v3.25.0.1
Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting

11. Segment Reporting

The Company has one reportable segment relating to its operations. The segment derives its current revenues from research and development collaborations.

The Company’s Chief Operating Decision Maker (the CODM), its Chief Executive Officer, manages the Company’s operations on an integrated basis for the purposes of allocating resources. When evaluating the Company’s financial performance, the CODM reviews total revenues, total expenses and expenses by certain categories and makes decisions using this information.

The table below is a summary of the segment profit or loss, including significant segment expenses (in thousands):

 

 

 

Years Ended December 31,

 

 

 

2024

 

 

2023

 

Collaboration revenue

 

$

13,631

 

 

$

63,533

 

Less:

 

 

 

 

 

 

Personnel costs

 

 

43,684

 

 

 

63,454

 

Clinical programs

 

 

25,818

 

 

 

40,289

 

Research activities

 

 

14,692

 

 

 

18,768

 

Facilities costs

 

 

26,648

 

 

 

26,005

 

Other segment expenses (1)

 

 

113,065

 

 

 

105,528

 

Total operating expenses

 

 

223,907

 

 

 

254,044

 

Loss from operations

 

 

(210,276

)

 

 

(190,511

)

Other income (expense):

 

 

 

 

 

 

Interest income

 

 

17,288

 

 

 

17,186

 

Change in fair value of stock price appreciation milestones

 

 

819

 

 

 

2,515

 

Other income

 

 

5,907

 

 

 

9,882

 

Total other income

 

 

24,014

 

 

 

29,583

 

Net loss

 

$

(186,262

)

 

$

(160,928

)

 

(1) Other segment expenses include stock compensation expense, depreciation, legal fees, general & administrative expenses, and corporate expenses.