Segment

12 Months Ended

Dec. 31, 2025

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. Prior period segment information has been recast to reflect the manner in which financial information is currently reviewed by the CODM to allocate resources and assess performance, conforming to the current period presentation.

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 table below details the Company’s segment net loss, significant expenses, and other segment items (in thousands). The measure of segment assets is reported on the consolidated balance sheets as total assets.

	Year Ended December 31,
	2025		2024		2023
Revenue	$	36	$	61	$	130
Less:
Technical operations	47,202		46,102		49,851
Clinical development	36,671		38,561		27,241
Support functions	25,737		29,870		34,096
Lease costs	16,643		16,885		14,788
Operations management	13,106		14,145		22,814
Research activities	11,038		25,284		33,309
Other segment items(1)	124,087		172,208		52,663
Net loss	$	274,448	$	342,994	$	234,632

1.Includes stock-based compensation, depreciation, other operating income, net, acquired in-process research and development, impairment of long-lived assets, interest income, net, other (expense) income, net, and impairment of other investments.

Total expenditures for additions to the Company’s property and equipment, net were $0.6 million, $0.6 million and $1.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company’s long-lived assets as of December 31, 2025 and 2024 are located in the United States.