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SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING 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 for the three months ended June 30, 2025 and June 30, 2024:
Three months ended June 30,
(in thousands)20252024
Revenue$18 $49,898 
Operating expenses
Research and development
Direct research and development expenses by product candidate:
PBGENE-HBV external development costs1,378 7,654 
PBGENE-DMD external development costs4,163 156 
PBGENE-3243 external development (credits) costs(25)964 
Platform development and early-stage research expenses:
Employee-related costs (including share-based compensation)4,766 5,368 
Laboratory supplies and services557 670 
CMOs and outsourced research and development277 112 
Facility-related costs, laboratory equipment, and maintenance807 818 
Depreciation and amortization330 842 
Licensing fees and other research and development costs515 641 
Total research and development expenses$12,768 $17,225 
General and administrative expense
Employee-related costs (including share-based compensation)5,730 5,099 
Consulting and professional services1,665 1,487 
Other operating expenses and all other costs1,732 1,941 
Total general and administrative expenses$9,127 $8,527 
Total operating expenses$21,895 $25,752 
Operating (loss) income(21,877)24,146 
Total other (expense) income(1,643)8,603 
(Loss) income from operations$(23,520)$32,749 
Net (loss) income$(23,520)$32,749 
The table below summarizes the significant research and development and general and administrative expense categories regularly provided to the CODM for the six months ended June 30, 2025 and June 30, 2024.
Six months ended June 30,
(in thousands)20252024
Revenue$47 $67,482 
Operating expenses
Research and development
Direct research and development expenses by product candidate:
PBGENE-HBV external development costs2,979 10,710 
PBGENE-DMD external development costs6,601 331 
PBGENE-3243 external development costs2,140 2,176 
Platform development and early-stage research expenses:
Employee-related costs (including share-based compensation)10,066 10,748 
Laboratory supplies and services1,011 1,414 
CMOs and outsourced research and development333 340 
Facility-related costs, laboratory equipment, and maintenance1,535 1,628 
Depreciation and amortization670 1,733 
Licensing fees and other research and development costs1,021 1,488 
Total research and development expenses$26,356 $30,568 
General and administrative expense
Employee-related costs (including share-based compensation)11,190 10,108 
Consulting and professional services3,201 2,954 
Other operating expenses and all other costs3,289 3,893 
Total general and administrative expenses$17,680 $16,955 
Total operating expenses$44,036 $47,523 
Operating (loss) income(43,989)19,959 
Total other (expense) income(96)21,378 
(Loss) income from operations$(44,085)$41,337 
Net (loss) income$(44,085)$41,337