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Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue:        
Collaborative arrangement revenue $ 4,346 $ 29,034 $ 9,060 $ 58,406
Total revenues 8,967 36,048 21,402 77,669
Operating expenses:        
Research and development 16,013 59,980 59,944 128,226
Cost of manufacturing for commercial collaboration 3,453 3,610 6,722 7,264
Selling, general and administrative 9,857 19,489 22,516 40,209
Share of collaboration loss 0 0 1,230 0
Restructuring expenses 7,398 0 11,628 0
Cost of royalty and other revenue 0 907 0 1,548
Change in fair value of contingent consideration (685) 53 (2,415) 126
Total operating expenses 36,036 84,039 99,625 177,373
Loss from operations (27,069) (47,991) (78,223) (99,704)
Interest income, net 2,527 3,090 5,388 5,139
Other income, net 1,434 2,812 2,080 5,455
Income (loss) before income taxes 24,879 (42,089) (27,794) (89,110)
Income tax (expense) benefit 0 0 0 0
Net income (loss) $ 24,879 $ (42,089) $ (27,794) $ (89,110)
Net income (loss) per share - basic (in dollars per share) $ 0.48 $ (0.83) $ (0.53) $ (1.89)
Net income (loss) per share - diluted (in dollars per share) $ 0.45 $ (0.83) $ (0.53) $ (1.89)
Weighted-average number of common shares used in computing net (income) loss per share - basic (in shares) 52,186,000 50,966,000 52,129,000 47,238,000
Weighted-average number of common shares used in computing net (income) loss per share - diluted (in shares) 55,011,000 50,966,000 52,129,000 47,238,000
Other comprehensive income (loss):        
Other comprehensive income (loss), net of tax benefit (expense) of $0.0 million and $0.0 million for the three and six months ended June 30, 2024 and 2023, respectively. $ 100 $ 520 $ (32) $ 1,447
Comprehensive income (loss) 24,979 (41,569) (27,826) (87,663)
Regeneron        
Operating expenses:        
Loss on assets held for sale to Regeneron 0 0 (5,026) 0
Novo Nordisk        
Operating expenses:        
Loss on assets held for sale to Regeneron 47,987 0 47,987 0
Service revenue        
Revenue:        
Revenue 4,621 5,022 12,342 15,848
Royalty and other revenue        
Revenue:        
Revenue $ 0 $ 1,992 $ 0 $ 3,415