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Summary of Significant Accounting Policies (Tables)

9 Months Ended

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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