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Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting |
Schedule of statements of operations for segment including significant segment expenses | In addition to the significant expense categories included within net loss presented in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss, see below for disaggregated amounts that comprise research and development expenses for the three and nine months ended September 30, 2025 and 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended September 30, |  | Nine Months Ended September 30, | ​
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
Revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
License revenue | ​ | $ | — | ​ | $ | — | ​ | $ | 17,389 | ​ | $ | — | ​
Collaboration revenue | ​ | ​ | 2,066 | ​ | ​ | — | ​ | ​ | 4,732 | ​ | ​ | — | ​
Total revenue | ​ | ​ | 2,066 | ​ | ​ | — | ​ | ​ | 22,121 | ​ | ​ | — | ​
Operating expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
External costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Milestones related to previously acquired IPR&D assets | ​ | ​ | — | ​ | ​ | 23,000 | ​ | ​ | — | ​ | ​ | 23,000 | ​
CROs, CMOs and clinical trials | ​ | ​ | 56,457 | ​ | ​ | 39,491 | ​ | ​ | 187,618 | ​ | ​ | 90,604 | ​
Professional consulting services | ​ | ​ | 8,227 | ​ | ​ | 4,497 | ​ | ​ | 22,047 | ​ | ​ | 12,787 | ​
Other research and development costs | ​ | ​ | 1,617 | ​ | ​ | 2,899 | ​ | ​ | 6,908 | ​ | ​ | 8,493 | ​
Internal costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Personnel-related costs | ​ | ​ | 24,854 | ​ | ​ | 13,476 | ​ | ​ | 69,334 | ​ | ​ | 32,705 | ​
Facilities and overhead costs | ​ | ​ | 6,681 | ​ | ​ | 4,461 | ​ | ​ | 17,306 | ​ | ​ | 10,761 | ​
Total research and development expense | ​ | ​ | 97,836 | ​ | ​ | 87,824 | ​ | ​ | 303,213 | ​ | ​ | 178,350 | ​
General and administrative expenses | ​ | ​ | 19,522 | ​ | ​ | 10,575 | ​ | ​ | 76,267 | ​ | ​ | 23,782 | ​
Total operating expenses | ​ |  | 117,358 | ​ |  | 98,399 | ​ |  | 379,480 | ​ |  | 202,132 | ​
Loss from operations | ​ |  | (115,292) | ​ |  | (98,399) | ​ |  | (357,359) | ​ |  | (202,132) | ​
Total other income (expense), net | ​ | ​ | 4,540 | ​ | ​ | 5,282 | ​ |  | 198,404 | ​ |  | 2,658 | ​
Net loss before income taxes | ​ | ​ | (110,752) | ​ | ​ | (93,117) | ​ | ​ | (158,955) | ​ | ​ | (199,474) | ​
Income tax benefit | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 8,561 | ​ | ​ | — | ​
Net loss | ​ | $ | (110,752) | ​ | $ | (93,117) | ​ | $ | (150,394) | ​ | $ | (199,474) | ​
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- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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