| Schedule of Operating Expenses by Function |
The following table provides information about the Company’s operating expenses by function and includes a reconciliation to net loss.
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenue |
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Collaboration revenue |
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$ |
1,110 |
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$ |
— |
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$ |
1,335 |
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$ |
— |
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Operating expenses: |
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Research and development |
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Clinical |
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5,202 |
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5,397 |
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10,578 |
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11,345 |
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Manufacturing (pre-commercial) |
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3,852 |
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4,077 |
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7,317 |
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9,524 |
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Research |
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3,820 |
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4,182 |
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6,778 |
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10,102 |
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Other |
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3,729 |
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3,714 |
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6,774 |
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7,475 |
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Total research and development |
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$ |
16,603 |
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$ |
17,370 |
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$ |
31,447 |
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$ |
38,446 |
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General and administrative |
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5,406 |
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6,712 |
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10,853 |
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13,174 |
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Impairment loss |
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21,821 |
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— |
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21,821 |
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— |
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Loss on lease termination, net |
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1,368 |
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— |
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1,368 |
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— |
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Total operating expenses |
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45,198 |
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24,082 |
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65,489 |
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51,620 |
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Loss from operations |
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(44,088 |
) |
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(24,082 |
) |
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(64,154 |
) |
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(51,620 |
) |
Other income, net: |
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Interest income |
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697 |
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815 |
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1,491 |
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1,449 |
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Other (loss) income, net |
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(2 |
) |
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(16 |
) |
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(2 |
) |
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24 |
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Total other income, net |
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695 |
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799 |
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1,489 |
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1,473 |
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Net loss before income tax expense |
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(43,393 |
) |
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(23,283 |
) |
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(62,665 |
) |
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(50,147 |
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Income tax expense |
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— |
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— |
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— |
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— |
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Net loss |
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$ |
(43,393 |
) |
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$ |
(23,283 |
) |
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$ |
(62,665 |
) |
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$ |
(50,147 |
) |
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