| Summary of Reconciliation to Net Loss |
A reconciliation to the net loss for the three and six months ended June 30, 2026 and 2025 is included at the bottom of the table below.
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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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Segment expenses: |
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Personnel related expenses, excluding share-based compensation(1) |
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8,628 |
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$ |
7,718 |
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$ |
17,395 |
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$ |
23,615 |
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Facilities expenses |
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4,476 |
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4,771 |
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8,869 |
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9,336 |
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Direct external development program expenses |
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10,997 |
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4,850 |
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18,476 |
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10,270 |
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Other segment expenses(2) |
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6,382 |
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5,463 |
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12,381 |
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11,012 |
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Total segment expenses: |
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30,483 |
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22,802 |
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57,121 |
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54,233 |
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Segment loss |
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(30,483 |
) |
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(22,802 |
) |
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(57,121 |
) |
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(54,233 |
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Reconciling items: |
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Depreciation and amortization |
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(2,732 |
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(2,331 |
) |
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(5,072 |
) |
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(4,630 |
) |
Share-based compensation |
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(1,865 |
) |
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(2,053 |
) |
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(3,763 |
) |
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(4,887 |
) |
Impairment of property and equipment |
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(5,670 |
) |
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— |
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(5,670 |
) |
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— |
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Impairment of right-of-use asset |
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(2,378 |
) |
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— |
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(2,378 |
) |
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— |
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Interest income |
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2,538 |
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3,970 |
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5,376 |
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8,346 |
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Other income, net |
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222 |
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239 |
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428 |
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444 |
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Net loss |
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$ |
(40,368 |
) |
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$ |
(22,977 |
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$ |
(68,200 |
) |
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$ |
(54,960 |
) |
(1) Personnel related expenses include ($0.1) million and $5.0 million of severance and other benefits expense for the three and six months ended June 30, 2025, respectively. (2) Other segment items include consultants and contractor, lab supplies, and general business expenses.
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