| Segment Reporting |
Note 15 – Segment reporting
The Company has one reportable segment relating to the research, development and planned commercialization of its novel cell therapies. The segment derives its current revenues from research and development collaborations.
The Company’s Chief Operating Decision Maker (the “CODM”), its Chief Executive Officer and the senior leadership team (comprising the Executive Team members and three senior vice presidents), manages the Company’s operations on an integrated basis for the purposes of allocating resources. When evaluating the Company’s financial performance, the CODM reviews total revenues, total expenses and expenses by function and the CODM makes decisions using this information on a global basis.
The table below is a summary of the segment profit or loss, including significant segment expenses (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
June 30, |
|
June 30, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Revenue |
$ |
128,231 |
|
$ |
5,130 |
|
$ |
133,909 |
|
$ |
52,731 |
Less: |
|
|
|
|
|
|
|
|
|
|
|
Research |
|
(3,830) |
|
|
(3,499) |
|
|
(7,438) |
|
|
(5,373) |
CMC and Quality |
|
(14,159) |
|
|
(13,675) |
|
|
(28,933) |
|
|
(26,608) |
Biomarkers |
|
(2,495) |
|
|
(1,222) |
|
|
(5,286) |
|
|
(2,452) |
Development and Compliance |
|
(12,611) |
|
|
(8,647) |
|
|
(27,486) |
|
|
(19,037) |
Infrastructure management and Facilities |
|
(7,749) |
|
|
(6,126) |
|
|
(15,828) |
|
|
(13,490) |
Commercial planning |
|
(2,561) |
|
|
(778) |
|
|
(6,445) |
|
|
(1,426) |
Support functions |
|
(9,139) |
|
|
(14,074) |
|
|
(21,073) |
|
|
(28,635) |
Other segment expenses(a) |
|
(6,987) |
|
|
(2,017) |
|
|
(1,981) |
|
|
1,038 |
Total operating expenses |
|
(59,531) |
|
|
(50,038) |
|
|
(114,470) |
|
|
(95,983) |
Operating profit/(loss) |
|
68,700 |
|
|
(44,908) |
|
|
19,439 |
|
|
(43,252) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
1,376 |
|
|
1,543 |
|
|
2,721 |
|
|
2,219 |
Interest expense |
|
(526) |
|
|
— |
|
|
(526) |
|
|
— |
Gain on bargain purchase |
|
— |
|
|
22,155 |
|
|
— |
|
|
22,155 |
Other income (expense), net |
|
497 |
|
|
501 |
|
|
436 |
|
|
(170) |
Income tax expense |
|
(526) |
|
|
(680) |
|
|
(1,052) |
|
|
(1,305) |
Segment and consolidated net profit/(loss) |
$ |
69,521 |
|
$ |
(21,389) |
|
$ |
21,018 |
|
$ |
(20,353) |
(a)Other segment expenses includes reimbursements receivable for research and development tax and expenditure credits, depreciation, amortization and share-based compensation expenses.
|