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Fourth Quarter Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2024
Fourth Quarter Financial Data (Unaudited) [Abstract]  
Fourth Quarter Financial Data (Unaudited)
13. Fourth Quarter Financial Data (Unaudited)


The following financial information reflects all normal recurring adjustments, which are, in the opinion of management, necessary for a fair statement of the results of the interim periods. Summarized fourth quarter data for 2024 and 2023 are as follows (in thousands, except per share data).

Three Months Ended December 31,
  
2024
    
2023
  
Revenue (1)
  
$
226,577
    
$
324,505
  
Operating expenses (2)
  
$
337,398
    
$
330,627
  
Loss from operations
  
$
(110,821
)
  
$
(6,122
)
Net loss
  
$
(104,349
)
  
$
(9,263
)
Basic net loss per share (3) (4)
  
$
(0.66
)
  
$
(0.06
)
Diluted net loss per share (3) (5)
  
$
(0.66
)
  
$
(0.06
)
________________
(1)
Revenue was lower in the three months ended December 31, 2024 compared to the same period in 2023 primarily due to significant partner payments earned in the fourth quarter of 2023, including the $50 million milestone payment we earned from AstraZeneca when the FDA approved WAINUA for ATTRv-PN in the U.S., $36 million payment we earned when AstraZeneca licensed ION826 and revenue we recognized in the fourth quarter of 2023 from the upfront payments we received from our new collaborations with Otsuka, Roche and Novartis. In addition, WAINUA joint development revenue decreased in the three months ended December 31, 2024 compared to the same period in 2023 as development activities relating to ATTRv-PN wound down with the launch of WAINUA.

(2)
Operating expenses were relatively consistent in the three months ended December 31, 2024 compared to the same period in 2023.

(3)
We compute net loss per share independently for each quarter during the year.

(4)
As discussed in Note 1, Organization and Significant Accounting Policies, we compute basic net loss per share by dividing the total net loss by our weighted-average number of common shares outstanding during the period.

(5)
We incurred a net loss for the fourth quarter of 2024 and 2023. As a result, we did not include dilutive common equivalent shares in the computation of diluted net loss per share because the effect would have been anti-dilutive.