v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Disclosure

Note 13. Segment Reporting

 

The Company has one reportable segment relating to the research and development of product candidates to selectively modulate the Wnt pathway for tissue repair and regeneration. The segment derives its revenue from licensing and research collaborations.

 

The Company’s Chief Executive Officer and the Chief Operating Officer are together considered the Company’s Chief Operating Decision Maker, or CODM, on a consolidated basis. The CODM uses consolidated operating expenses by function to evaluate financial performance, monitor budget versus actual results, and manage the Company’s operations for the purposes of allocating resources and establishing business strategies. The measure of segment assets is not reported as it is not regularly provided or reviewed by the Company’s CODM.

 

The table below is a summary of the segment profit or loss, including significant segment expenses (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Total revenue

 

$

5,000

 

 

$

983

 

Less:

 

 

 

 

 

 

Compensation excluding stock-based compensation

 

 

(4,445

)

 

 

(3,330

)

Consultants and third-party services

 

 

(2,964

)

 

 

(1,297

)

Stock-based compensation

 

 

(2,105

)

 

 

(834

)

Development and manufacturing costs

 

 

(2,054

)

 

 

(2,110

)

Professional services

 

 

(1,771

)

 

 

(743

)

Rent and facility expenses

 

 

(1,016

)

 

 

(1,109

)

Depreciation and amortization

 

 

(65

)

 

 

(294

)

Other expense, including loss on execution of the 2025 PIPE (1)

 

 

(117,049

)

 

 

(17,420

)

Other segment items (2)

 

 

(1,036

)

 

 

(816

)

Segment and consolidated net loss

 

$

(127,505

)

 

$

(26,970

)

 

(1) Other information not reported to CODM includes loss on execution of the 2025 PIPE, loss on amendment and cancellation of warrants, interest income, gain/loss on change in fair value of tranche liability, and gain/loss on change in fair value of warrant liabilities, which are reported as other (expense) income, net on the unaudited consolidated statements of operations and comprehensive loss.

(2) Other segment items primarily consist of lab expenses and information technology costs.

 

For the three months ended March 31, 2026, collaboration and license revenue of $5.0 million is attributed to Boehringer Ingelheim, which is domiciled in Germany. For the three months ended March 31, 2025, research service revenue – related party of $1.0 million was generated in the United States. As of March 31, 2026 and December 31, 2025, all long-lived assets of the Company reside in the United States.