v3.25.3
Segment Disclosure
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Disclosure

5. Segment disclosure

Operating segments are defined as components of an enterprise for which separate discrete information is available for evaluation by the chief operating decision maker, or decision making group, in deciding how to allocate resources in assessing performance. The Company has one reportable segment related to the development of clinical and preclinical product candidates focused on addressing unmet medical needs in patients with solid tumors with a specific focus on HNSCC tumors. The Company’s chief operating decision maker (CODM) is the Chief Executive Officer.

The accounting policies of the single segment are the same as those described in the Company’s significant accounting policies disclosed in “Note 2 – Basis of Presentation and Summary of Significant Accounting Policies” of the Company’s Fiscal 2024 10-K. The CODM assesses performance for the segment based on net loss, which is reported on the condensed consolidated statements of operations and comprehensive loss as net loss. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets.

To date, the Company has not generated any product revenue. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances the product candidate through all stages of development and clinical trials and, ultimately, seek regulatory approval.

As such, the CODM uses cash forecast models in deciding how to allocate resources. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results is used in assessing performance of the segment and in establishing management’s compensation, along with cash forecast models.

The table below summarizes segment net loss, including significant expenses for the three and nine months ended September 30, 2025 and 2024 (in thousands):

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Milestone revenue, royalty revenue and sale of royalty rights

 

$

—

 

 

$

—

 

 

$

2,820

 

 

$

16,146

 

Costs and operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

—

 

 

 

—

 

 

 

—

 

 

 

475

 

Research and development

 

 

 

 

 

 

 

 

 

 

 

 

Clinical product candidates

 

 

6,727

 

 

 

6,888

 

 

 

16,261

 

 

 

14,648

 

Clinical product manufacturing

 

 

4,582

 

 

 

4,267

 

 

 

14,160

 

 

 

10,487

 

Personnel-related expenses excluding stock-based compensation

 

 

3,738

 

 

 

3,663

 

 

 

11,967

 

 

 

10,649

 

Stock-based compensation

 

 

698

 

 

 

836

 

 

 

2,389

 

 

 

2,285

 

Depreciation and amortization

 

 

454

 

 

 

131

 

 

 

1,385

 

 

 

670

 

Other (i)

 

 

1,609

 

 

 

1,956

 

 

 

5,823

 

 

 

5,984

 

Total research and development expenses

 

 

17,808

 

 

 

17,741

 

 

 

51,985

 

 

 

44,723

 

General and administrative

 

 

 

 

 

 

 

 

 

 

 

 

Personnel-related expenses excluding stock-based compensation

 

 

1,519

 

 

 

1,245

 

 

 

4,070

 

 

 

4,399

 

Stock-based compensation

 

 

2,375

 

 

 

2,145

 

 

 

7,330

 

 

 

7,887

 

Professional and consultant fees

 

 

713

 

 

 

1,024

 

 

 

2,390

 

 

 

3,238

 

Other (ii)

 

 

1,046

 

 

 

1,599

 

 

 

3,170

 

 

 

4,815

 

Total general and administrative expenses

 

 

5,653

 

 

 

6,013

 

 

 

16,960

 

 

 

20,339

 

Total costs and operating expenses

 

 

23,461

 

 

 

23,754

 

 

 

68,945

 

 

 

65,537

 

Other segment income (iii)

 

 

1,458

 

 

 

2,551

 

 

 

4,893

 

 

 

7,631

 

Income tax expense

 

 

—

 

 

 

—

 

 

 

283

 

 

 

—

 

Segment net loss

 

$

(22,003

)

 

$

(21,203

)

 

$

(61,515

)

 

$

(41,760

)

Reconciliation of profit or loss

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments and reconciling items

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Consolidated net loss

 

$

(22,003

)

 

$

(21,203

)

 

$

(61,515

)

 

$

(41,760

)

 

(i)
Other research and development segment items include facilities expenses, lab services, professional services and technology costs.
(ii)
Other general and administrative segment items include facilities expenses, technology costs, insurance and depreciation.
(iii)
Other segment income for the three months ended September 30, 2025 and 2024 consisted of $0.8 million and $1.8 million of interest and investment income and $0.7 million and $0.7 million of sublease income, respectively, and for nine months ended September 30, 2025 and 2024 consisted of $3.0 million and $5.4 million of interest and investment income and $1.9 million and $2.2 million of sublease income, respectively.