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

3. Segment reporting

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), the Company's Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment. When evaluating the Company's financial performance, the CODM reviews total expenses and expenses by function. Further, the CODM reviews the segment's assets based on total assets reported on the consolidated balance sheet.

The table below is a summary of the segment loss, including significant segment expenses (in thousands):

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2026

 

 

2025 (1)

 

 

2026

 

 

2025 (1)

 

 

 

(in thousands)

(in thousands)

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research, development, and laboratory

 

$

10,591

 

 

$

8,962

 

 

$

20,649

 

 

$

21,053

 

Facility costs

 

 

10,365

 

 

 

10,856

 

 

 

20,844

 

 

 

22,573

 

Support functions

 

 

6,911

 

 

 

6,901

 

 

 

14,179

 

 

 

15,070

 

Stock-based compensation

 

 

5,342

 

 

 

6,629

 

 

 

11,004

 

 

 

13,651

 

Technical operations and manufacturing

 

 

5,647

 

 

 

4,511

 

 

 

9,633

 

 

 

11,948

 

Other(2)

 

 

2,651

 

 

 

2,243

 

 

 

5,379

 

 

 

4,480

 

Research and development related success payments and contingent consideration

 

 

23,913

 

 

 

10,262

 

 

 

32,346

 

 

 

12,219

 

Impairment of long-lived assets

 

 

-

 

 

 

44,611

 

 

 

-

 

 

 

44,611

 

Total operating expenses

 

 

65,420

 

 

 

94,975

 

 

 

114,034

 

 

 

145,605

 

Loss from operations

 

 

(65,420

)

 

 

(94,975

)

 

 

(114,034

)

 

 

(145,605

)

Interest income, net

 

 

1,129

 

 

 

577

 

 

 

2,080

 

 

 

1,569

 

Other income, net

 

 

656

 

 

 

598

 

 

 

1,109

 

 

 

847

 

Net loss

 

$

(63,635

)

 

$

(93,800

)

 

$

(110,845

)

 

$

(143,189

)

 

(1) Certain amounts for the three and six months ended June 30, 2025 have been reclassified to conform to the presentation as of the three and six months ended June 30, 2026.

(2) Other includes licensing costs, consulting fees, insurance, and business taxes for the three and six months ended June 30, 2026 and 2025.