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Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting

9. Segment Reporting

The Company has one reportable segment relating to its operations. The segment derives its current revenues from research and development collaborations.

The Company’s Chief Operating Decision Maker (the CODM), our Chief Executive Officer, manages the Company’s operations on an integrated basis for the purposes of allocating resources. When evaluating the Company’s financial performance, the CODM reviews total revenues, total expenses and expenses by certain categories and makes decisions using this information.

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

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Collaboration revenue

 

$

1,907

 

 

$

6,772

 

 

$

3,536

 

 

$

8,697

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Personnel costs

 

 

10,682

 

 

 

10,654

 

 

 

22,386

 

 

 

22,958

 

Clinical programs

 

 

5,778

 

 

 

6,512

 

 

 

12,061

 

 

 

11,698

 

Research activities

 

 

1,870

 

 

 

3,807

 

 

 

4,306

 

 

 

6,529

 

Facilities costs

 

 

5,884

 

 

 

7,028

 

 

 

11,964

 

 

 

13,662

 

Other segment expenses (1)

 

 

14,661

 

 

 

23,854

 

 

 

31,067

 

 

 

50,001

 

Total operating expenses

 

 

38,875

 

 

 

51,855

 

 

 

81,784

 

 

 

104,848

 

Loss from operations

 

 

(36,968

)

 

 

(45,083

)

 

 

(78,248

)

 

 

(96,151

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

(2,921

)

 

 

(4,827

)

 

 

(6,257

)

 

 

(8,976

)

Change in fair value of stock price appreciation milestones

 

 

73

 

 

 

(1,556

)

 

 

(207

)

 

 

(162

)

Other income

 

 

(50

)

 

 

(273

)

 

 

(93

)

 

 

(582

)

Total other income

 

 

(2,898

)

 

 

(6,656

)

 

 

(6,557

)

 

 

(9,720

)

Net loss

 

$

(34,070

)

 

$

(38,427

)

 

$

(71,691

)

 

$

(86,431

)

 

(1) Other segment expenses include stock compensation expense, depreciation, legal fees, general & administrative expenses, and corporate expenses.