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Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting

Segment Reporting

15. Segment Reporting

For purposes of evaluating performance and allocating resources, the Company’s CODM, its Chief Executive Officer, regularly reviews consolidated net loss as reported in the Company’s consolidated statements of operations and comprehensive loss as compared to budget. The measure of segment assets is reported in the consolidated balance sheets as total consolidated assets.

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):

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Three Months Ended September 30,

Nine Months Ended September 30,

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2025

2024

2025

2024

Revenue:

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​

​

​

​

​

​

​

​

​

​

​

​

License revenue

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$

—

​

$

—

​

$

17,389

​

$

—

​

Collaboration revenue

​

​

2,066

​

​

—

​

​

4,732

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​

—

​

Total revenue

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​

2,066

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​

—

​

​

22,121

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​

—

​

Operating expenses:

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​

​

​

​

​

​

​

​

​

​

​

​

Research and development expenses

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​

​

​

​

​

​

​

​

​

​

​

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External costs

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​

​

​

​

​

​

​

​

​

​

​

​

Milestones related to previously acquired IPR&D assets

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​

—

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​

23,000

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​

—

​

​

23,000

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CROs, CMOs and clinical trials

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​

56,457

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​

39,491

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​

187,618

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​

90,604

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Professional consulting services

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​

8,227

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​

4,497

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​

22,047

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​

12,787

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Other research and development costs

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​

1,617

​

​

2,899

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​

6,908

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​

8,493

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Internal costs

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​

​

​

​

​

​

​

​

​

​

​

​

Personnel-related costs

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24,854

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​

13,476

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​

69,334

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​

32,705

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Facilities and overhead costs

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​

6,681

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​

4,461

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​

17,306

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​

10,761

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Total research and development expense

​

​

97,836

​

​

87,824

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​

303,213

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​

178,350

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General and administrative expenses

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​

19,522

​

​

10,575

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​

76,267

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​

23,782

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Total operating expenses

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117,358

​

98,399

​

379,480

​

202,132

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Loss from operations

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(115,292)

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(98,399)

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(357,359)

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(202,132)

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Total other income (expense), net

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​

4,540

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​

5,282

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198,404

​

2,658

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Net loss before income taxes

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​

(110,752)

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​

(93,117)

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​

(158,955)

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​

(199,474)

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Income tax benefit

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​

—

​

​

—

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​

8,561

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​

—

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Net loss

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$

(110,752)

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$

(93,117)

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$

(150,394)

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$

(199,474)

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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