| Summary of Significant Expense related to the Life Science Segment |
The table below summarizes segment net loss, including significant expenses for the three and six months ended June 30, 2026 and 2025 (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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Milestone Revenue |
$ |
— |
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|
$ |
2,820 |
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|
$ |
— |
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$ |
2,820 |
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Operating expenses: |
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Research and development |
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Clinical product candidates |
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8,760 |
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|
4,388 |
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|
18,280 |
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|
|
9,534 |
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Clinical product manufacturing |
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1,409 |
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6,194 |
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|
5,159 |
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|
9,578 |
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Personnel-related expenses excluding stock-based compensation |
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3,973 |
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|
3,490 |
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8,531 |
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|
|
8,229 |
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Stock-based compensation |
|
451 |
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|
569 |
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|
806 |
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|
1,691 |
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Depreciation and amortization |
|
242 |
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|
|
458 |
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|
630 |
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|
|
931 |
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Other (i) |
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1,222 |
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2,034 |
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|
2,634 |
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|
4,214 |
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Total research and development expenses |
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16,057 |
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17,133 |
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36,040 |
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|
34,177 |
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General and administrative |
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Personnel-related expenses excluding stock-based compensation |
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2,810 |
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|
1,060 |
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|
4,176 |
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|
|
2,551 |
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Stock-based compensation |
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5,077 |
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|
2,446 |
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5,932 |
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|
4,955 |
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Professional and consultant fees |
|
976 |
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|
863 |
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2,028 |
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|
1,677 |
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Other (ii) |
|
1,070 |
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|
1,068 |
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2,174 |
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|
2,124 |
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Total general and administrative expenses |
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9,933 |
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5,437 |
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14,310 |
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|
11,307 |
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Total operating expenses |
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25,990 |
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|
22,570 |
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50,350 |
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|
45,484 |
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Other segment income (iii) |
|
644 |
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|
1,679 |
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|
1,732 |
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|
3,435 |
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Income tax expense |
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— |
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|
|
283 |
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— |
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|
283 |
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Segment net loss |
$ |
(25,346 |
) |
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$ |
(18,354 |
) |
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$ |
(48,618 |
) |
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$ |
(39,512 |
) |
Reconciliation of profit or loss |
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Adjustments and reconciling items |
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— |
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— |
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— |
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— |
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Consolidated net loss |
$ |
(25,346 |
) |
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$ |
(18,354 |
) |
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$ |
(48,618 |
) |
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$ |
(39,512 |
) |
(i)Other research and development segment items include facilities expenses, lab services, professional services and technology costs. (ii)Other general and administrative segment items include facilities expenses, technology costs, insurance and depreciation. (iii)Other segment income for the three months ended June 30, 2026 and 2025 consisted of $0.3 million and $1.0 million of interest and investment income and $0.4 million and $0.7 million of sublease income, respectively. For the six months ended June 30, 2026 and 2025, other segment income consisted of $0.7 million and $2.2 million of interest and investment income and $1.0 million and $1.2 million of sublease income, respectively.
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