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Segment Reporting | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Reporting | Note 15 — Segment Reporting We operate in one business segment which focuses on applying our expertise to develop novel drug candidates. Our business offerings have similar economics and other characteristics, including the nature of products and manufacturing processes, types of customers, distribution methods and regulatory environment. We are comprehensively managed as one business segment by our Chief Executive Officer, who is our chief operating decision maker (CODM). The CODM assesses the performance of the Company and decides how to allocate resources based upon net loss that is also reported within the Consolidated Statements of Operations. The measure of segment assets that is reviewed by the CODM is reported within the Consolidated Balance Sheet as total assets. The following is a summary of the significant expense categories and consolidated net loss details provided to the CODM (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Revenue: |  | $ | 98,427 |  |  | $ | 90,122 |
Operating costs and expenses: |  |  |  |  |  |
Cost of goods sold |  |  | 30,686 |  |  |  | 33,768 |
Clinical development, contract manufacturing and other third party costs |  |  |  |  |  |
Rezpegaldesleukin (cytokine Treg stimulant) |  |  | 49,382 |  |  |  | 14,554 |
NKTR-255 (IL-15 receptor agonist) |  |  | 15,795 |  |  |  | 26,132 |
NKTR-0165 (tumor necrosis factor receptor type II agonist) |  |  | 9,339 |  |  |  | 9,345 |
Discovery research and other programs |  |  | 2,334 |  |  |  | 7,218 |
Total clinical development, contract manufacturing and other third party costs |  |  | 76,850 |  |  |  | 57,249 |
Employee costs (a)(b) |  |  | 40,204 |  |  |  | 55,572 |
Facilities costs (a) |  |  | 16,821 |  |  |  | 20,832 |
Other operating costs (a)(c) |  |  | 42,047 |  |  |  | 37,048 |
Other segment expenses |  |  | 37,407 |  |  |  | 149,337 |
Gain on sale of the Huntsville manufacturing facility |  |  | (40,390 | ) |  |  | — |
Total operating costs and expenses |  |  | 203,625 |  |  |  | 353,806 |
Loss from operations |  |  | (105,198 | ) |  |  | (263,684 | )
Non-operating income (expense): |  |  |  |  |  |
Non-cash interest expense on liability related to sale of future royalties |  |  | (28,112 | ) |  |  | (25,334 | )
Interest income |  |  | 14,500 |  |  |  | 19,009 |
Other income (expense), net |  |  | (390 | ) |  |  | (6,247 | )
Total non-operating income (expense), net |  |  | (14,002 | ) |  |  | (12,572 | )
Loss before provision for income taxes |  | $ | (119,200 | ) |  | $ | (276,256 | )
Other segment expense items included within net loss include the following (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Impairment of right-of-use assets and property, plant and equipment |  | $ | 8,329 |  |  | $ | 35,328 |
Loss on sale of other property, plant and equipment, net |  |  | — |  |  |  | 1,300 |
Contract termination costs |  |  | 7,341 |  |  |  | 1,953 |
Goodwill impairment |  |  | — |  |  |  | 76,501 |
Stock-based compensation (a) |  |  | 19,666 |  |  |  | 30,210 |
Depreciation and amortization expense (a) |  |  | 2,071 |  |  |  | 4,045 |
Total other segment expenses |  | $ | 37,407 |  |  | $ | 149,337 |
a) Employee costs, facilities costs, other operating costs, stock-based compensation expense and depreciation and amortization expense include amounts reported in research and development expense and general and administrative expense in our Consolidated Statements of Operations. Such amounts reported in cost of goods sold in our Consolidated Statements of Operations are included in cost of goods sold in the summary of significant segment expenses. b) Includes compensation and benefits for our employees and costs for our contractors and temporary workers and includes severance expense of zero and $7.9 million for the years ended December 31, 2024 and 2023, respectively. c) Includes legal and patent expenses, information technology infrastructure and other costs, professional accounting, insurance, travel and entertainment and other third-party services and expenses. Our revenue has been derived primarily from customers in the pharmaceutical and biotechnology industries. Revenue from UCB Pharma, Baxalta / Takeda, AstraZeneca, Pfizer, and Roche represented 39%, 18%, 17%, 12% and 10% of our revenue, respectively, for the year ended December 31, 2024. Revenue from UCB Pharma, Baxalta / Takeda, AstraZeneca and Pfizer represented 40%, 21%, 11% and 10% of our revenue, respectively, for the year ended December 31, 2023. Revenue by geographic area is based on the headquarters or shipping locations of our partners. The following table sets forth revenue by geographic area (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
United States |  | $ | 1,375 |  |  | $ | 11,481 |
Rest of World |  |  | 97,052 |  |  |  | 78,641 |
Total revenue |  | $ | 98,427 |  |  | $ | 90,122 |
At December 31, 2024 and 2023, all of our property, plant and equipment was located in the United States.

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