Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

14. Segment Information

The Company operates as one operating segment, focused on discovering, developing and commercializing antiviral therapeutics. The determination of a single business segment is consistent with the consolidated financial information regularly provided to the Company’s Chief Executive Officer (“CEO”) who is also the Chief Operating Decision Maker (“CODM”). As CODM, the CEO, uses consolidated, single-segment financial information for purposes of evaluating performance, making operating decisions, allocating resources, and planning and forecasting for future periods.

The CODM assesses performance and decides how to allocate resources based on consolidated net loss. This measure is used to monitor budget versus actual results to evaluate the performance of the segment.

The CODM reviews cash, cash equivalents and marketable securities as a measure of segment assets. As of March 31, 2025 and December 31, 2024, the Company’s cash, cash equivalents and marketable securities were $425,436 and $454,721, respectively.

The following table illustrates information about significant segment expenses and segment operating loss for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025			2024
Research and development expense (1)
COVID-19 external costs (2)	$	1,234		$	39,051
HCV external costs (2)		17,584			5,953
Early stage discovery external costs (2)		331			201
Compensation and related expenses		6,037			5,675
Consulting and professional fees		519			296
Other research and development expenses		439			418
Total research and development expense		26,144			51,594
General and administrative (3)
Compensation and related expenses		2,678			2,541
Consulting and professional fees		2,939			2,585
Other general and administrative		329			500
Total general and administrative		5,946			5,626
Stock based compensation		6,951			12,586
Other segment items (4)		(4,769	)		(6,637	)
Net loss	$	(34,272	)	$	(63,169	)

(1)Research and development expense for the three months ended March 31, 2025 and 2024 excludes stock based compensation of $3,440 and $5,981, respectively.

(2)External costs consist primarily of preclinical, clinical and manufacturing related activities.

(3)General and administrative expense for the three months ended March 31, 2025 and 2024 excludes stock based compensation of $3,511 and $6,605, respectively.

(4)Other segment items include interest income and other, net and income tax expense.