v3.26.3
Segment Reporting
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting

14. Segment Reporting

The Company operates and manages its business as one reportable segment and one operating segment, which is dedicated to reinventing the treatment of human disease through the development of innovative, highly differentiated medicines that address significant health problems and that meaningfully improve patients’ lives. The Company’s chief operating decision maker, or CODM, is the chief executive officer. The CODM assesses performance for the segment and decides how to allocate resources based on consolidated net loss that is also reported on the consolidated statements of operations.

The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. All material long-lived assets are located in the United States. Long-lived assets consist of property and equipment, net, and operating lease right-of-use assets.

The chief operating decision maker uses net loss to monitor budget versus actual results and to analyze cash flows in assessing performance of the segment and allocating resources.

Factors used in determining the reportable segment include the nature of the Company’s operating activities, the organizational and reporting structure and the type of information reviewed by the CODM to allocate resources and evaluate financial performance. The accounting policies of the segment are the same as those described in Note 2 of the notes to the consolidated financial statements included in the Company's Annual Report on Form 10-K.

The following table presents reportable segment profit and loss, including significant expense categories, attributable to the Company’s reportable segment for the periods presented:

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2026

 

2025

 

 

2026

 

2025

 

Revenue

$

—

 

$

2,764

 

 

$

99,365

 

$

36,341

 

Less:

 

 

 

 

 

 

 

 

 

   Research and development expenses

 

 

 

 

 

 

 

 

 

       External research and development:

 

 

 

 

 

 

 

 

 

            STAT6

 

52,014

 

 

17,353

 

 

 

130,898

 

 

60,151

 

            Other external research and development expense (1)

 

31,023

 

 

21,950

 

 

 

88,051

 

 

71,634

 

       Research and development compensation and related personnel expense (2)

 

30,346

 

 

22,323

 

 

 

86,187

 

 

66,330

 

       Research and development overhead and administrative costs

 

15,126

 

 

12,468

 

 

 

41,016

 

 

34,622

 

  General & administrative (3)

 

18,723

 

 

17,336

 

 

 

60,207

 

 

51,252

 

  Interest and other expense (4)

 

62

 

 

3,953

 

 

 

203

 

 

4,135

 

Plus:

 

 

 

 

 

 

 

 

 

  Interest income

 

15,295

 

 

10,444

 

 

 

44,753

 

 

27,413

 

Segment net loss

$

(131,999

)

$

(82,175

)

 

$

(262,444

)

$

(224,370

)

 

(1) Certain prior period amounts have been recast to conform with current period presentation.

(2) Research and development compensation and related personnel expense for the three months ended September 30, 2026 and 2025 is inclusive of $10.9 and $8.4 million of stock-based compensation expense, respectively. Research and development compensation and related personnel expense for the nine months ended September 30, 2026 and 2025 is inclusive of $29.9 million and $23.9 million of stock-based compensation expense, respectively.

(3) General and administrative expense for the three months ended September 30, 2026 and 2025 is inclusive of $7.9 million and $7.4 million of stock-based compensation expense, respectively. General and administrative expense for the nine months ended September 30, 2026 and 2025 is inclusive of $23.9 million and $21.5 million of stock-based compensation expense, respectively.

(4) Other expense for the three and nine months ended September 30, 2025 is inclusive of a $3.9 million impairment of long-lived assets.

Depreciation expense for the three months ended September 30, 2026 and 2025 was $1.6 million and $1.7 million, respectively. Depreciation expense for the nine months ended September 30, 2026 and 2025 was $4.8 million and $5.1 million, respectively. Amortization expense related to right-of-use assets during the three months ended September 30, 2026 and 2025 was $0.4 million and $0.4 million, respectively. Amortization expense related to right-of-use assets during the nine months ended September 30, 2026 and 2025 was $1.3 million and $1.2 million, respectively.