v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting

(14) Segment Reporting

Operating segments are defined as components of the entity for which separate financial information is made available and that is regularly evaluated by the chief operating decision maker (CODM) in making decisions regarding resource allocation and assessing performance. The Company's CODM is its chief executive officer and the Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company is focused on the development of a human anti-thymocyte globulin focused on preventing or delaying the progression of T1D.

The CODM assesses the Company's performance by reviewing GAAP operating expense and significant expenses by function along with the annual budget. The chief operating decision maker considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources.

The following table is representative of the significant expense categories regularly provided to the CODM when managing the Company's single reporting segment. A reconciliation to condensed consolidated operating expenses as our single segment operating loss for the three and six months ended June 30, 2026 and 2025, is included in the table below (in thousands):

 

 

For The Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Direct research and development expenses

 

 

 

 

 

 

 

 

 

 

 

 

Research and development salaries and benefits

 

$

4,068

 

 

$

2,707

 

 

$

8,174

 

 

$

5,359

 

Clinical trial expense

 

 

5,132

 

 

 

1,916

 

 

 

8,329

 

 

 

3,843

 

Lab supplies and animal care

 

 

852

 

 

 

382

 

 

 

1,610

 

 

 

938

 

Lab services, consulting, and other direct research costs

 

 

877

 

 

 

433

 

 

 

1,880

 

 

 

1,376

 

Total direct research and development expenses

 

 

10,929

 

 

 

5,438

 

 

 

19,993

 

 

 

11,516

 

Indirect research and development expenses

 

 

1,476

 

 

 

1,212

 

 

 

2,948

 

 

 

2,458

 

Share based compensation (research and development)

 

 

3,767

 

 

 

347

 

 

 

6,629

 

 

 

680

 

Total research and development expense

 

 

16,172

 

 

 

6,997

 

 

 

29,570

 

 

 

14,654

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

Administrative payroll

 

 

1,717

 

 

 

1,294

 

 

 

3,535

 

 

 

2,647

 

Professional fees and travel

 

 

826

 

 

 

214

 

 

 

1,543

 

 

 

639

 

Insurance, office expense, and other administrative expenses

 

 

1,182

 

 

 

947

 

 

 

2,649

 

 

 

2,004

 

Share based compensation (general and administrative)

 

 

3,480

 

 

 

280

 

 

 

6,078

 

 

 

560

 

Total general and administrative expenses

 

 

7,205

 

 

 

2,735

 

 

 

13,805

 

 

 

5,850

 

Total operating expense

 

$

23,377

 

 

$

9,732

 

 

$

43,375

 

 

$

20,504

 

The measure of segment assets is reported on the condensed consolidated balance sheets as cash and cash equivalents and short-term and long-term investments.

Long-lived assets are reported on the condensed consolidated balance sheets as property, plant and equipment, net of accumulated depreciation and these assets are held in the U.S.