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Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2025
Summary of Significant Accounting Policies |
Schedule of significant expense categories by segment | The table below summarizes the significant expense categories regularly reviewed by the CODM for the three and nine months ended September 30, 2025 and 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
Collaboration revenues | ​ | $ | 45,250 | ​ | $ | 3,385 | ​ | $ | 48,979 | ​ | $ | 15,979
Less: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Research and development, excluding facilities, personnel, depreciation and amortization expenses | ​ |  | (383) | ​ | ​ | 4,844 | ​ | ​ | 2,644 | ​ | ​ | 22,678
General and administrative, excluding facilities and personnel expenses, depreciation and amortization expenses | ​ |  | (47) | ​ | ​ | 1,561 | ​ | ​ | 5,210 | ​ | ​ | 9,287
Facilities expense | ​ |  | 81 | ​ | ​ | 1,302 | ​ | ​ | 1,836 | ​ | ​ | 4,728
Personnel expense | ​ |  | 1,784 | ​ | ​ | 8,085 | ​ | ​ | 9,925 | ​ | ​ | 20,925
Depreciation, amortization and interest on finance and sale-leaseback lease liabilities | ​ |  | 1 | ​ | ​ | 613 | ​ | ​ | 751 | ​ | ​ | 2,951
Other segment items(a) | ​ |  | (903) | ​ | ​ | (318) | ​ | ​ | 2,936 | ​ | ​ | (1,748)
Net income (loss) | ​ | $ | 44,717 | ​ | $ | (12,702) | ​ | $ | 25,677 | ​ | $ | (42,842)
(a)“Other segment items” includes (gain)/loss on sale of held for sale assets, loss on abandonment of operating lease right-of-use assets, and other income, net.
Schedule of basic and diluted earnings per share (EPS) | Basic and diluted earnings per share (EPS) for the three and nine months ended September 30, 2025 and 2024 were calculated as follows (in thousands, except share and per share data): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) | ​ | $ | 44,717 | ​ | $ | (12,702) | ​ | $ | 25,677 | ​ | $ | (42,842)
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic weighted-average common shares outstanding | ​ |  | 41,788,096 | ​ |  | 41,588,035 | ​ |  | 41,782,530 | ​ |  | 41,357,528
Effect of dilutive securities | ​ |  | 152,196 | ​ |  | — | ​ |  | 153,850 | ​ |  | —
Diluted weighted-average common shares outstanding | ​ |  | 41,940,292 | ​ |  | 41,588,035 | ​ |  | 41,936,380 | ​ |  | 41,357,528
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic and Diluted EPS | ​ | $ | 1.07 | ​ | $ | (0.31) | ​ | $ | 0.61 | ​ | $ | (1.04)
Anti-dilutive potential common shares excluded from the EPS computation above | ​ |  | 6,267,026 | ​ |  | 8,777,638 | ​ |  | 6,267,026 | ​ |  | 8,777,638
Schedule of dilutive securities | The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive:
​ | ​ | ​ | ​ | ​
​ |  | September 30, |  | September 30,
​ |  | 2025 | ​ | 2024
Stock options |  | 6,267,026 |  | 8,777,638

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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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- 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 + Details
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