Segment Information

3 Months Ended

Mar. 31, 2025

Segment Information.

Segment Information

13. Segment Information

The Company’s Chief Operating Decision Maker (“CODM”), the Company’s Chief Executive Officer, views the Company’s operations and manages its business as a single operating segment, which is the business of developing and eventually commercializing neurogenetic medicines. The Company therefore has one reportable segment.

The CODM reviews the segment's profit or loss based on net loss reported on the condensed consolidated statement of operations and comprehensive loss and considers forecast-to-actual variances monthly for expenses that are deemed significant in making resource allocation decisions and assessing performance. Further, the CODM reviews the segment's assets based on total assets reported on the condensed consolidated balance sheets. All long-lived assets are held in the United States.

The CODM views specific categories within research and development expenses and general and administrative expenses in totality as significant. Further, the CODM reviews the external research and development expenses of specific programs as significant given the impact on achieving the Company’s corporate goals. The following table reconciles reported collaboration revenue and segment expenses to net loss under the significant expense principle for the three months ended March 31, 2025 and 2024:

	Three months ended March 31, 2025		Three months ended March 31, 2024
Collaboration revenue	$	6,473	$	19,516
External research and development (1):
Anti-tau antibody program (VY7523)		4,249		2,946
SOD1 silencing gene therapy program (VY9323)		1,886		1,964
Tau silencing gene therapy program (VY1706)		3,174		996
Partnered programs (2)		991		2,040
Other programs and platforms (3)		3,181		2,760
Internal research and development (4)		9,958		9,480
Facilities and other research and development (5)		8,087		6,906
General and administrative, total		9,640		8,607
Interest income		3,291		4,867
Other income		418		-
Income tax provision		37		14
Net loss	$	(31,021)	$	(11,330)

1) External research and development is allocated to the Company’s programs and platforms and includes contract development and manufacturing organization expenses, laboratory supplies, the costs of non-employee consultants and contractors, and all other expenses paid to external vendors.

2) Partnered programs include programs in which the Company is collaborating with partners to develop AAV gene therapy products and product candidates under the Company’s 2019 and 2023 Neurocrine Collaboration Agreements, and the License and Collaboration Agreement the Company entered into with Novartis on December 28, 2023.

3) Other programs and platforms consist of expenses related to other early research programs and platforms which are not considered quantitatively and qualitatively significant, including capsid discovery, non-viral delivery, and early research programs.

4) Internal research and development consists of employee-related expenses including salaries, benefits, and stock-based compensation expense.

5) Depreciation and amortization are included within facilities and other research and development, which are the same as the amounts in the accompanying condensed consolidated statements of operations as the Company operates as a single operating segment.