| Summary of Significant Expense Categories and Consolidated Net Loss |
The following is a summary of the significant expense categories and consolidated net loss details provided to the CODM (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Revenue: |
|
$ |
10,131 |
|
|
$ |
11,175 |
|
|
$ |
20,992 |
|
|
$ |
21,635 |
|
Operating costs and expenses: |
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|
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|
|
|
|
|
|
Clinical development, contract manufacturing and other third party costs |
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|
|
|
|
|
|
|
|
|
|
|
Rezpegaldesleukin (IL-2 receptor agonist/regulatory T cell agent) |
|
|
22,389 |
|
|
|
12,930 |
|
|
|
43,125 |
|
|
|
26,733 |
|
Tumor necrosis factor receptor type II (TNFR2) program |
|
|
735 |
|
|
|
3,775 |
|
|
|
1,533 |
|
|
|
6,244 |
|
Discovery research and other programs |
|
|
436 |
|
|
|
2,374 |
|
|
|
332 |
|
|
|
4,044 |
|
Total clinical development, contract manufacturing and other third party costs |
|
|
23,560 |
|
|
|
19,079 |
|
|
|
44,990 |
|
|
|
37,021 |
|
Employee costs (a) |
|
|
14,962 |
|
|
|
10,920 |
|
|
|
28,640 |
|
|
|
22,894 |
|
Facilities costs |
|
|
2,790 |
|
|
|
2,968 |
|
|
|
5,623 |
|
|
|
6,326 |
|
Other operating costs (b) |
|
|
7,095 |
|
|
|
10,324 |
|
|
|
14,797 |
|
|
|
27,584 |
|
Other segment expenses |
|
|
4,065 |
|
|
|
4,114 |
|
|
|
8,337 |
|
|
|
8,575 |
|
Total operating costs and expenses |
|
|
52,472 |
|
|
|
47,405 |
|
|
|
102,387 |
|
|
|
102,400 |
|
Loss from operations |
|
|
(42,341 |
) |
|
|
(36,230 |
) |
|
|
(81,395 |
) |
|
|
(80,765 |
) |
Non-operating income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash interest expense on liability related to sale of future royalties |
|
|
(7,206 |
) |
|
|
(5,394 |
) |
|
|
(15,148 |
) |
|
|
(10,368 |
) |
Interest income |
|
|
9,346 |
|
|
|
1,969 |
|
|
|
13,588 |
|
|
|
4,843 |
|
Other income (expense), net |
|
|
(100 |
) |
|
|
260 |
|
|
|
(436 |
) |
|
|
526 |
|
Total non-operating income (expense), net |
|
|
2,040 |
|
|
|
(3,165 |
) |
|
|
(1,996 |
) |
|
|
(4,999 |
) |
Loss before provision for income taxes and equity method investment |
|
|
(40,301 |
) |
|
|
(39,395 |
) |
|
|
(83,391 |
) |
|
|
(85,764 |
) |
Provision for income taxes |
|
|
2 |
|
|
|
(188 |
) |
|
|
66 |
|
|
|
(136 |
) |
Loss before equity method investment |
|
|
(40,303 |
) |
|
|
(39,207 |
) |
|
|
(83,457 |
) |
|
|
(85,628 |
) |
Loss from equity method investment |
|
|
(319 |
) |
|
|
(2,386 |
) |
|
|
(2,069 |
) |
|
|
(6,847 |
) |
Net loss |
|
$ |
(40,622 |
) |
|
$ |
(41,593 |
) |
|
$ |
(85,526 |
) |
|
$ |
(92,475 |
) |
|
| Schedule of Other Segment Expense Items Included within Net Loss |
Other segment expense items included within net loss include the following (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Contract termination costs |
|
$ |
578 |
|
|
$ |
447 |
|
|
$ |
1,374 |
|
|
$ |
616 |
|
Stock-based compensation |
|
|
3,365 |
|
|
|
3,486 |
|
|
|
6,720 |
|
|
|
7,384 |
|
Depreciation and amortization expense |
|
|
122 |
|
|
|
181 |
|
|
|
243 |
|
|
|
575 |
|
Total other segment expenses |
|
$ |
4,065 |
|
|
$ |
4,114 |
|
|
$ |
8,337 |
|
|
$ |
8,575 |
|
a)Includes compensation and benefits for our employees and costs for our contractors and temporary workers. b)Includes legal and patent expenses, information technology infrastructure and other costs, professional accounting, insurance, travel and entertainment and other third party services and expenses.
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