Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting

Schedule of statements of operations for segment including significant segment expenses

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)