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SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Summary of Significant Research and Development and General and Administrative Expense to CODM

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)			2025						2024
Revenue			$	18					$	49,898
Operating expenses
Research and development
Direct research and development expenses by product candidate:
PBGENE-HBV external development costs			1,378						7,654
PBGENE-DMD external development costs			4,163						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 services			557						670
CMOs and outsourced research and development			277						112
Facility-related costs, laboratory equipment, and maintenance			807						818
Depreciation and amortization			330						842
Licensing fees and other research and development costs			515						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 services			1,665						1,487
Other operating expenses and all other costs			1,732						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)			2025						2024
Revenue			$	47					$	67,482
Operating expenses
Research and development
Direct research and development expenses by product candidate:
PBGENE-HBV external development costs			2,979						10,710
PBGENE-DMD external development costs			6,601						331
PBGENE-3243 external development costs			2,140						2,176
Platform development and early-stage research expenses:
Employee-related costs (including share-based compensation)			10,066						10,748
Laboratory supplies and services			1,011						1,414
CMOs and outsourced research and development			333						340
Facility-related costs, laboratory equipment, and maintenance			1,535						1,628
Depreciation and amortization			670						1,733
Licensing fees and other research and development costs			1,021						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 services			3,201						2,954
Other operating expenses and all other costs			3,289						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

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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- References

No definition available.

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