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Segment Data | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Data | 14. 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):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
License and collaboration revenue |  | $ | 9,698 |  |  | $ | 14,269 |  |  | $ | 25,634 |  |  | $ | 33,451 |
Research and development expenses |  |  |  |  |  |  |  |  |  |  |  |
External research and development expenses* |  |  | 33,565 |  |  |  | 33,420 |  |  |  | 107,879 |  |  |  | 82,988 |
Employee related expenses* |  |  | 27,636 |  |  |  | 23,899 |  |  |  | 84,502 |  |  |  | 71,494 |
General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |
External general and administrative expenses* |  |  | 6,589 |  |  |  | 6,078 |  |  |  | 18,265 |  |  |  | 18,774 |
Employee related expenses* |  |  | 10,145 |  |  |  | 8,179 |  |  |  | 30,578 |  |  |  | 24,904 |
Facility and information technology related expenses* |  |  | 15,116 |  |  |  | 14,568 |  |  |  | 44,076 |  |  |  | 42,445 |
Depreciation and amortization |  |  | 5,560 |  |  |  | 5,475 |  |  |  | 16,626 |  |  |  | 16,482 |
Stock-based compensation |  |  | 22,747 |  |  |  | 29,559 |  |  |  | 73,796 |  |  |  | 90,444 |
Interest and other income |  |  | (10,903 | ) |  |  | (12,127 | ) |  |  | (33,093 | ) |  |  | (38,166 | )
Income tax expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 39 |
Other segment items |  |  | 11,971 |  |  |  | 1,886 |  |  |  | 7,294 |  |  |  | 10,435 |
Net income (loss) |  | $ | (112,728 | ) |  | $ | (96,668 | ) |  | $ | (324,289 | ) |  | $ | (286,388 | )
* 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 • In-process research and development charges

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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