v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information
11.
Segment Information

The Company operates and manages its business as one operating and reportable segment, which is the business of developing curative therapeutics for patients using the Company’s proprietary, comprehensive metagenomics-derived genome editing toolbox. All of the Company’s long-lived assets are located in the U.S. All revenue presented relate to contracts with customers located in the U.S. The chief executive officer, who is the chief operating decision maker (CODM), reviews financial information on a basis for purposes of evaluating financial performance, making operating decisions, allocating resources and planning and forecasting for future periods. The CODM assesses performance and decides how to allocate resources based on net loss. This measure is used to monitor budget versus actual results to evaluate the performance of the segment.

The following table presents the results of operations that are provided to the Company’s CODM for the periods presented (in thousands).

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Collaboration revenue:

 

 

 

 

 

 

 

 

 

 

 

Ionis

$

(257

)

 

$

8,202

 

 

$

991

 

 

$

12,176

 

Affini-T

 

—

 

 

 

286

 

 

 

—

 

 

 

439

 

Other

 

—

 

 

 

25

 

 

 

—

 

 

 

25

 

Total collaboration revenue

 

(257

)

 

 

8,513

 

 

 

991

 

 

 

12,640

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Employee-related expenses

 

7,419

 

 

 

10,119

 

 

 

15,294

 

 

 

21,783

 

Facilities and overhead costs

 

6,975

 

 

 

7,667

 

 

 

13,366

 

 

 

15,036

 

Professional services and consulting

 

2,465

 

 

 

2,549

 

 

 

5,137

 

 

 

5,094

 

Research and development supplies and services

 

9,389

 

 

 

5,944

 

 

 

15,734

 

 

 

13,385

 

Stock-based compensation expense

 

2,268

 

 

 

3,221

 

 

 

4,820

 

 

 

6,149

 

Total operating expenses

 

28,516

 

 

 

29,500

 

 

 

54,351

 

 

 

61,447

 

Operating loss

 

(28,773

)

 

 

(20,987

)

 

 

(53,360

)

 

 

(48,807

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest and other

 

1,291

 

 

 

2,415

 

 

 

2,829

 

 

 

5,294

 

Change in fair value of long-term investments

 

—

 

 

 

(1,292

)

 

 

—

 

 

 

(1,292

)

Provision for income taxes

 

—

 

 

 

(44

)

 

 

(10

)

 

 

(142

)

Net loss

$

(27,482

)

 

$

(19,908

)

 

$

(50,541

)

 

$

(44,947

)