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Operating Expense Breakdown
Details core costs like R&D, marketing, and admin, offering insight into how efficiently the company runs and where it’s prioritizing investment.Collaboration spend has become the dominant, highly lumpy driver of operating expense in 2024–25, suggesting milestone or partner-driven payments are replacing some in‑house work; R&D peaked in 2021–22 then stepped down, implying prioritization or outsourcing of development, while G&A remains controlled. For investors, this points to program de‑risking via partners (a positive for progress) but also to uneven cash burn and greater sensitivity of the company’s runway to the timing of collaboration milestones.
Date | Research and Development | General and Administrative | Collaboration |
|---|---|---|---|
Mar 31, 2026 | $68.57M | $17.18M | $45.95M |
Dec 31, 2025 | $83.53M | $18.40M | $53.70M |
Sep 30, 2025 | $58.90M | $16.93M | $57.12M |
Jun 30, 2025 | $69.89M | $18.92M | $45.15M |
Mar 31, 2025 | $72.48M | $19.30M | $57.51M |
Dec 31, 2024 | $82.16M | $18.12M | $10.42M |
Sep 30, 2024 | $82.16M | $17.42M | $11.15M |
Jun 30, 2024 | $80.17M | $19.48M | $52.13M |
Mar 31, 2024 | $76.17M | $17.95M | $46.97M |
Dec 31, 2023 | $95.14M | $16.48M | $20.00M |