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Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2026
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company has one operating segment with the goal to discover, develop and commercialize therapeutics (“Therapeutics”). There have been no material changes to the Company's segment structure, the basis of segmentation, or the measurement basis for segment profit or loss or segment assets, compared to those disclosed in Note 14, "Segment Information", to the consolidated financial statements in the Company's 2025 Annual Report on Form 10-K. The following table presents selected financial information with respect to the Company’s single operating segment for the three and six months ended June 30, 2026 and 2025 (in thousands):
| Therapeutics Segment
| Three Months Ended June 30, |  | Six Months Ended June 30, |
| 2026 |  | 2025 |  | 2026 |  | 2025 |
Product revenue, net | $ | 3,604 |  |  | $ | — |  |  | $ | 3,604 |  |  | $ | — |  |
Less: |  |  |  |  |  |  |  |
Cost of goods sold | 93 |  |  | — |  |  | 93 |  |  | — |  |
External research and development expenses - TV programs, including cost sharing | 40,419 |  |  | 37,594 |  |  | 78,883 |  |  | 84,052 |  |
Other research and development expenses, including small molecule programs | 16,494 |  |  | 24,847 |  |  | 40,048 |  |  | 54,347 |  |
Personnel related research and development expenses | 40,106 |  |  | 40,255 |  |  | 81,934 |  |  | 80,524 |  |
Total research and development expenses | 97,019 |  |  | 102,696 |  |  | 200,865 |  |  | 218,923 |  |
Personnel related selling, general and administrative expenses | 22,921 |  |  | 20,115 |  |  | 45,485 |  |  | 38,853 |  |
Other selling, general and administrative expenses | 13,362 |  |  | 12,152 |  |  | 24,309 |  |  | 22,767 |  |
Total selling, general and administrative expenses | 36,283 |  |  | 32,267 |  |  | 69,794 |  |  | 61,620 |  |
Intangible asset amortization | $ | 750 |  |  | $ | — |  |  | $ | 750 |  |  | $ | — |  |
Segment operating expenses | 134,145 |  |  | 134,963 |  |  | 271,502 |  |  | 280,543 |  |
Segment loss from operations | (130,541) |  |  | (134,963) |  |  | (267,898) |  |  | (280,543) |  |
Segment interest and other income, net | 2,988 |  |  | 10,844 |  |  | 11,898 |  |  | 23,454 |  |
Segment net loss | $ | (127,553) |  |  | $ | (124,119) |  |  | $ | (256,000) |  |  | $ | (257,089) |  |
There is no difference between the segment net loss and total consolidated net loss for the three and six months ended June 30, 2026 and 2025.

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