v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company manages its business as one reportable operating segment, in-house early-stage R&D to build a pipeline of high-value assets using its proven technology along with seeking to enter into partnerships to drive value creation for its assets. The Company has determined its reportable operating segment based on the management approach, which considers the internal organization and reporting used by the Company’s chief operating decision-maker (“CODM”) to make decisions about allocating resources and assessing the Company’s performance. The Company’s CODM uses consolidated single-segment net income (loss) as reported in the Consolidated Statements of Operations to evaluate performance, forecast future period financial results, allocate resources, and set incentive targets.
The table below summarizes the significant expense categories regularly reviewed by the CODM (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Revenue
$56,698 $239,240 $196,212 $905,895 
Cost of sales
14,246 15,325 44,941 29,439 
Research and development expenses:
Direct COVID-19 Vaccine(1)
20,073 13,077 54,328 28,824 
Direct CIC and influenza vaccines703 7,117 3,556 19,621 
Direct other vaccine development programs(1)
3,129 842 5,393 997 
Employee and benefit expenses
30,820 36,149 68,875 76,060 
Facility and other research and development expenses(2)
15,968 22,048 34,013 42,668 
Selling, general, and administrative expense
26,665 43,612 55,442 91,702 
Other segment income (expense)(3)
1,519 5,438 7,458 8,570 
Net income (loss)
$(53,387)$106,508 $(62,878)$625,154 
(1)    Direct R&D expenses are comprised primarily of costs paid to third parties for clinical and product development activities. Direct COVID-19 Vaccines expenses include costs associated with the Phase 3 trial for the Company’s CIC and stand-alone influenza vaccine candidates.

(2)    Facility and other research and development expenses consist of indirect costs incurred in support of overall research and development activities and non-specific programs, such as overhead costs, information technology, and facility-based expenses not allocated to a specific program.

(3)     Other segment income (expense) includes interest expense, income tax expense, and other income, net.

Total revenue by the Company’s customer’s or collaboration partner’s geographic location was as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520252024
United States
$38,437 $198,183 $134,530 $237,593 
Canada
— — — 575,670 
Europe1,118 3,627 21,264 11,712 
Rest of the world
17,143 37,430 40,418 80,920 
Total revenue
$56,698 $239,240 $196,212 $905,895 
Total long-lived assets of the Company by geographic location were as follows (in thousands):
June 30, 2026December 31, 2025
United States$52,182 $60,682 
Europe5,793 7,015 
Total long-lived assets
$57,975 $67,697