v3.26.3
Segment Reporting
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company manages the business activities on a consolidated basis and operates as one reportable segment that constitutes all of the consolidated entity, which is the business of powering the immune system to transform lives by discovering and developing medicines for serious infectious diseases and cancer. The Company’s CODM is its Chief Executive Officer. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The measure of segment profit or loss is segment net loss that also is reported on the condensed consolidated statements of operations as consolidated net loss. The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets. The CODM uses segment net loss to monitor spending, assess performance for the Company and management, evaluate the progress of completing corporate goals, decide how to allocate resources among the Company’s clinical and pre-clinical portfolios, and make strategic decisions about business development opportunities.
The following table summarizes segment revenues by geographic area (in thousands). The Company’s revenues primarily include license and collaboration revenues recognized under the Company’s collaboration with Astellas. Revenue is attributed to geographic areas based on the location of the Company’s customers and collaboration counterparties.
Three Months Ended
September 30,		Nine Months Ended
September 30,
Segment revenue attributed to:2026202520262025
U.S.
Astellas$— $— $239,276 $— 
Other26 305 49 1,726 
Foreign(214)(65)(596)2,760 
Total segment and consolidated revenue$(188)$240 $238,729 $4,486 
The Company’s long-lived assets are primarily located in the U.S.
The segment revenue, segment profit or loss, and significant segment expenses regularly provided to CODM are summarized as follows (in thousands).
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Segment revenue$(188)$240 $238,729 $4,486 
Less: Segment expenses (1)
Cost of revenue— (11)— — 
Research and development
Contract manufacturing25,755 9,644 85,729 33,043 
Personnel (2)
25,797 27,677 85,837 94,560 
Clinical costs22,785 21,017 71,451 61,984 
Licenses, collaborations and contingent consideration, net(11,852)76,414 26,550 124,306 
Other R&D (3)
17,555 16,711 54,678 53,724 
Selling, general and administrative (2)
24,430 22,231 77,965 68,458 
Restructuring, long-lived assets impairment and related charges, net— — — (182)
Plus: Other segment items (4)
8,406 10,302 21,614 36,343 
Segment and consolidated net loss$(96,252)$(163,141)$(141,867)$(395,064)
(1) Refer to Note 6 Balance Sheet Components for depreciation and amortization expenses included in segment expenses.
(2) Refer to Note 8 Stock-Based Awards for stock-based compensation expenses included in segment expenses.
(3) Other research and development expenses primarily includes non-personnel research expenses, allocated facility and IT expenses, and depreciation expenses.
(4) Other segment items include change in fair value of equity investments, interest income, other expense, net, and benefit from (provision for) income taxes, all of which were presented on the condensed consolidated statements of operations.