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

3. SEGMENT

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Group’s chief operating decision maker (the “CODM”) in deciding how to allocate resources and assessing performance. The Group performed an evaluation to determine the CODM and concluded that its Chief Executive Officer was the CODM.

The Group has one reportable segment that focuses on the research and development of precision immuno-oncology agents for the treatment of cancer. All of the Group’s long-lived assets are held in the U.S.

The Group’s CODM is regularly provided with the following disaggregated expense information included in the consolidated statements of comprehensive loss (the segment results have been recast for all periods to reflect the continuing operations of the Group):

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

Segment revenue

 

$

—

 

 

$

—

 

Less:

 

 

 

 

 

 

Segment research and development expenses:

 

 

 

 

 

 

Direct clinical development expenses

 

 

189

 

 

 

5,776

 

Employee-related expenses

 

 

2,775

 

 

 

3,730

 

Other research and development expenses(1)

 

 

1,107

 

 

 

1,759

 

Segment administrative expenses(2)

 

 

8,309

 

 

 

14,378

 

Other segment items(3)

 

 

(3,726

)

 

 

(7,283

)

Segment loss

 

$

(8,654

)

 

$

(18,360

)

 

 

(1)
Other research and development expenses include professional service fees and other R&D overhead expenses.
(2)
Segment administrative expenses include professional service fees and other administrative overhead expenses.
(3)
Other segment items include equity in loss of affiliate, interest income, change in the fair value of available-for-sale securities and put right liabilities, foreign currency exchange gains and losses, amortization and depreciation expense and other overhead expenses.