| Schedule of Reportable Segment Revenue, Operating Expenses, and Net Loss |
The following table illustrates information about segment revenue, significant segment expenses, and segment net loss.
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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(in thousands) |
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License and other revenue |
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$ |
350 |
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$ |
677 |
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$ |
3,350 |
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$ |
8,355 |
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Less: |
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Research and development expenses |
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External costs for programs in clinical trials |
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$ |
48,329 |
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$ |
20,488 |
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$ |
89,712 |
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$ |
44,161 |
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External costs for platform technologies and preclinical programs |
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4,100 |
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12,769 |
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7,791 |
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27,407 |
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Employee related expenses (1) |
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14,487 |
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14,903 |
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28,826 |
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31,914 |
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Other expenses (2) |
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3,413 |
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5,563 |
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7,432 |
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11,331 |
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General and administrative expenses (3) |
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11,306 |
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8,299 |
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18,423 |
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19,224 |
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Other segment expenses (income) |
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Depreciation expense |
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360 |
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1,002 |
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864 |
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2,210 |
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Stock compensation expense in research and development expenses |
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5,837 |
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9,307 |
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12,527 |
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20,996 |
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Stock compensation expense in general and administrative expenses |
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3,342 |
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5,193 |
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7,189 |
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12,829 |
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Interest income |
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(7,115 |
) |
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(7,105 |
) |
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(12,467 |
) |
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(14,918 |
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Other (income) expense |
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(2 |
) |
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633 |
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51 |
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641 |
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Segment net loss |
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(83,707 |
) |
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(70,375 |
) |
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(156,998 |
) |
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(147,440 |
) |
Reconciliation to consolidated net loss: |
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Adjustments or reconciling items |
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— |
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— |
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— |
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— |
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Consolidated net loss |
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$ |
(83,707 |
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$ |
(70,375 |
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$ |
(156,998 |
) |
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$ |
(147,440 |
) |
The expense categories and amounts in the table above align with the segment-level information regularly provided to the CODM. (1) "Employee related expenses" within research and development expenses excludes stock compensation expense. (2) "Other expenses" within research and development expenses excludes depreciation expense. (3) "General and administrative expenses" excludes stock compensation expense and depreciation expense.
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