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Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING

NOTE 16: SEGMENT REPORTING

 

Operating segments are identified as components of an entity about which separate discrete financial information is available for evaluation by the chief operating decision maker or decision-making group (“CODM”) in making decisions on how to allocate resources and assess performance. The Company’s CODM, the Chief Executive Officer, views the Company’s operations as one operating segment, which includes the discovery and development of therapies utilizing our novel proprietary ARCUS platform. Our clinical and preclinical candidates were developed using the ARCUS platform to treat various forms of infectious and genetic disease.

 

The Company has not generated any revenue from product sales to date and expects to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through development and clinical trials. As such, the CODM uses cash forecast models in managing and allocating resources on a total company basis, such as pursuing clinical development or entering into potential strategic collaborations. The CODM assesses the overall level of resources available and how to best deploy these resources across functions and research and development projects that are in line with the Company’s long-term strategic goals.

 

Consistent with its management reporting, results of operations are reported on a Company-wide basis for purposes of segment reporting. The CODM uses Company-wide financial information, including net income (loss) and comprehensive income (loss), net

cash used in operating activities for the period, and cash on hand for purposes of evaluating operating results and performance. As the Company operates in one operating segment, all measures of the segment assets are reported on the balance sheets as total assets. Please refer to the financial statements for further information related to these measures of segment performance.

 

The table below summarizes the significant research and development and general and administrative expense categories regularly provided to the CODM:

 

 

 

Years Ended December 31,

 

(in thousands)

 

2024

 

 

2023

 

Revenue

 

$

68,696

 

 

$

48,727

 

Operating expenses

 

 

 

 

 

 

Research and development

 

 

 

 

 

 

Direct research and development expenses by product candidate:

 

 

 

 

 

 

PBGENE-HBV external development costs

 

 

16,111

 

 

 

9,261

 

PBGENE-3243 external development costs

 

 

9,808

 

 

 

352

 

Platform development and early-stage research expenses:

 

 

 

 

 

 

Employee-related costs (other than share-based compensation)

 

 

18,753

 

 

 

19,788

 

Share-based compensation

 

 

2,560

 

 

 

3,642

 

Laboratory supplies and services

 

 

3,016

 

 

 

5,741

 

CMOs and outsourced research and development

 

 

1,083

 

 

 

4,753

 

Facility-related costs, laboratory equipment, and maintenance

 

 

3,082

 

 

 

3,308

 

Depreciation and amortization

 

 

2,718

 

 

 

4,022

 

Licensing fees and other research and development costs

 

 

2,428

 

 

 

2,508

 

Total research and development expenses

 

$

59,559

 

 

$

53,375

 

General and administrative expense

 

 

 

 

 

 

Employee-related costs (including share-based compensation)

 

 

21,861

 

 

 

22,517

 

Consulting and professional services

 

 

6,327

 

 

 

7,445

 

Other operating expenses and all other costs

 

 

7,111

 

 

 

9,126

 

Total general and administrative expenses

 

$

35,299

 

 

$

39,088

 

Total operating expenses

 

$

94,858

 

 

$

92,463

 

Operating loss

 

 

(26,162

)

 

 

(43,736

)

Total other income (expense)

 

 

33,329

 

 

 

1,209

 

Income (loss) from continuing operations

 

$

7,167

 

 

$

(42,527

)

Loss from discontinued operations

 

 

—

 

 

 

(18,792

)

Net income (loss)

 

$

7,167

 

 

$

(61,319

)