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

Note 15 – Segment Information

The Company’s Chief Executive Officer (“CEO”) is the Chief Operating Decision Maker (“CODM”). The CODM allocates resources and makes operating decisions based on financial information presented on a consolidated basis. The CODM does not evaluate profitability below the level of the consolidated company. Accordingly, the Company has determined that it has a single reportable segment and operating segment structure. The Company views its operations and manages its business as a single operating segment, the gene therapy segment, which is the business of developing AAV-based gene therapies for the treatment of severe monogenic diseases of the central nervous system.

The gene therapy segment derived revenue solely from the Astellas Agreements (see Note 6). The accounting policies of the gene therapy segment are the same as those described in the summary of significant accounting policies.

The CODM reviews significant segment expenses including direct program expenses and compensation expenses as part of the assessment of segment profit and loss. The measure of segment assets is reported on the balance sheet as total consolidated assets.

The following table presents significant segment expenses for the three and six months ended June 30, 2026 and 2025 (in thousands):

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue

 

$

—

 

 

$

1,986

 

 

$

—

 

 

$

4,288

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development program expense

 

 

 

 

 

 

 

 

 

 

 

 

Program expense

 

 

21,871

 

 

 

8,373

 

 

 

40,328

 

 

 

12,371

 

Consultants and contractors expense

 

 

5,351

 

 

 

3,263

 

 

 

9,246

 

 

 

6,472

 

Compensation expense

 

 

16,377

 

 

 

10,850

 

 

 

31,767

 

 

 

22,120

 

Other segment expense(a)

 

 

3,040

 

 

 

6,382

 

 

 

7,708

 

 

 

11,736

 

Consolidated net loss

 

$

(46,639

)

 

$

(26,882

)

 

$

(89,049

)

 

$

(48,411

)

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Other segment expense included in consolidated net loss includes interest income, depreciation, insurance, travel, software and subscription services, legal, professional and consulting expense, commercial readiness expense, rent and facilities expense, other general and administrative expense, net gain on lease termination, change in fair value of term loan, change in fair value of warrant liability and other expense.