Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

We operate and manage our business as one reportable and operating segment. Our chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance based on consolidated net loss, as is reported in our consolidated statements of operations.

Our long-lived assets are based in the United States and Switzerland. Long-lived assets are comprised of property and equipment. As of December 31, 2024 and 2023, property and equipment based in the United States was $40.8 million and $79.6 million, respectively. As of December 31, 2024 and 2023, property and equipment based in Switzerland was $157.2 million and nil, respectively.

This following table presents segment operation results for the year ended December 31, 2024, 2023 and 2022:

	Year Ended December 31,
	2024		2023		2022
Operating expenses:
Research and development - external costs (1)	$	349,510	$	261,984	$	132,418
Research and development - internal costs (2)	127,134		70,357		37,033
Acquired manufacturing rights (Note 7)	—		75,000		22,995
General and administrative	92,902		60,700		39,810
Total operating expenses	$	569,546	$	468,041	$	232,256
Total other income, net	$	105,619	$	65,775	$	8,771
Net loss	$	463,927	$	402,266	$	223,485

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(1)Research and development - external costs consist primarily of product and clinical development expenses, research and development consumables, lab supplies and equipment, facility, depreciation, professional and consulting services attributed to the research and development departments.

(2)Research and development - internal costs consist of internal employee costs including stock-based compensation expenses.