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Segment and Geographic Information
 12 Months Ended
Dec. 31, 2024
Geographic Information [Abstract]  
Segment and Geographic Information

(21) Segment and Geographic Information

Segments

We are managed and currently operate as four segments. However, we have concluded that our operating segments meet the criteria required by ASC 280 to be aggregated into one reportable segment. Our operating segments have similar economic characteristics and are similar with respect to the five qualitative characteristics specified in ASC 280. Accordingly, we have one reportable segment. Our one reportable segment is focused on the discovery, development and manufacturing of a comprehensive pipeline of immunological agents designed to expand patient populations benefiting from cancer immunotherapy.

Our Chief Executive Officer (“CEO”) serves as our Chief Operating Decision Maker (“CODM”) and is responsible for reviewing company performance and making decisions regarding resource allocation. Our CODM evaluates company performance based on net loss, as included in the Consolidated Statements of Operations and Comprehensive Loss, ensuring resource allocation

decisions support company goals. The measure of segment assets is total assets, as included in the Consolidated Balance Sheets. Refer to the consolidated financial statements for other financial information regarding our single reportable segment.

The following table presents selected financial information related to our single reportable segment for the years ended December 31, 2024, 2023 and 2022 (in thousands):

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Revenues

 

$

103,463

 

 

$

156,314

 

 

$

98,024

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

External expenses

 

 

(133,683

)

 

 

(202,205

)

 

 

(169,812

)

Payroll related expenses

 

 

(61,814

)

 

 

(75,955

)

 

 

(70,185

)

Other operating expenses

 

 

(28,441

)

 

 

(37,703

)

 

 

(37,454

)

Operating loss

 

 

(120,475

)

 

 

(159,549

)

 

 

(179,427

)

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(120,421

)

 

 

(103,859

)

 

 

(64,120

)

Interest income

 

 

2,795

 

 

 

5,934

 

 

 

2,257

 

Other income

 

 

5,830

 

 

 

37

 

 

 

10,634

 

Net loss

 

$

(232,271

)

 

$

(257,437

)

 

$

(230,656

)

In the table above, “Other operating expenses” includes items such as depreciation and amortization expense, stock-based compensation expense, fair value adjustments and expenses related to certain foreign subsidiaries.

Geographic Information

The following is geographical information regarding our revenues for the years ended December 31, 2024, 2023 and 2022 and our long-lived assets as of December 31, 2024 and 2023 (in thousands):

 

 

2024

 

 

2023

 

 

2022

 

Revenue:

 

 

 

 

 

 

 

 

 

United States

 

$

101,460

 

 

$

153,336

 

 

$

87,510

 

Rest of world

 

 

2,003

 

 

 

2,978

 

 

 

10,514

 

 

 

$

103,463

 

 

$

156,314

 

 

$

98,024

 

In the table above, revenue by geographic region is allocated based on the domicile of our respective business operations.

 

 

2024

 

 

2023

 

Long-lived Assets:

 

 

 

 

 

 

United States

 

$

122,887

 

 

$

138,896

 

Rest of world

 

 

3,034

 

 

 

3,861

 

Total

 

$

125,921

 

 

$

142,757

 

In the table above, long-lived assets include “Property, plant and equipment, net” and “Other long-term assets” from the consolidated balance sheets, by the geographic location where the asset resides.