Segment Reporting

12 Months Ended

Dec. 31, 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 consolidated statements of operations as consolidated net loss. The measure of segment assets is reported on the 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).

	Years Ended December 31,
	2025		2024		2023
Segment revenue	$	68,556	$	74,205	$	86,180
Less: Segment expenses (1)
Cost of revenue	26		845		2,765
Research and development
Personnel (2)	125,274		162,960		189,418
Licenses, collaborations and contingent consideration	125,058		129,846		30,215
Clinical costs	87,173		57,624		121,422
Contract manufacturing	47,622		40,081		114,262
Other R&D (3)	70,839		115,988		124,403
Selling, general and administrative (2)	92,074		119,031		174,441
Restructuring, long-lived assets impairment and related charges, net	(182)		34,995		13,559
Plus: Other segment items (4)	41,341		65,205		69,188
Segment and consolidated net loss	$	(437,987)	$	(521,960)	$	(615,117)

(1) Refer to Note 7 Balance Sheet Components for depreciation expenses included in segment expenses.

(2) Refer to Note 11 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 consolidated statements of operations.

The following table summarizes segment revenues by geographic area (in thousands). The revenues attributed to foreign customers primarily include license and collaboration revenues recognized under the Company’s license agreement with Norgine and collaboration agreements with GSK (refer to Note 6 Collaboration and License Agreements for further details), revenue generated from clinical supplies provided to foreign companies, and license revenue from the Company’s collaboration with Brii Bio.

	Years Ended December 31,
Segment revenues attributed to:	2025		2024		2023
U.S. customers	$	2,036	$	11,525	$	47,138
Foreign customers
Norgine	64,268		—		—
GSK	(1,138)		60,309		37,265
Other	3,390		2,371		1,777
Total segment and consolidated revenue	$	68,556	$	74,205	$	86,180

The Company’s long-lived assets are primarily located in the U.S.