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Segment Reporting (Tables)
9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of segment profit or loss, including segment expenses

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

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Collaboration revenue

 

$

1,741

 

 

$

3,074

 

 

$

5,277

 

 

$

11,771

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Personnel costs

 

 

10,997

 

 

 

10,420

 

 

 

33,383

 

 

 

33,378

 

Clinical programs

 

 

6,065

 

 

 

7,343

 

 

 

18,126

 

 

 

19,041

 

Research activities

 

 

1,100

 

 

 

4,596

 

 

 

5,406

 

 

 

11,125

 

Facilities costs

 

 

6,113

 

 

 

6,785

 

 

 

18,078

 

 

 

20,446

 

Other segment expenses (1)

 

 

12,201

 

 

 

26,307

 

 

 

43,267

 

 

 

76,309

 

Total operating expenses

 

 

36,476

 

 

 

55,451

 

 

 

118,260

 

 

 

160,299

 

Loss from operations

 

 

(34,735

)

 

 

(52,377

)

 

 

(112,983

)

 

 

(148,528

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

2,575

 

 

 

4,438

 

 

 

8,832

 

 

 

13,414

 

Change in fair value of stock price appreciation milestones

 

 

(90

)

 

 

(13

)

 

 

117

 

 

 

149

 

Other income

 

 

 

 

 

274

 

 

 

93

 

 

 

856

 

Total other income

 

 

2,485

 

 

 

4,699

 

 

 

9,042

 

 

 

14,419

 

Net loss

 

$

(32,250

)

 

$

(47,678

)

 

$

(103,941

)

 

$

(134,109

)

 

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