v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting

9. Segment Reporting

Operating segments are defined as components of the entity for which separate financial information is made available and that is regularly evaluated by the chief operating decision maker (CODM) in making decisions regarding resource allocation and assessing performance. The Company's CODM is its Chief Executive Officer and the Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company is focused on the development of TCR-T therapy product candidates for the treatment of patients with cancer.

The CODM assesses the Company's performance by reviewing GAAP net loss and significant expenses by function along with the annual budget. The CODM considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources.

The following table provides information about the Company's single operating segment which includes significant expenses by function along with significant non-cash expense items.

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

Collaboration and license revenue

$

3,076

 

 

$

536

 

 

$

5,247

 

 

$

1,102

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Research and development:

 

 

 

 

 

 

 

 

 

 

 

Laboratory supplies, research materials and studies

 

12,101

 

 

 

8,273

 

 

 

21,590

 

 

 

15,550

 

Personnel expenses

 

8,966

 

 

 

7,365

 

 

 

17,782

 

 

 

15,072

 

Facility-related and other

 

5,657

 

 

 

3,949

 

 

 

11,205

 

 

 

7,851

 

Clinical studies

 

3,721

 

 

 

5,121

 

 

 

7,416

 

 

 

8,954

 

Stock-based compensation

 

1,668

 

 

 

1,236

 

 

 

3,406

 

 

 

2,300

 

Depreciation expense

 

521

 

 

 

933

 

 

 

1,023

 

 

 

2,007

 

General and administrative:

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

3,337

 

 

 

2,623

 

 

 

6,356

 

 

 

5,291

 

Legal and professional fees

 

2,041

 

 

 

2,062

 

 

 

3,995

 

 

 

3,730

 

Facility-related and other

 

1,935

 

 

 

1,812

 

 

 

3,743

 

 

 

3,459

 

Stock-based compensation

 

1,606

 

 

 

1,093

 

 

 

3,281

 

 

 

2,012

 

Depreciation Expense

 

176

 

 

 

183

 

 

 

353

 

 

 

363

 

Loss from operations

 

(38,653

)

 

 

(34,114

)

 

 

(74,903

)

 

 

(65,487

)

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

Interest and other income, net

 

2,390

 

 

 

3,405

 

 

 

5,192

 

 

 

5,595

 

Interest expense

 

(689

)

 

 

(952

)

 

 

(1,368

)

 

 

(1,911

)

Net loss

$

(36,952

)

 

$

(31,661

)

 

$

(71,079

)

 

$

(61,803

)