v3.26.3
Segment Reporting
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company manages its business as one reportable operating segment, encompassing in-house early-stage R&D to build a pipeline of high-value assets using its proven technology along with seeking to enter into partnerships to drive value creation for its assets. The Company has determined its reportable operating segment based on the management approach, which considers the internal organization and reporting used by the Company’s chief operating decision-maker (“CODM”) to make decisions about allocating resources and assessing the Company’s performance. The Company’s CODM uses consolidated single-segment net income (loss) as reported in the Consolidated Statements of Operations to evaluate performance, forecast future period financial results, allocate resources, and set incentive targets.
The table below summarizes the significant expense categories regularly reviewed by the CODM (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Revenue
$68,298 $70,445 $264,510 $976,340 
Cost of sales
23,488 21,496 68,429 50,936 
Research and development expenses:
Direct COVID-19 Vaccine(1)
8,270 26,534 62,598 55,358 
Direct CIC and influenza vaccines(1)
(1,169)12,987 2,387 32,607 
Direct other vaccine development programs(1)
4,955 1,214 10,348 2,213 
Employee and benefit expenses
30,165 35,270 99,040 111,330 
Facility and other research and development expenses(2)
10,225 22,269 44,238 64,936 
Selling, general, and administrative expense
23,645 31,655 79,087 123,357 
Other segment income (expense)(3)
(95)(121,399)7,363 (112,828)
Net income (loss)
(31,376)(202,379)(94,254)422,775 
(1) Direct R&D expenses are comprised primarily of costs paid to third parties for clinical and product development activities.
(2)    Facility and other research and development expenses consist of indirect costs incurred in support of overall research and development activities and non-specific programs, such as overhead costs, information technology, and facility-based expenses not allocated to a specific program.

(3)     Other segment income (expense) includes impairment of assets held for sale, interest expense, loss on debt extinguishment, other income, net, and income tax expense (benefit).

Total revenue by the Company’s customer’s or collaboration partner’s geographic location was as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
United States
$36,929 $56,776 $171,459 $294,369 
Canada
— — — 575,670 
Europe2,015 655 23,279 12,367 
Rest of the world
29,354 13,014 69,772 93,934 
Total revenue
$68,298 $70,445 $264,510 $976,340 
Total long-lived assets of the Company by geographic location were as follows (in thousands):
September 30, 2026December 31, 2025
United States$48,964 $60,682 
Europe5,613 7,015 
Total long-lived assets
$54,577 $67,697