v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information

14. Segment Information

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (CODM), or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s CODM, its Chief Executive Officer, views the Company’s operations and manages the business as one operating segment focused on the development and commercialization of gene therapies to treat an array of diseases. The determination of a single operating segment is consistent with the consolidated financial information regularly provided to the CODM.

The CODM reviews and evaluates consolidated net income (loss) for purposes of assessing performance, making operating decisions and allocating resources. The CODM uses net income (loss) to assess performance versus operating budgets and in the preparation of near-term and long-range operating plans to inform decisions on resource and capital allocation. The CODM reviews consolidated cash, cash equivalents and marketable securities as a measure of segment assets. As of June 30, 2026 and December 31, 2025, the Company’s cash, cash equivalents and marketable securities were $105.5 million and $240.9 million, respectively.

The following table presents information about the Company's segment revenues, significant segment expenses regularly provided to the CODM, other segment items and consolidated net income (loss) (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenues

 

$

108,019

 

 

$

21,359

 

 

$

114,412

 

 

$

110,371

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of license and royalty revenues

 

 

1,042

 

 

 

5,209

 

 

 

12,116

 

 

 

8,645

 

Research and development expense

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

18,921

 

 

 

18,047

 

 

 

38,940

 

 

 

36,689

 

Direct development and support (a)

 

 

26,924

 

 

 

31,041

 

 

 

54,021

 

 

 

55,060

 

Facilities

 

 

2,856

 

 

 

2,753

 

 

 

5,702

 

 

 

5,521

 

Stock-based compensation

 

 

3,851

 

 

 

3,989

 

 

 

7,611

 

 

 

7,936

 

Depreciation and amortization

 

 

3,534

 

 

 

3,670

 

 

 

7,151

 

 

 

7,381

 

Total research and development expense

 

 

56,086

 

 

 

59,500

 

 

 

113,425

 

 

 

112,587

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

5,744

 

 

 

5,524

 

 

 

11,997

 

 

 

11,488

 

Other general and administrative (b)

 

 

9,078

 

 

 

8,201

 

 

 

17,675

 

 

 

16,420

 

Facilities

 

 

1,369

 

 

 

1,259

 

 

 

2,728

 

 

 

2,589

 

Stock-based compensation

 

 

5,202

 

 

 

4,664

 

 

 

10,059

 

 

 

9,254

 

Depreciation and amortization

 

 

223

 

 

 

235

 

 

 

463

 

 

 

479

 

Total general and administrative expense

 

 

21,616

 

 

 

19,883

 

 

 

42,922

 

 

 

40,230

 

Other segment items (c)

 

 

(6,566

)

 

 

(7,638

)

 

 

(13,291

)

 

 

(13,697

)

Net income (loss)

 

$

22,709

 

 

$

(70,871

)

 

$

(67,342

)

 

$

(64,788

)

 

(a)
Direct development and support includes external goods and services for the development of product candidates and early-stage research activities, laboratory costs, consulting, development cost reimbursement to and from collaborators and other expenses in support of research and development activities.
(b)
Other general and administrative expenses include professional and administrative services, consulting, commercial cost reimbursement to and from collaborators and other corporate overhead expenses.
(c)
Other segment items include other operating expenses, interest income from licensing, investment income and interest expense.

 

The Company’s interest income included interest income from licensing as presented in the consolidated statements of operations and comprehensive income (loss), as well as interest income from investments of $1.2 million and $3.2 million during the three and six months ended June 30, 2026, respectively, and $3.4 million and $5.9 million during the three and six months ended June 30, 2025, respectively, which is included within investment income in the consolidated statements of operations and comprehensive income (loss).

The substantial majority of the Company’s assets reside in the United States.