| Segment Reporting |
For purposes of evaluating performance and allocating resources, the Company’s CODM, its Chief Executive Officer, regularly reviews consolidated net income (loss) as reported in the Company’s consolidated statements of operations and comprehensive income (loss) as compared to budget. The measure of segment assets is reported in the consolidated balance sheets as total consolidated assets. In addition to the significant expense categories included within consolidated net income (loss) presented in the Company’s condensed consolidated statements of operations and comprehensive income (loss), see below for disaggregated amounts that comprise research and development expenses for the three and six months ended June 30, 2026 and 2025 (in thousands): | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2026 | | 2025 | | 2026 | | 2025 | | Revenue: | | | | | | | | | | | | | | License revenue | | $ | — | | $ | — | | $ | — | | $ | 17,389 | | Collaboration revenue | | | 1,662 | | | 2,666 | | | 3,403 | | | 2,666 | | Total revenue | | | 1,662 | | | 2,666 | | | 3,403 | | | 20,055 | | Operating expenses: | | | | | | | | | | | | | | Research and development expenses | | | | | | | | | | | | | | External costs | | | | | | | | | | | | | | CROs, CMOs and clinical trials | | | 40,437 | | | 66,089 | | | 81,365 | | | 131,162 | | Professional consulting services | | | 8,621 | | | 7,417 | | | 15,425 | | | 13,821 | | Other research and development costs | | | 3,386 | | | 2,995 | | | 5,756 | | | 5,291 | | Internal costs | | | | | | | | | | | | | | Personnel-related costs | | | 27,212 | | | 26,821 | | | 53,277 | | | 44,479 | | Facilities and overhead costs | | | 5,681 | | | 5,433 | | | 11,054 | | | 10,624 | | Total research and development expense | | | 85,337 | | | 108,755 | | | 166,877 | | | 205,377 | | General and administrative expenses | | | 23,356 | | | 34,450 | | | 41,966 | | | 56,745 | | Intangible assets impairment loss | | | 41,824 | | | — | | | 41,824 | | | — | | Total operating expenses | | | 150,517 | | | 143,205 | | | 250,667 | | | 262,122 | | Loss from operations | | | (148,855) | | | (140,539) | | | (247,264) | | | (242,067) | | Total other income (expense), net | | | 4,877 | | | 191,299 | | | 10,233 | | | 193,864 | | Net income (loss) before income taxes | | | (143,978) | | | 50,760 | | | (237,031) | | | (48,203) | | Income tax benefit | | | 1,757 | | | 8,561 | | | 1,757 | | | 8,561 | | Net income (loss) | | $ | (142,221) | | $ | 59,321 | | $ | (235,274) | | $ | (39,642) | |
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