XML 29 R18.htm IDEA: XBRL DOCUMENT v3.25.3
Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company manages the business activities on a consolidated basis and operates as one reportable segment that constitutes all of the consolidated entity, which is the business of powering the immune system to transform lives by discovering and developing medicines for serious infectious diseases and cancer. The Company’s CODM is its Chief Executive Officer. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The measure of segment profit or loss is segment net loss that also is reported on the condensed consolidated statements of operations as consolidated net loss. The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets. The CODM uses segment net loss to monitor spending, assess performance for the Company and management, evaluate the progress of completing corporate goals, decide how to allocate resources among the Company’s clinical and pre-clinical portfolios, and make strategic decisions about business development opportunities.
The segment revenue, segment profit or loss, and significant segment expenses regularly provided to CODM are summarized as follows (in thousands).
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Segment revenue$240 $2,380 $4,486 $61,831 
Less: Segment expenses (1)
Cost of revenue(11)50 — 161 
Research and development
Clinical costs21,017 12,866 61,984 36,791 
Contract manufacturing9,644 10,504 33,043 30,697 
Personnel (2)
27,677 35,885 94,560 125,745 
Licenses, collaborations and contingent consideration76,414 112,532 124,306 123,410 
Other R&D (3)
16,711 23,391 53,724 83,773 
Selling, general and administrative (2)
22,231 25,744 68,458 92,330 
Restructuring, long-lived assets impairment and related charges, net— 12,712 (182)38,939 
Plus: Other segment items (4)
10,302 17,587 36,343 52,644 
Segment and consolidated net loss$(163,141)$(213,717)$(395,064)$(417,371)
(1) Refer to Note 6 Balance Sheet Components for depreciation and amortization expenses included in segment expenses.
(2) Refer to Note 8 Stock-Based Awards for stock-based compensation expenses included in segment expenses.
(3) Other research and development expenses primarily includes non-personnel research expenses, allocated facility and IT expenses, IPR&D impairment, and depreciation expenses.
(4) Other segment items include change in fair value of equity investments, interest income, other expense, net, and (provision for) benefit from income taxes, all of which were presented on the condensed consolidated statements of operations.
The following table summarizes segment revenues by geographic area (in thousands). The revenues attributed to the U.S. primarily include the Company's grant revenue. The revenues attributed to foreign regions primarily include collaboration and contract revenues recognized under the Company’s collaboration agreements with GSK, contract revenue generated from clinical supplies provided to foreign companies, and license revenue from the Company’s collaboration with Brii Bio.
Three Months Ended
September 30,		Nine Months Ended
September 30,
Segment revenues attributed to:2025202420252024
U.S.$305 $2,091 $1,726 $9,752 
Foreign
GSK(65)(1,102)(630)49,647 
Other— 1,391 3,390 2,432 
Total segment and consolidated revenue$240 $2,380 $4,486 $61,831 
The Company’s long-lived assets are primarily located in the U.S.