Segments
Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the CODM or decision-making group in making decisions on how to allocate resources and assess performance. The Company’s CODM is its CEO. The CEO views the Company’s operations and manages the Company’s business as one operating segment, which is the business of developing and commercializing gene editing technology.
The Company’s CEO manages and allocates resources to the operations of the Company on a total company basis by assessing the overall level of resources available and how to best deploy these resources across functions and research and development projects that are in line with our long-term company-wide strategic goals. In making these decisions, the
Company’s CEO uses consolidated financial information for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets. The CODM performs this assessment based on the Company’s consolidated net loss. Through this analysis, the CODM assesses performance by comparing actual consolidated net loss versus the budget, and then decides how to allocate resources to invest in the Company’s research and development programs. The measure of segment assets is reported in the consolidated balance sheets as total assets.
The following table contains additional information on our consolidated revenue and net loss, including significant segment expenses (in thousands):
Year Ended
December 31,
20252024
Collaboration and other research and development revenues$40,520 $32,314 
Operating expenses:
Research and development1
Employee related expenses33,076 61,136 
External research and development expenses71,676 79,900 
Facility expenses20,519 26,430 
Stock-based compensation expenses2,968 8,642 
Sublicense and license fees7,440 18,953 
Other expenses3
12,106 12,768 
General and administrative2
Employee related expenses13,041 24,335 
Professional service expenses8,673 14,358 
Intellectual property and patent related fees16,838 14,016 
Stock-based compensation expenses7,032 12,775 
Facility and other expenses4
7,161 10,153 
Interest expense related to sale of future revenues(6,171)(2,190)
Other expense, net(2,189)(3)
Interest income, net8,310 16,252 
Net loss$(160,060)$(237,093)
1 The years ended December 31, 2025 and 2024 include $57,832 and $8,582 of restructuring charges, respectively.
2 The years ended December 31, 2025 and 2024 include $2,842 and $3,650 of restructuring charges, respectively
3 Other expenses primarily consists of consultant fees and office expenses
4 Facility and other expenses primarily consists of rent expense, insurance premiums, software licenses and office expenses
For the year ended December 31, 2025, there were three customers for which revenues amount to 10% or more of the Company’s consolidated collaboration and other research and development revenues, representing $23.2 million, $10.0 million, and $4.2 million of the Company’s consolidated collaboration and other research and development revenues. For the year ended December 31, 2024, there were two customers for which revenues amounts to 10% or more of the Company’s consolidated collaboration and other research and development revenues, representing $18.1 million and $10.0 million of the Company’s consolidated collaboration and other research and development revenues. For the years ended December 31, 2025 and 2024, 100% and 100%, respectively, of the Company’s consolidated collaboration and other research and development revenues was attributed to the U.S.
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Historical Timeline

Fiscal YearFiled
2025Mar 9, 2026Showing above
2024Mar 5, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.