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

12. Segment Information

The Company’s Chief Operating Decision Maker (“CODM”), the Company’s Chief Executive Officer, views the Company’s operations and manages its business as a single operating segment, which is the business of developing and commercializing genetic medicines. The Company therefore has one reportable segment.

The CODM reviews the segment’s profit or loss based on net loss reported on the condensed consolidated statement of operations and comprehensive loss and considers forecast-to-actual variances quarterly for expenses that are deemed significant in making resource allocation decisions and assessing performance. Further, the CODM reviews the segment’s assets based on total assets reported on the condensed consolidated balance sheets. All long-lived assets are held in the United States.

The CODM views specific categories within research and development expenses and general and administrative expenses in totality as significant. Further, the CODM views the external research and development expenses of specific programs as significant given the impact on achieving the Company’s corporate goals. The following table reconciles reported collaboration revenue and segment expenses to net loss under the significant expense principle for the three and six months ended June 30, 2026 and 2025:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Collaboration revenue

 

$

 

3,165

 

 

$

 

5,200

 

 

$

 

5,758

 

 

$

 

11,673

 

External research and development (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anti-tau antibody program (VY7523)

 

 

 

1,959

 

 

 

 

3,705

 

 

 

 

4,336

 

 

 

 

7,954

 

Tau silencing gene therapy program (VY1706)

 

 

 

2,873

 

 

 

 

3,414

 

 

 

 

8,509

 

 

 

 

6,588

 

SOD1 silencing gene therapy program

 

 

 

—

 

 

 

 

380

 

 

 

 

—

 

 

 

 

2,266

 

Partnered programs (2)

 

 

 

1,787

 

 

 

 

1,898

 

 

 

 

2,459

 

 

 

 

2,889

 

Other programs and platforms (3)

 

 

 

2,437

 

 

 

 

3,818

 

 

 

 

4,136

 

 

 

 

6,999

 

Internal research and development (4)

 

 

 

7,781

 

 

 

 

10,263

 

 

 

 

15,874

 

 

 

 

20,221

 

Facilities and other research and development (5)

 

 

 

5,204

 

 

 

 

7,852

 

 

 

 

11,329

 

 

 

 

15,939

 

General and administrative (5)

 

 

 

7,516

 

 

 

 

10,495

 

 

 

 

15,777

 

 

 

 

20,135

 

Interest income

 

 

 

1,528

 

 

 

 

2,831

 

 

 

 

3,440

 

 

 

 

6,122

 

Other income

 

 

 

411

 

 

 

 

427

 

 

 

 

846

 

 

 

 

845

 

Income tax provision

 

 

 

20

 

 

 

 

15

 

 

 

 

34

 

 

 

 

52

 

Net loss

 

$

 

(24,473

)

 

$

 

(33,382

)

 

$

 

(52,410

)

 

$

 

(64,403

)

 

(1)
External research and development is allocated to the Company’s programs and platforms and includes laboratory supplies and non-employee consultant and contractor costs.
(2)
Partnered programs include programs in which the Company is collaborating with partners to develop AAV gene therapy products and product candidates under the Company’s 2019 and 2023 Neurocrine Collaboration Agreements and the License and Collaboration Agreement the Company entered into with Novartis on December 28, 2023.
(3)
Other programs and platforms consist of expenses related to other early research programs and platforms that are not considered quantitatively and qualitatively significant, including capsid discovery, non-viral delivery, and early research programs.
(4)
Internal research and development consist of employee-related expenses, including salaries, benefits, and stock-based compensation expense.
(5)
Depreciation and amortization expense is allocated between general and administrative and facilities and other research and development.