| Summary of Segment Expenses and Reported Segment Net Loss |
The following table provides segment revenues, significant segment expenses and reported segment net loss for the three and six months ended June 30, 2026 and 2025 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Revenue from customers |
$ |
- |
|
|
$ |
965 |
|
|
$ |
2,830 |
|
|
$ |
1,276 |
|
Revenue from licensing agreements |
|
27,778 |
|
|
|
- |
|
|
|
27,778 |
|
|
|
- |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
Early-stage research and development(1) |
|
(703 |
) |
|
|
(688 |
) |
|
|
(1,120 |
) |
|
|
(1,530 |
) |
Late-stage research and development(2) |
|
(23,347 |
) |
|
|
(13,288 |
) |
|
|
(46,282 |
) |
|
|
(26,948 |
) |
General and Administrative |
|
(5,618 |
) |
|
|
(5,556 |
) |
|
|
(12,025 |
) |
|
|
(10,608 |
) |
Total operating expenses |
|
(29,668 |
) |
|
|
(19,532 |
) |
|
|
(59,427 |
) |
|
|
(39,086 |
) |
Interest and other income, net |
|
221 |
|
|
|
1,207 |
|
|
|
1,032 |
|
|
|
2,087 |
|
Change in fair value of 2023 Common Warrants |
|
2,976 |
|
|
|
1,682 |
|
|
|
6,371 |
|
|
|
63,176 |
|
Income (loss) before income tax |
|
1,307 |
|
|
|
(15,678 |
) |
|
|
(21,416 |
) |
|
|
27,453 |
|
Income tax provision |
|
(2,811 |
) |
|
|
(185 |
) |
|
|
(3,128 |
) |
|
|
(228 |
) |
Segment and consolidated net (loss) income |
$ |
(1,504 |
) |
|
$ |
(15,863 |
) |
|
$ |
(24,544 |
) |
|
$ |
27,225 |
|
(1) Early-stage research and development includes costs incurred from Discovery programs. (2) Late-stage research and development includes costs incurred from Phase 1 and Phase 2 clinical trial programs.
|