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

14. Segment Information

The Company operates as one operating segment, focused on discovering, developing and commercializing antiviral therapeutics. The determination of a single business segment is consistent with the consolidated financial information regularly provided to the Company’s Chief Executive Officer (“CEO”) who is also the Chief Operating Decision Maker (“CODM”). As CODM, the CEO, uses consolidated, single-segment financial information for purposes of evaluating 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 consolidated net loss. This measure is used to monitor budget versus actual results to evaluate the performance of the segment.

The CODM reviews cash, cash equivalents and marketable securities as a measure of segment assets. As of June 30, 2026 and December 31, 2025, the Company’s cash, cash equivalents and marketable securities were $219,465 and $301,830, respectively.

The following table illustrates information about significant segment expenses and segment operating loss for the three and six months ended June 30, 2026 and 2025:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development expense (1)

 

 

 

 

 

 

 

 

 

 

 

 

     HCV external costs (2)

 

$

17,924

 

 

 

24,285

 

 

$

47,263

 

 

$

41,869

 

     HEV external costs (2)

 

 

2,910

 

 

 

—

 

 

 

6,917

 

 

 

—

 

     COVID-19 external costs (2)

 

 

—

 

 

 

(78

)

 

 

—

 

 

 

1,156

 

Early stage discovery external costs (2)

 

 

 

 

 

265

 

 

 

—

 

 

 

596

 

     Compensation and related expenses

 

 

4,668

 

 

 

4,419

 

 

 

9,571

 

 

 

10,456

 

     Consulting and professional fees

 

 

502

 

 

 

568

 

 

 

1,069

 

 

 

1,087

 

     Other research and development expenses

 

 

385

 

 

 

397

 

 

 

779

 

 

 

836

 

Total research and development expense

 

 

26,389

 

 

 

29,856

 

 

 

65,599

 

 

 

56,000

 

General and administrative (3)

 

 

 

 

 

 

 

 

 

 

 

 

     Compensation and related expenses

 

 

2,314

 

 

 

2,212

 

 

 

4,692

 

 

 

4,890

 

     Consulting and professional fees

 

 

2,670

 

 

 

4,185

 

 

 

5,030

 

 

 

7,124

 

     Other general and administrative

 

 

345

 

 

 

425

 

 

 

676

 

 

 

754

 

Total general and administrative

 

 

5,329

 

 

 

6,822

 

 

 

10,398

 

 

 

12,768

 

Stock-based compensation

 

 

3,381

 

 

 

4,667

 

 

 

7,110

 

 

 

11,618

 

Other segment items (4)

 

 

(2,166

)

 

 

(4,184

)

 

 

(4,734

)

 

 

(8,953

)

Net loss

 

$

(32,933

)

 

$

(37,161

)

 

$

(78,373

)

 

$

(71,433

)

 

(1)Research and development expense for the three months ended June 30, 2026 and 2025 excludes stock-based compensation of $1,761 and $2,419, respectively. Research and development expense for the six months ended June 30, 2026 and 2025 excludes stock-based compensation of $3,685 and $5,859, respectively.

(2)External costs consist primarily of costs associated with preclinical, clinical and manufacturing related activities.

(3)General and administrative expense for the three months ended June 30, 2026 and 2025 excludes stock-based compensation of $1,620 and $2,248, respectively. General and administrative expense for the six months ended June 30, 2026 and 2025 excludes stock-based compensation of $3,425 and $5,759, respectively.

(4)Other segment items include interest income and other, net and income tax expense.