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

3. Segment reporting

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker (CODM), the Company's Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment. When evaluating the Company's financial performance, the CODM reviews total expenses and expenses by function. Further, the CODM reviews the segment's assets based on total assets reported on the consolidated balance sheet.

The table below is a summary of the segment loss, including significant segment expenses (in thousands):

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2026

 

 

2025 (1)

 

 

2026

 

 

2025 (1)

 

 

 

(in thousands)

(in thousands)

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research, development, and laboratory

 

$

11,819

 

 

$

10,483

 

 

$

32,468

 

 

$

31,535

 

Facility costs

 

 

11,546

 

 

 

11,080

 

 

 

32,391

 

 

 

33,652

 

Support functions

 

 

6,880

 

 

 

6,637

 

 

 

21,058

 

 

 

21,707

 

Stock-based compensation

 

 

5,325

 

 

 

5,475

 

 

 

16,329

 

 

 

19,126

 

Technical operations and manufacturing

 

 

6,842

 

 

 

4,667

 

 

 

16,475

 

 

 

16,615

 

Other(2)

 

 

2,461

 

 

 

2,049

 

 

 

7,840

 

 

 

6,531

 

Research and development related success payments and contingent consideration

 

 

(63,379

)

 

 

3,124

 

 

 

(31,033

)

 

 

15,343

 

Impairment of long-lived assets

 

 

-

 

 

 

-

 

 

 

-

 

 

 

44,611

 

Total operating expenses

 

 

(18,506

)

 

 

43,515

 

 

 

95,528

 

 

 

189,120

 

Income (loss) from operations

 

 

18,506

 

 

 

(43,515

)

 

 

(95,528

)

 

 

(189,120

)

Interest income, net

 

 

1,219

 

 

 

1,003

 

 

 

3,299

 

 

 

2,572

 

Other income, net

 

 

676

 

 

 

360

 

 

 

1,785

 

 

 

1,207

 

Net income (loss)

 

$

20,401

 

 

$

(42,152

)

 

$

(90,444

)

 

$

(185,341

)

 

(1) Certain amounts for the three and nine months ended September 30, 2025 have been reclassified to conform to the presentation as of the three and nine months ended September 30, 2026.

(2) Other includes licensing costs, consulting fees, insurance, and business taxes for the three and nine months ended September 30, 2026 and 2025.