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v3.25.3

Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Sep. 30, 2025 | Sep. 30, 2024
Revenue: |  |  |  |  |  |  |  |
Total revenue | $ 2,066 |  |  |  |  |  | $ 22,121 |
Internal costs |  |  |  |  |  |  |  |
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 | 0 |  |  | 0 |  |  | 8,561 | 0
Net loss | (110,752) | $ 59,321 | $ (98,963) | (93,117) | $ (56,508) | $ (49,849) | (150,394) | (199,474)
License revenue |  |  |  |  |  |  |  |
Revenue: |  |  |  |  |  |  |  |
Total revenue |  |  |  |  |  |  | 17,389 |
Collaboration revenue |  |  |  |  |  |  |  |
Revenue: |  |  |  |  |  |  |  |
Total revenue | 2,066 |  |  |  |  |  | 4,732 |
Single reportable segment |  |  |  |  |  |  |  |
Revenue: |  |  |  |  |  |  |  |
Total revenue | 2,066 |  |  |  |  |  | 22,121 |
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)
Single reportable segment | License revenue |  |  |  |  |  |  |  |
Revenue: |  |  |  |  |  |  |  |
Total revenue |  |  |  |  |  |  | 17,389 |
Single reportable segment | Collaboration revenue |  |  |  |  |  |  |  |
Revenue: |  |  |  |  |  |  |  |
Total revenue | $ 2,066 |  |  |  |  |  | $ 4,732 |

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