v3.26.1
Segment Performance Measures and Expenses
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Performance Measures and Expenses

Note 5. Segment Performance Measures and Expenses

 

The Company operates in one segment for the research and development of our product candidates. The Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company based on consolidated financial information. Consequently, we view the entire organization as one reportable segment and the strategic purpose of all operating activities (including general & administrative expenses) is to support that one segment. As a pre-revenue research and development company, the CODM evaluates company-wide performance and allocates resources based on non-financial research and development milestones achieved, and to a lesser extent, financial measures of performance such as clinical development (research and development expenses) and general and administrative expenses incurred. Our CODM does not generally evaluate our performance using asset or historical cash flow information.

 

 

The table below provides a summary of the significant expense categories and consolidated net loss details provided to the CODM (in thousands):

 

                 
   For the three months ending March 31, 
   (In thousands)   Change Increase (Decrease) 
   2026   2025         
Operating Expenses:                    
Clinical Research                    
OVATION 2 and MRD Trials  $105   $134   $(29)   (21.6)%
OVATION 3 Trial   101    80    21    26.3%
PlaCCine Vaccine Phase 1 Trial   3    58    (55)   (94.6)%
Other Clinical and Regulatory   589    574    15   2.6%
Subtotal   798    846    (48)   (5.7)%
Non-Clinical R&D and CMC                    
OVATION Program   1,293    913    380    41.6%
Manufacturing (CMC)   247    406    (159)   (39.2)%
Subtotal   1,540    1,319    221    16.8%
                     
Research and development expenses   2,338    2,165    173    8.0%
General and administrative expenses   1,969    1,980    (11

)

   (0.6)%
Total operating expenses   4,307    4,145    162    3.9%
                     
Loss from operations  $(4,307)  $(4,145)  $(162)   (3.9)%