16. SEGMENT INFORMATION
We operate in a single segment dedicated to the discovery, development, manufacturing and commercialization of RNAi therapeutics. RNAi therapeutics are comprised of siRNA that function upstream of conventional medicines by potently silencing messenger RNA, or mRNA, that encode for proteins implicated in the cause or pathway of disease, thus preventing them from being made. To date, our efforts have yielded the approval of six first-in-class RNAi-based medicines, which generate the majority of our consolidated total revenues. Consistent with our operational structure, our Chief Executive Officer, or CEO, as the chief operating decision maker, or CODM, manages and allocates resources on a consolidated basis at the global corporate level. Our global research and development and technical operations and quality organizations are responsible for the discovery, development, and supply of products. Commercial efforts that coordinate the marketing, sales and distribution of these products are organized by geographic region and therapeutic area. All of these activities are supported by global corporate staff functions. Managing and allocating resources at the global corporate level enables our CEO to assess the overall level of resources available and how to best deploy these resources in line with our overarching long-term corporate-wide strategic goals. The determination of a single segment is consistent with the consolidated financial information regularly reviewed by the CODM for the purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets.
Consistent with our management reporting, results of our operations are reported on a consolidated basis for purposes of segment reporting. The CEO evaluates performance and decides how to allocate resources based on consolidated net income (loss) that is reported on the consolidated statements of operations and comprehensive income (loss). The measure of segment assets is reported on the consolidated balance sheets as total assets. The CEO uses consolidated net income (loss) to evaluate income generated from the Company’s business activities in deciding how to allocate company resources (such as pursuing clinical development or entering a strategic collaboration), monitoring budget versus actual results, and establishing
management’s compensation. Please refer to the consolidated financial statements for further information related to these measures of segment performance. In addition, research and development and selling, general and administrative expenses are significant segment expenses regularly provided to the CEO with the following categories:
Research and Development
| | | | | | | | | | | | | | | | | | | | |
| | Years Ended December 31, |
(In thousands) | | 2025 | | 2024 | | 2023 |
| Clinical research and outside services | | $ | 640,672 | | | $ | 509,129 | | | $ | 485,732 | |
| Compensation and related | | 516,208 | | | 455,678 | | | 357,696 | |
Occupancy and all other costs(1) | | 162,895 | | | 161,425 | | | 160,987 | |
Total research and development expense | | $ | 1,319,775 | | | $ | 1,126,232 | | | $ | 1,004,415 | |
Selling, General and Administrative
| | | | | | | | | | | | | | | | | | | | |
| | Years Ended December 31, |
(In thousands) | | 2025 | | 2024 | | 2023 |
Compensation and related | | $ | 668,302 | | | $ | 531,078 | | | $ | 423,295 | |
Consulting and professional services | | 348,976 | | | 274,539 | | | 226,664 | |
Occupancy and all other costs(1) | | 193,435 | | | 169,909 | | | 145,687 | |
Total selling, general and administrative expense | | $ | 1,210,713 | | | $ | 975,526 | | | $ | 795,646 | |
(1) Occupancy and all other costs includes facilities, information technology, depreciation and certain departmental expenses.
As of December 31, 2025 and 2024, substantially all of our long-lived assets were from U.S. operations. For the years ended December 31, 2025, 2024 and 2023, net revenues from collaborations were attributed to the U.S. Please refer to Note 3, Net Product Revenues, for information regarding our net product revenues by geography.