v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
19.
Segment Reporting

The Company has one reportable segment related to R&D and commercial readiness of its gene therapies.

The Company’s CODM is its Chief Executive Officer and the senior leadership team. The CODM manages the Company’s operations on an integrated basis for the purpose of allocating resources. When evaluating the Company’s financial performance, the CODM regularly reviews total expenses and expenses by significant areas to make decisions on a company-wide basis.

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

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2026

 

2025

 

2026

 

2025

 

Revenue

$

-

 

$

-

 

$

-

 

$

-

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

29,497

 

 

42,658

 

 

60,951

 

 

78,600

 

Non-commercial general and administrative

 

13,665

 

 

17,042

 

 

27,766

 

 

37,657

 

Commercial general and administrative

 

3,760

 

 

7,978

 

 

6,716

 

 

15,809

 

Restructuring

 

-

 

 

3,471

 

 

-

 

 

3,471

 

Total operating expenses

 

46,922

 

 

71,149

 

 

95,433

 

 

135,537

 

Loss from operations

 

(46,922

)

 

(71,149

)

 

(95,433

)

 

(135,537

)

Gain on sale of PRV

 

178,190

 

 

-

 

 

178,190

 

 

-

 

Interest expense

 

(473

)

 

(473

)

 

(946

)

 

(945

)

Interest and other income, net

 

347

 

 

483

 

 

508

 

 

1,819

 

Accretion of discount on investments, net

 

693

 

 

2,220

 

 

1,922

 

 

4,410

 

Earnings (losses) before Income Taxes

 

131,835

 

 

(68,919

)

 

84,241

 

 

(130,253

)

Provision for Income Taxes

 

(8,621

)

 

-

 

 

(8,621

)

 

-

 

Net Segment income (loss) and Net income (loss)

$

123,214

 

$

(68,919

)

$

75,620

 

$

(130,253

)

The Company’s CODM uses net loss to evaluate past spending and to guide decisions regarding future spending. Net income (loss) is used to monitor budget versus actual results. The CODM also uses net income (loss) in analysis of programs and along with the monitoring of budgeted versus actual results in assessing performance of the segment and in establishing manager’s compensation. The measure of segment assets is reported on the balance sheet as total assets.