 37,123 37,013 
Selling, general and administrative (2)
30,196 22,283 53,535 46,227 
Restructuring, long-lived assets impairment and related charges, net— (172)— (182)
Plus: Other segment items (4)
6,613 7,459 13,208 26,041 
Segment and consolidated net income (loss)$80,080 $(110,958)$(45,615)$(231,923)
(1) Refer to Note 6 Balance Sheet Components for depreciation and amortization expenses included in segment expenses.
(2) Refer to Note 8 Stock-Based Awards for stock-based compensation expenses included in segment expenses.
(3) Other research and development expenses primarily includes non-personnel research expenses, allocated facility and IT expenses, and depreciation expenses.
(4) Other segment items include change in fair value of equity investments, interest income, other (expense) income, net, and provision for income taxes, all of which were presented on the condensed consolidated statements of operations.