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

16. Segment Reporting

The Company’s operations are organized and reported as a single reportable segment, which includes all activities related to the discovery, development, and commercialization of allogeneic gamma delta T cell therapies for autoimmune diseases and cancer. The Company’s Chief Executive Officer, who is the chief operating decision maker (CODM), reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance. This presentation is consistent with how the Company’s CODM assesses the performance of the Company and makes operating decisions on a consolidated basis. The CODM assesses performance and decides how to allocate resources based on consolidated net loss that also is reported on the consolidated statements of operations and comprehensive loss as net loss. The CODM uses consolidated net loss to monitor budget versus actual results, assess cash runway, and benchmark against the Company’s competitors. The measure of segment assets is reported on the consolidated balance sheets as total assets. The Company’s assets are primarily held in the United States.

The following table sets forth the Company’s segment information (in thousands):

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

External program expenses for product candidates

 

 

 

 

 

 

Prula-cel

$

2,046

 

 

$

3,368

 

 

ADI-270

 

369

 

 

 

1,366

 

 

ADI-212

 

948

 

 

 

68

 

 

Total external program expenses for product candidates

 

3,363

 

 

 

4,802

 

 

Non-program specific expenses(1)

 

3,015

 

 

 

2,675

 

 

Personnel-related expenses (including non-cash stock-based compensation)(2)

 

9,526

 

 

 

14,793

 

 

Depreciation

 

1,342

 

 

 

1,680

 

 

Professional services and consulting fees

 

1,693

 

 

 

2,264

 

 

Facilities and infrastructure expenses

 

1,781

 

 

 

2,226

 

 

Other segment expense(3)

 

850

 

 

 

1,445

 

 

Interest income

 

(1,342

)

 

 

(1,683

)

 

Other expense, net(4)

 

16

 

 

 

12

 

 

Income tax provision

 

—

 

 

 

—

 

 

Segment net loss

$

20,244

 

 

$

28,214

 

 

 

(1)
Relates to platform research and development expenses which are not attributed to specific programs.
(2)
Relates to personnel-related expenses including non-cash stock-based compensation for the three months ended March 31, 2026 and 2025 of $1.3 million and $3.2 million, respectively.
(3)
Relates to other expenses primarily for software subscriptions and licenses, office expenses, travel and entertainment, director compensation and recruiting fees.
(4)
Consists of interest expense and other expenses.