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Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Segment Reporting
The CODM assesses performance for the Company’s single reportable segment and decides how to allocate resources based on the Company’s total operating expenses as reported on the consolidated statements of operations and comprehensive loss. The CODM’s review of total operating expenses at the consolidated level is used to monitor the Company’s spending as well as budget versus actual results. The Company’s reportable segment primarily generates revenue through its license agreements (see Note 5).
As part of the CODM’s review of the segment’s performance, the CODM reviews the Company’s operating expense information, grouped by certain detailed line items from the internal income statement reporting. This includes research and development costs as well as general and administrative expenses. Based upon the operating expense information, the CODM can reconcile to net loss as reported on the consolidated statements of operations and comprehensive loss, shown in the table below.
The following table presents the segment loss, including significant segment expenses, for the years ended December 31, 2024 and 2023 (in thousands):
Years ended December 31,
20242023 As Restated
(In thousands)
License Revenue$1,000 $3,600 
Less:
Compensation and benefits expenses
56,546 54,572 
Clinical trial and manufacturing
22,333 20,235 
Facilities and IT
37,841 39,114 
Other research and development expense
4,728 4,985 
Other segment expenses(a)
18,711 13,636 
Total operating expenses140,159 132,542 
Operating loss(139,159)(128,942)
Other income, net
8,232 5,748 
Net loss before income taxes(130,927)(123,194)
Income tax benefit (provision)— 1,078 
Segment and consolidated net loss$(130,927)$(122,116)
(a)
Other segment expenses include professional services, consultants and contractors, travel and entertainment expenses, and general business expenses.
As of December 31, 2024 and 2023, all of the Company’s property and equipment was maintained in the United States. For each of the years ended December 31, 2024 and 2023, all of the Company’s license revenue was generated in the United States.