Segment Reporting

3 Months Ended

Mar. 31, 2026

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 March 31,
	2026		2025
Segment revenue	$	(29)	$	3,032
Less: Segment expenses (1)
Research and development
Contract manufacturing	36,007		9,336
Personnel (2)	31,528		33,718
Clinical costs	26,134		20,606
Licenses, collaborations and contingent consideration, net	(2,809)		36,591
Other R&D (3)	18,062		18,394
Selling, general and administrative (2)	23,339		23,944
Restructuring, long-lived assets impairment and related charges, net	—		(10)
Plus: Other segment items (4)	6,595		18,582
Segment and consolidated net loss	$	(125,695)	$	(120,965)

(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, and depreciation expenses.

(4) Other segment items include change in fair value of equity investments, interest income, other expense, net, and provision for 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 license and collaboration revenues recognized under the Company’s collaboration agreements with GSK, and other revenue generated from the sale of clinical supply to Brii Bio Parent.

	Three Months Ended March 31,
Segment revenues attributed to:	2026		2025
U.S.	$	12	$	1,238
Foreign
GSK	(41)		(70)
Other	—		1,864
Total segment and consolidated revenue	$	(29)	$	3,032

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