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Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows:

 

 

 

Three Months Ended
 March 31,

 

 

 

2026

 

 

2025

 

 

 

(In thousands)

 

Cash and cash equivalents

 

$

76,962

 

 

$

37,973

 

Restricted cash

 

 

1,846

 

 

 

1,846

 

Total cash, cash equivalents, and restricted cash

 

$

78,808

 

 

$

39,819

 

Summary of Segment Profit or Loss Including Significant Segment Expenses

The table below is a summary of the segment profit or loss, including significant segment expenses (in thousands):

 

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

Collaboration revenue

 

$

1,046

 

 

$

3,674

 

Less:

 

 

 

 

 

 

Compensation and benefits

 

 

8,248

 

 

 

16,557

 

Lab expenses and outside research services

 

 

3,447

 

 

 

3,224

 

Clinical supply costs

 

 

1,379

 

 

 

3,074

 

Clinical trials

 

 

3,384

 

 

 

7,013

 

Support functions

 

 

6,300

 

 

 

8,286

 

Other segment expenses(a)

 

 

3,207

 

 

 

10,215

 

Total operating expenses

 

 

25,965

 

 

 

48,369

 

Loss from operations

 

 

(24,919

)

 

 

(44,695

)

Other income, net

 

 

1,989

 

 

 

4,224

 

Segment and consolidated loss before income taxes

 

$

(22,930

)

 

$

(40,471

)

 

(a) Other segment expenses include consultants & contractor expense, contra-R&D expense for GSK collaboration, depreciation expense, impairment loss, restructuring expense, and stock-based compensation expense.