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

 

12.Segment Reporting

 

The Company operates within a single reportable operating segment, the research and development of cellular therapies. The Company has identified its president and chief executive officer as its chief operating decision maker (“CODM”), who regularly reviews the Company’s performance and allocates resources based on information reported at the consolidated entity level.

 

The CODM uses consolidated net loss as a measure of profit and loss and assesses Company performance through the achievement of its business strategy goals. The CODM is regularly provided with forecasted expense information that is used to determine the Company’s liquidity needs and cash allocation to execute its business strategy, and he uses cash as a measure of segment assets in managing the Company. The Company operates in the United States, and all of its assets are located in the United States.

 

The table below provides a breakdown of the Company’s significant operating expenses for the three months ended March 31, 2026 and 2025, with a reconciliation to net loss for each of those years.

 

 

The Company’s purchases of property and equipment were approximately $2,000 for the three months ended March 31, 2026. There were no purchases of property and equipment for the three months ended March 31, 2025. Depreciation and amortization expense was approximately $9,000 and $18,000 for the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2025, the Company recognized $5.3 million in other expense related to the forward sales contract liability under the 2025 SPA. The Company recognized $44,000 and $5,000 in interest income, net, for the three months ended March 31, 2026 and 2025, respectively.

 

   2026   2025 
   Three months ended March 31, 
   2026   2025 
Operating expenses:          
Research and development by significant expense:          
Study fees  $1,267   $352 
Payroll and related   236    112 
Professional fees   164    156 
MSA/license fees   69    637 
Other1   179    52 
Research and development   1,915    1,309 
           
General and administrative by significant expense:          
Payroll and related2   802    394 
Professional fees2   447    386 
Stock-based compensation   296    486 
Other2   86    155 
General and administrative   1,631    1,421 
           
Impairment of goodwill   2,044    - 
           
Total operating expenses   5,590    2,730 
           
Loss from operations   (5,590)   (2,730)
           
Forward sales contract expense   -    (5,335)
Change in fair value of warrant liabilities   -    1 
Interest income (expense), net   44    5 
Other expense, net   -    (135)
Total other income (expense), net   44    (5,464)
           
Loss before income taxes   (5,546)   (8,194)
Benefit (provision) for income taxes   40    (8)
           
Net loss  $(5,506)  $(8,202)

 

  

March 31, 2025

   December 31, 2025 
         
Cash  $9,177   $1,884 

 

1Other includes certain lab supply expenses, travel expenses, stock-based compensation, allocated occupancy costs, and depreciation.
2Other includes expenses related to insurance, occupancy expense, information technology, travel, depreciation and other miscellaneous expenses.