77 Interest Income Interest income consists primarily of interest income earned on our cash and cash equivalents. Other Income (Expense), Net Other income (expense), net consists primarily of the change in fair value and settlement of derivative contracts and tax expense. Results of Operations The following table summarizes the results of our operations for the periods indicated (in thousands, except percentages): Year Ended December 31, Change 2024 2023 Dollar Percent Operating expenses Research and development.............................. $ 126,095 $ 206,298 $ (80,203) (39%) General and administrative.............................. 60,754 71,023 (10,269) (14%) Loss from operations......................................... (186,849) (277,321) 90,472 (33%) Interest income ................................................ 11,148 16,733 (5,585) (33%) Interest expense ............................................... — (13) 13 * Other income (expense), net............................ (506) 110 (616) * Net loss.............................................................. $ (176,207) $ (260,491) $ 84,284 (32%) * Change is not meaningful Research and Development Expenses Research and development expenses decreased $80.2 million, or 39%, during the year ended December 31, 2024 as compared to 2023. The following table summarizes our research and development expenses for the periods indicated (in thousands): Year Ended December 31, 2024 2023 Change Tarcocimab program expenses......................................... $ 39,496 $ 90,513 $ (51,017) KSI-501 and KSI-101 program expenses ........................................................................ 8,495 7,264 1,231 ABC Platform and other program expenses.......................................................... 12,915 20,997 (8,082) Payroll and personnel expenses........................................ 45,522 65,382 (19,860) Facilities and other research and development expenses................................................... 19,667 22,142 (2,475) Total research and development expenses ........................................................................ $ 126,095 $ 206,298 $ (80,203) Tarcocimab program expenses decreased $51.0 million during the year ended December 31, 2024 as compared to 2023, primarily driven by reduced manufacturing activities and decreased clinical activities for completed trials, partially offset by costs from active clinical trials for the tarcocimab development program. KSI-501 and KSI-101 program expenses increased $1.2 million during the year ended December 31, 2024 as compared to 2023, stemming from expanding clinical activities for both product candidates. ABC Platform and other program expenses decreased $8.1 million during the year ended December 31, 2024 as compared to 2023, due to reduced manufacturing activities. Payroll and personnel expenses decreased $19.9 million during the year ended December 31, 2024 as compared to 2023, mainly attributable to timing of forfeitures of equity awards.