| Summary of Results of Operations Provided to Company's CODM |
The following table presents the results of operations that are provided to the Company’s CODM for the periods presented (in thousands).
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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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Collaboration revenue: |
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Ionis |
$ |
(257 |
) |
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$ |
8,202 |
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$ |
991 |
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$ |
12,176 |
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Affini-T |
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— |
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|
286 |
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— |
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|
439 |
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Other |
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— |
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25 |
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— |
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|
25 |
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Total collaboration revenue |
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(257 |
) |
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8,513 |
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|
991 |
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12,640 |
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Operating expenses: |
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Employee-related expenses |
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7,419 |
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10,119 |
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15,294 |
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21,783 |
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Facilities and overhead costs |
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6,975 |
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7,667 |
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13,366 |
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15,036 |
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Professional services and consulting |
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2,465 |
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2,549 |
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5,137 |
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5,094 |
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Research and development supplies and services |
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9,389 |
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5,944 |
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15,734 |
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13,385 |
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Stock-based compensation expense |
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2,268 |
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3,221 |
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4,820 |
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|
6,149 |
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Total operating expenses |
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28,516 |
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|
29,500 |
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|
54,351 |
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|
61,447 |
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Operating loss |
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(28,773 |
) |
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(20,987 |
) |
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(53,360 |
) |
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(48,807 |
) |
Other income (expense): |
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Interest and other |
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1,291 |
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2,415 |
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2,829 |
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5,294 |
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Change in fair value of long-term investments |
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— |
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(1,292 |
) |
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— |
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(1,292 |
) |
Provision for income taxes |
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— |
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|
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(44 |
) |
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(10 |
) |
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(142 |
) |
Net loss |
$ |
(27,482 |
) |
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$ |
(19,908 |
) |
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$ |
(50,541 |
) |
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$ |
(44,947 |
) |
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