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Segment Data
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Data

17. Segment Data

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):

 

 

Years Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

License and collaboration revenue

 

$

63,518

 

 

$

377,709

 

 

$

60,920

 

Research and development expenses

 

 

 

 

 

 

 

 

 

External research and development expenses*

 

 

115,189

 

 

 

155,063

 

 

 

112,380

 

Employee related expenses*

 

 

98,796

 

 

 

109,878

 

 

 

89,547

 

General and administrative expenses

 

 

 

 

 

 

 

 

 

External general and administrative expenses*

 

 

25,115

 

 

 

40,016

 

 

 

25,885

 

Employee related expenses*

 

 

34,822

 

 

 

31,305

 

 

 

28,105

 

Facility and information technology related expenses*

 

 

55,911

 

 

 

53,804

 

 

 

41,448

 

Depreciation and amortization

 

 

21,925

 

 

 

20,012

 

 

 

14,147

 

Stock-based compensation

 

 

120,662

 

 

 

98,647

 

 

 

84,321

 

Interest and other income

 

 

(49,094

)

 

 

(46,676

)

 

 

(15,297

)

Income tax expense

 

 

39

 

 

 

1,366

 

 

 

3,410

 

Other segment items

 

 

16,895

 

 

 

46,821

 

 

 

(33,938

)

Net income (loss)

 

$

(376,742

)

 

$

(132,527

)

 

$

(289,088

)

* Denotes significant segment expense

Other Segment Items includes:

•
Change in fair value of derivative liabilities
•
Change in fair value of non-controlling equity investments
•
Change in fair value of contingent consideration liabilities
•
Loss from equity method investment
•
Milestone expense
•
License and Sublicenses fees