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Segment Reporting
3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We operate in one operating segment that is focused on the discovery, development, and commercialization of innovative vaccines. Our Chief Executive Officer is the Chief Operating Decision Maker (“CODM”). The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. The following table presents segment revenue, measures of our segment’s profit or loss, and significant segment expenses (in thousands):
Three Months Ended
March 31, 2025
Three Months Ended
March 31, 2024
Total revenues$68,164 $50,790 
Less (add) (1):
Cost of sales - product13,769 10,966 
Research and development19,377 13,528 
Selling and marketing24,571 24,677 
General and administrative23,107 19,388 
Other segment items (2)
83,439 (9,048)
Segment net loss (3)
$(96,099)$(8,721)
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)Other segment items includes the net of: bad debt expense, interest income, interest expense, sublease income, loss on debt extinguishment, other expenses, and Benefit from income taxes, as presented on the face of our condensed consolidated statements of operations.
(3)Net loss is our reported measure of segment profit or loss.