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

16. Segment Reporting

The Company operates in one business segment, which includes all activities related to the discovery, development, and potential commercialization of off-the-shelf viral immunotherapies that help patients fight cancer. The determination of a single business segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker (CODM). The Company’s CODM is its Chief Executive Officer, who reviews and evaluates consolidated net income (loss) for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods.

In addition to the significant expense categories included within consolidated net income (loss) presented on the Company's condensed consolidated statements of operations and comprehensive income (loss), see below for disaggregated amounts that comprise research and development and general and administrative expenses:

 

THREE MONTHS ENDED
JUNE 30,

 

 

SIX MONTHS ENDED
JUNE 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development:

 

 

 

 

 

 

 

 

 

 

 

 

Clinical development

 

$

3,051

 

 

$

921

 

 

$

4,296

 

 

$

1,747

 

Employee-related

 

 

2,957

 

 

 

3,411

 

 

 

5,109

 

 

 

6,139

 

Facility and equipment costs

 

 

490

 

 

 

379

 

 

 

868

 

 

 

756

 

Pre-clinical research

 

 

127

 

 

 

149

 

 

 

244

 

 

 

201

 

Other research and development segment expenses

 

 

366

 

 

 

119

 

 

 

490

 

 

 

238

 

Total research and development

 

 

6,991

 

 

 

4,979

 

 

 

11,007

 

 

 

9,081

 

General and administrative:

 

 

 

 

 

 

 

 

 

 

 

 

Employee-related

 

 

1,945

 

 

 

1,867

 

 

 

3,661

 

 

 

3,506

 

Professional and consulting fees

 

 

1,436

 

 

 

1,208

 

 

 

3,238

 

 

 

2,876

 

Commercial readiness

 

 

343

 

 

 

—

 

 

 

475

 

 

 

—

 

Other general and administrative segment expenses (1)

 

 

462

 

 

 

517

 

 

 

926

 

 

 

1,010

 

Total general and administrative

 

 

4,186

 

 

 

3,592

 

 

 

8,300

 

 

 

7,392

 

Total operating expenses

 

 

11,177

 

 

 

8,571

 

 

 

19,307

 

 

 

16,473

 

Loss from operations

 

 

(11,177

)

 

 

(8,571

)

 

 

(19,307

)

 

 

(16,473

)

Interest income

 

 

926

 

 

 

240

 

 

 

1,860

 

 

 

560

 

Interest expense

 

 

(236

)

 

 

(567

)

 

 

(542

)

 

 

(1,213

)

Change in fair value of warrant liability

 

 

5,691

 

 

 

(13,339

)

 

 

20,572

 

 

 

(13,332

)

Net income (loss)

 

$

(4,796

)

 

$

(22,237

)

 

$

2,583

 

 

$

(30,458

)

 

(1) Other general and administrative segment expenses primarily consist of insurance, occupancy, and information technology costs.