The Company defines its segments on the basis of the way in which internally reported financial information is regularly reviewed by the chief operating decision maker, or CODM, to analyze financial performance, make decisions, and allocate resources. The Company’s CODM is John Evans, its Chief Executive Officer. The Company manages its operations as a single operating and

reportable segment and the measure of segment profit or loss is consolidated net income (loss). The CODM uses net income (loss) in the budget and forecasting process and considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources.

The internal reporting of significant segment expenses is based on the functional classification. External expenses include costs from external manufacturing, clinical and research organizations, supply chain and logistics costs, consultants, and other vendors. Employee related expenses include employee salaries and benefits costs, employee meal, travel and entertainment spend, along with payroll related taxes and other similar items. These functional costs exclude stock-based compensation, facility and information technology costs, depreciation and amortization, and other segment items.

The table below provides information about the Company’s segment, including significant expenses, other segment items, certain other segment expenses, and a reconciliation to net income (loss) (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
License and collaboration revenue	$	307		$	9,698		$	32,535		$	25,634
Research and development expenses
External research and development expenses*		31,497			33,565			93,140			107,879
Employee related expenses*		32,242			27,636			97,064			84,502
General and administrative expenses
External general and administrative expenses*		9,447			6,589			32,374			18,265
Employee related expenses*		12,486			10,145			37,141			30,578
Facility and information technology related expenses*		16,358			15,116			46,237			44,076
Depreciation and amortization		5,445			5,560			16,460			16,626
Stock-based compensation		18,555			22,747			56,877			73,796
Interest and other income		(6,094	)		(10,903	)		(23,448	)		(33,093	)
Other segment items		14,776			11,814			28,091			6,044
Net income (loss)	$	(134,405	)	$	(112,571	)	$	(351,401	)	$	(323,039	)

* Denotes significant segment expense

Other segment items includes:

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Change in fair value of derivative liabilities

•

Change in fair value of non-controlling equity investments

•

Change in fair value of contingent consideration liabilities

•

Milestone expense

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License and sublicense fees

•

Gain on sale of equity method investment

•

In-process research and development charges