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Segment Data
 9 Months Ended
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