| Summary of Segment Net Loss Including Significant Segment Expenses |
Summary of the segment net loss, including significant segment expenses, was as follows:
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Three Months Ended |
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Six Months Ended |
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June 30, |
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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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(in thousands) |
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(in thousands) |
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Revenue |
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$ |
9,839 |
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|
$ |
63,745 |
|
|
$ |
24,362 |
|
|
$ |
81,144 |
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Less: |
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Personnel-related expenses |
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(12,776 |
) |
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(21,823 |
) |
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(26,713 |
) |
|
|
(48,793 |
) |
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Outside services |
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(17,194 |
) |
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|
(16,369 |
) |
|
|
(39,269 |
) |
|
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(35,747 |
) |
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Preclinical research and clinical development expenses |
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(2,651 |
) |
|
|
1,356 |
|
|
|
(3,896 |
) |
|
|
(4,599 |
) |
|
Laboratory supplies |
|
|
(722 |
) |
|
|
(3,397 |
) |
|
|
(1,335 |
) |
|
|
(7,556 |
) |
|
Facility and maintenance expenses |
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(2,934 |
) |
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|
(3,818 |
) |
|
|
(5,994 |
) |
|
|
(7,253 |
) |
|
Equipment and office-related expenses |
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(3,089 |
) |
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|
(4,388 |
) |
|
|
(6,182 |
) |
|
|
(9,114 |
) |
|
Travel-related expenses |
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|
(160 |
) |
|
|
(229 |
) |
|
|
(274 |
) |
|
|
(476 |
) |
|
Restructuring and related costs |
|
|
(201 |
) |
|
|
(18,422 |
) |
|
|
(243 |
) |
|
|
(39,465 |
) |
|
Operating expenses |
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(39,727 |
) |
|
|
(67,090 |
) |
|
|
(83,906 |
) |
|
|
(153,003 |
) |
|
Loss from operations |
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|
(29,888 |
) |
|
|
(3,345 |
) |
|
|
(59,544 |
) |
|
|
(71,859 |
) |
|
Non-cash interest expense related to the sale of future royalties |
|
|
(9,862 |
) |
|
|
(9,647 |
) |
|
|
(19,329 |
) |
|
|
(18,991 |
) |
|
Interest income |
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|
1,723 |
|
|
|
2,519 |
|
|
|
3,358 |
|
|
|
5,708 |
|
|
Interest and other income (expense), net |
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|
(505 |
) |
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|
(1,044 |
) |
|
|
(1,516 |
) |
|
|
(2,336 |
) |
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Non-operating loss |
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(8,644 |
) |
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(8,172 |
) |
|
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(17,487 |
) |
|
|
(15,619 |
) |
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Loss before provision for income taxes |
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|
(38,532 |
) |
|
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(11,517 |
) |
|
|
(77,031 |
) |
|
|
(87,478 |
) |
|
Income tax benefits (expense) |
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|
(1 |
) |
|
|
18 |
|
|
|
14 |
|
|
|
11 |
|
|
Segment net loss |
|
$ |
(38,533 |
) |
|
$ |
(11,499 |
) |
|
$ |
(77,017 |
) |
|
$ |
(87,467 |
) |
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