| Summary of Segment Expenses and Reported Segment Net Loss |
The following table provides segment revenues, significant segment expenses and reported segment net loss for the three and nine months ended September 30, 2026 and 2025 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Revenue from customers |
$ |
2,830 |
|
|
$ |
741 |
|
|
$ |
5,660 |
|
|
$ |
2,017 |
|
Revenue from licensing agreements |
|
39 |
|
|
|
- |
|
|
|
27,817 |
|
|
|
- |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
Early-stage research and development(1) |
|
(791 |
) |
|
|
(798 |
) |
|
|
(1,936 |
) |
|
|
(2,328 |
) |
Late-stage research and development(2) |
|
(18,101 |
) |
|
|
(23,139 |
) |
|
|
(64,358 |
) |
|
|
(50,087 |
) |
General and Administrative |
|
(5,867 |
) |
|
|
(5,165 |
) |
|
|
(17,892 |
) |
|
|
(15,773 |
) |
Total operating expenses |
|
(24,759 |
) |
|
|
(29,102 |
) |
|
|
(84,186 |
) |
|
|
(68,188 |
) |
Interest and other income, net |
|
169 |
|
|
|
1,085 |
|
|
|
1,201 |
|
|
|
3,172 |
|
Change in fair value of 2023 Common Warrants |
|
187 |
|
|
|
(4,205 |
) |
|
|
6,558 |
|
|
|
58,971 |
|
Loss before income tax |
|
(21,534 |
) |
|
|
(31,481 |
) |
|
|
(42,950 |
) |
|
|
(4,028 |
) |
Income tax provision |
|
(326 |
) |
|
|
(56 |
) |
|
|
(3,454 |
) |
|
|
(284 |
) |
Segment and consolidated net loss |
$ |
(21,860 |
) |
|
$ |
(31,537 |
) |
|
$ |
(46,404 |
) |
|
$ |
(4,312 |
) |
(1) Early-stage research and development includes costs incurred from Discovery programs. (2) Late-stage research and development includes costs incurred from Phase 1 and Phase 2 clinical trial programs.
|