Segment Information

6 Months Ended

Jun. 30, 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 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 June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Collaboration revenue	$	14,245		$	6,957		$	30,872		$	35,892
Less:
Research and development:
External development expenses - nex-z		23,958			14,706			47,088			28,364
External development expenses - lonvo-z		12,053			10,676			22,721			19,469
Other research and development (1)		61,024			88,825			135,653			178,221
Total research and development		97,035			114,207			205,462			226,054
General and administrative (2)		27,206			31,793			56,213			62,884
Interest income		(7,402	)		(12,422	)		(16,005	)		(25,054	)
Other segment information (3)		(1,339	)		20,354			786			26,419
Segment and consolidated net loss	$	(101,255	)	$	(146,975	)	$	(215,584	)	$	(254,411	)

(1)Includes unallocated research and development expenses, including stock-based compensation of $14.1 million and $26.7 million for the three and six months ended June 30, 2025, respectively, and $25.4 million and $45.6 million for the three and six months ended June 30, 2024, respectively, as disclosed within Note 10, “Stock-Based Compensation.”

(2)Includes stock-based compensation of $8.0 million and $17.2 million for the three and six months ended June 30, 2025, respectively, and $15.4 million and $29.4 million for the three and six months ended June 30, 2024, respectively, as disclosed within Note 10, “Stock-Based Compensation.”

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

Depreciation and amortization expense totaled $2.5 million and $5.0 million for the three and six months ended June 30, 2025, respectively, and $2.6 million and $5.1 million for the three and six months ended June 30, 2024, respectively.