Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting

Segment Reporting

16. Segment Reporting

In November 2023, ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, was issued which requires disclosure of incremental segment information on an interim and annual basis that are regularly provided to the chief operating decision maker (the “CODM”) and included within each reported measure of segment profit or loss. The Company has adopted this ASU as of December 31, 2024. The Company currently operates as a single reporting segment entity with the Chief Executive Officer as the CODM. The CODM relies on the financial statements presented within the annual report Form 10-K and quarterly Form 10-Q to evaluate the Company’s financial performance and make key operating decisions. The key area of focus of the CODM for the allocation of resources is the cash used in operations. These financial statements provide a comprehensive view of the Company’s overall financial condition, including information on expenses, assets, and liabilities. The significant expense categories are consistent with those presented on the face of the statements of operations and comprehensive loss. The CODM does not receive or use any other segmented or disaggregated financial or any significant expense information for decision-making purposes. Additionally, gross margin is regularly provided to the CODM and is derived based on the consolidated statements of operations and comprehensive loss as follows:

	December 31,
	2025		2024		2023
	(in thousands except percentages)
Revenue	$	2,306,113	$	1,696,911	$	1,082,571
Cost of product revenues		810,627		672,304		588,564
Cost of licensing and other revenues		2,306		1,449		1,267
Gross margin	$	1,493,180	$	1,023,158	$	492,740
Gross margin percentage		64.7%		60.3%		45.5%