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Segment Disclosure (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Summary of Significant Expense related to the Life Science Segment

The table below summarizes segment net loss, including significant expenses for the three and six months ended June 30, 2025 and 2024 (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Milestone revenue, royalty revenue and sale of royalty rights

 

$

2,820

 

 

$

—

 

 

$

2,820

 

 

$

16,146

 

Costs and operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

—

 

 

 

—

 

 

 

—

 

 

 

475

 

Research and development

 

 

 

 

 

 

 

 

 

 

 

 

Clinical product candidates

 

 

4,388

 

 

 

3,786

 

 

 

9,534

 

 

 

7,760

 

Clinical product manufacturing

 

 

6,194

 

 

 

3,657

 

 

 

9,578

 

 

 

6,220

 

Personnel-related expenses excluding stock-based compensation

 

 

3,490

 

 

 

3,482

 

 

 

8,229

 

 

 

6,986

 

Stock-based compensation

 

 

569

 

 

 

771

 

 

 

1,691

 

 

 

1,449

 

Depreciation and amortization

 

 

458

 

 

 

224

 

 

 

931

 

 

 

539

 

Other (i)

 

 

2,034

 

 

 

2,033

 

 

 

4,214

 

 

 

4,028

 

Total research and development expenses

 

 

17,133

 

 

 

13,953

 

 

 

34,177

 

 

 

26,982

 

General and administrative

 

 

 

 

 

 

 

 

 

 

 

 

Personnel-related expenses excluding stock-based compensation

 

 

1,060

 

 

 

1,235

 

 

 

2,551

 

 

 

3,154

 

Stock-based compensation

 

 

2,446

 

 

 

2,100

 

 

 

4,955

 

 

 

5,742

 

Professional and consultant fees

 

 

863

 

 

 

1,134

 

 

 

1,677

 

 

 

2,214

 

Other (ii)

 

 

1,068

 

 

 

1,610

 

 

 

2,124

 

 

 

3,216

 

Total general and administrative expenses

 

 

5,437

 

 

 

6,079

 

 

 

11,307

 

 

 

14,326

 

Total costs and operating expenses

 

 

22,570

 

 

 

20,032

 

 

 

45,484

 

 

 

41,783

 

Other segment income (iii)

 

 

1,679

 

 

 

2,731

 

 

 

3,435

 

 

 

5,080

 

Income tax expense

 

 

283

 

 

 

—

 

 

 

283

 

 

 

—

 

Segment net loss

 

$

(18,354

)

 

$

(17,301

)

 

$

(39,512

)

 

$

(20,557

)

Reconciliation of profit or loss

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments and reconciling items

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Consolidated net loss

 

$

(18,354

)

 

$

(17,301

)

 

$

(39,512

)

 

$

(20,557

)

 

(i)
Other research and development segment items include facilities expenses, lab services, professional services and technology costs.
(ii)
Other general and administrative segment items include facilities expenses, technology costs, insurance and depreciation.
(iii)
Other segment income for the three months ended June 30, 2025 and 2024 consisted of $1.0 million and $2.0 million of interest and investment income and $0.7 million and $0.7 million of sublease income, respectively and for six months ended June 30, 2025 and 2024 consisted of $2.2 million and $3.6 million of interest and investment income and $1.2 million and $1.5 million of sublease income, respectively.