Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

13. Segment Information

The Company has identified one operating and reportable segment: the development of gene editing-based therapies. All of the Company’s material assets are held in the U.S. and all of the Company’s collaboration revenue has been generated in the U.S. The operating segment’s revenue is primarily generated through collaboration arrangements with third parties. The Company does not have any intra-entity sales or transfers. The Company manages all business activities on a consolidated basis. The Company’s chief operating decision maker (“CODM”) is the chief executive officer.

The accounting policies for the segment are the same as those described in Note 2, “Summary of Significant Accounting Policies,” in the Company’s Annual Report on Form 10-K (“Annual Report”) for the year ended December 31, 2024. The CODM evaluates the performance of the operating segment and allocates resources based on net loss that also is reported on the consolidated statements of operations and comprehensive loss. The CODM uses net loss to monitor budget versus actual results and to analyze cash flows in assessing performance of the segment and allocating resources. The measure of the operating segment assets is reported on the consolidated balance sheets as total assets.

The following table summarizes the reportable segment’s financial information:

	Three Months Ended March 31,
	2025			2024
Collaboration revenue	$	16,627		$	28,935
Less:
Research and development:
External development expenses - nex-z		23,130			13,658
External development expenses - NTLA-2002		10,668			8,793
Other research and development (1)		74,629			89,396
Total research and development		108,427			111,847
General and administrative (2)		29,007			31,091
Interest income		(8,603	)		(12,632	)
Other segment information (3)		2,125			6,065
Segment and consolidated net loss	$	(114,329	)	$	(107,436	)

(1)Includes unallocated research and development expenses including stock-based compensation of $12.6 million and $20.1 million for the three months ended March 31, 2025 and 2024, respectively, as disclosed within Note 10, “Stock-Based Compensation.”

(2)Includes stock-based compensation of $9.2 million and $14.0 million for the three months ended March 31, 2025 and 2024, respectively, as disclosed within Note 10, “Stock-Based Compensation.”

(3)Includes change in fair value of investments as disclosed on the Company’s condensed consolidated statements of operations and comprehensive loss.

Depreciation and amortization expense totaled $2.5 million for the three months ended March 31, 2025 and 2024.