Segment

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment

Segment

The Company reports segment information in accordance with the management approach, which reflects the internal reporting utilized by the Chief Operating Decision Maker (“CODM”), the Company’s President and Chief Executive Officer. Based on the information used by the CODM to allocate resources and assess the Company’s performance, the Company has determined it operates in one segment. The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance.

The CODM evaluates the performance of the Company’s sole reportable segment based on net income or loss that also is reported on the Consolidated Statements of Operations and Comprehensive Loss as net income or loss. The measure of segment assets is reported on the Consolidated Balance Sheets as total assets. The Company’s sole reportable segment generates revenue by providing research and development services.

	Year Ended December 31,
	2024		2023		2022
Revenue	$	61	$	130	$	84,683
Operating expenses:
Research and development
Technical operations	63,419		64,393		55,412
Clinical operations	39,783		31,802		19,191
Research activities	37,772		53,567		57,328
Facilities and technology	26,342		25,636		25,081
Operations management	4,287		7,547		2,176
Total research and development expenses	171,603		182,945		159,188
General and administrative
Business support	33,973		47,428		84,500
Corporate expenses and outside services	14,450		15,575		27,717
Facilities and technology	3,618		3,980		5,090
Total general and administrative expenses	52,041		66,983		117,307
Other operating income, net	(3,309)		(2,790)		(4,754)
Acquired in-process research and development	87,184		—		—
Impairment of long-lived assets	51,297		—		—
Total operating expenses	358,816		247,138		271,741
Loss from operations	(358,755)		(247,008)		(187,058)
Interest income, net	24,068		23,453		7,053
Other income, net	4,694		1,846		1,887
Impairment of other investments	(13,001)		(12,923)		(5,000)
Total other income, net	15,761		12,376		3,940
Net loss	$	(342,994)	$	(234,632)	$	(183,118)

Total expenditures for additions to the Company’s property and equipment, net were $0.6 million, $1.4 million and $21.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.

For the year ended December 31, 2024, approximately 73% of revenue is attributable to a single customer headquartered in the United States and approximately 27% of revenue is attributable to a single customer headquartered in China. The Company’s revenues for the year ended December 31, 2023 are attributed to a single customer headquartered in the United States. For the year ended December 31, 2022, approximately 100% of the Company’s revenues were attributable to a single customer headquartered in the United Kingdom.

The Company’s long-lived assets as of December 31, 2024 and 2023 are located in the United States.