| Summary of Segment Profit and Loss Including Significant Expense |
The following table presents reportable segment profit and loss, including significant expense categories, attributable to our reportable segment for the periods indicated (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
External costs: |
|
|
|
|
|
|
|
|
|
|
|
|
Clinical research organization expenses |
|
|
|
|
|
|
|
|
|
|
|
|
COVALENT - 101 |
|
$ |
— |
|
|
|
926 |
|
|
$ |
— |
|
|
$ |
1,927 |
|
COVALENT - 102 |
|
|
— |
|
|
|
(142 |
) |
|
|
— |
|
|
|
472 |
|
COVALENT - 103 |
|
|
204 |
|
|
|
859 |
|
|
|
502 |
|
|
|
1,598 |
|
COVALENT - 111 |
|
|
— |
|
|
|
1,093 |
|
|
|
— |
|
|
|
3,335 |
|
COVALENT - 112 |
|
|
— |
|
|
|
311 |
|
|
|
— |
|
|
|
813 |
|
COVALENT - 211 |
|
|
1,523 |
|
|
|
— |
|
|
|
2,266 |
|
|
|
— |
|
COVALENT - 212 |
|
|
785 |
|
|
|
— |
|
|
|
1,347 |
|
|
|
— |
|
GLP - 131 |
|
|
798 |
|
|
|
— |
|
|
|
2,223 |
|
|
|
— |
|
Other clinical related expenses |
|
|
1,217 |
|
|
|
843 |
|
|
|
2,001 |
|
|
|
3,330 |
|
Preclinical activities related expenses |
|
|
86 |
|
|
|
1,594 |
|
|
|
155 |
|
|
|
3,550 |
|
Expenses related to manufacturing of
clinical and research material |
|
|
464 |
|
|
|
1,421 |
|
|
|
1,283 |
|
|
|
2,269 |
|
Other external costs |
|
|
557 |
|
|
|
1,899 |
|
|
|
1,239 |
|
|
|
4,471 |
|
Internal costs: |
|
|
|
|
|
|
|
|
|
|
|
|
Personnel-related expenses (including
stock-based compensation) |
|
|
3,159 |
|
|
|
5,693 |
|
|
|
6,523 |
|
|
|
13,520 |
|
Facilities and other allocated expenses |
|
|
349 |
|
|
|
2,069 |
|
|
|
723 |
|
|
|
4,178 |
|
Total research and development expenses |
|
$ |
9,142 |
|
|
$ |
16,566 |
|
|
$ |
18,262 |
|
|
$ |
39,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
External costs |
|
$ |
1,145 |
|
|
$ |
1,282 |
|
|
$ |
2,286 |
|
|
$ |
3,548 |
|
Internal costs: |
|
|
|
|
|
|
|
|
|
|
|
|
Personnel-related expenses (including
stock-based compensation) |
|
|
2,155 |
|
|
|
3,020 |
|
|
|
4,366 |
|
|
|
7,110 |
|
Facilities and other allocated expenses |
|
|
324 |
|
|
|
408 |
|
|
|
626 |
|
|
|
867 |
|
Total general and administrative expenses |
|
$ |
3,624 |
|
|
$ |
4,710 |
|
|
$ |
7,278 |
|
|
$ |
11,525 |
|
|
| Reconciliation of Segment Loss From Operations to Net Loss |
Reconciliation of segment loss from operations to net loss (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Loss from operations of reportable segments |
|
$ |
(12,766 |
) |
|
$ |
(21,276 |
) |
|
$ |
(25,540 |
) |
|
$ |
(50,988 |
) |
Change in fair value of common warrant liability |
|
|
4,119 |
|
|
|
227 |
|
|
|
3,538 |
|
|
|
227 |
|
Gain on sale of property and equipment |
|
|
— |
|
|
|
— |
|
|
|
510 |
|
|
|
— |
|
Interest and other income, net |
|
|
319 |
|
|
|
309 |
|
|
|
749 |
|
|
|
759 |
|
Net loss |
|
$ |
(8,328 |
) |
|
$ |
(20,740 |
) |
|
$ |
(20,743 |
) |
|
$ |
(50,002 |
) |
|