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

 

12.Segment Reporting

 

The Company operates within a single reportable operating segment, the research and development of cellular therapies. The Company has identified its president and chief executive officer as its chief operating decision maker (“CODM”), who regularly reviews the Company’s performance and allocates resources based on information reported at the consolidated entity level.

 

The CODM uses consolidated net loss as a measure of profit and loss and assesses Company performance through the achievement of its business strategy goals. The CODM is regularly provided with forecasted expense information that is used to determine the Company’s liquidity needs and cash allocation to execute its business strategy, and he uses cash as a measure of segment assets in managing the Company. The Company operates in the United States, and all of its assets are located in the United States.

 

The table below provides a breakdown of the Company’s significant operating expenses for the three and six months ended June 30, 2026 and 2025, with a reconciliation to net loss for each of those years.

 

 

The Company had no revenue or cost of revenue for the three and six months ended June 30, 2026 or June 30, 2025. Depreciation and amortization expense was less than $0.1 million for each of the three and six months ended June 30, 2026 and 2025. During the three and six months ended June 30,2025, the Company recognized $0.5 million and $5.9 million, respectively in other expense related to the forward sales contract liability under the 2025 SPA. During the three and six months ended June 30, 2026, there were no such expenses. During the three and six months ended June 30, 2026, the Company recognized $55,000 and $99,000, respectively in interest income.

 

   2026   2025   2026   2025 
   Three months ended June 30,   Six months ended June 30, 
   2026   2025   2026   2025 
Operating expenses:                    
Research and development by significant expense:                    
Study fees  $2,008   $60   $3,275   $412 
Payroll and related   359    114    595    211 
Professional fees   173    202    337    358 
MSA/license fees   131    663    200    1,300 
Other1   121    97    300    164 
                     
Research and development   2,792    1,136    4,707    2,445 
                     
General and administrative by significant expense:                    
Payroll and related2   421    428    1,223    821 
Professional fees2   391    440    838    826 
Stock-based compensation   300    353    596    839 
Other2   200    144    286    300 
General and administrative   1,312    1,365    2,943    2,786 
                     
Impairment of goodwill   -    -    2,044    - 
                     
Total operating expenses   4,104    2,501    9,694    5,231 
                     
Loss from operations   (4,104)   (2,501)   (9,694)   (5,231)
                     
Forward sales contract expense   -    (512)   -    (5,847)
Change in fair value of warrant liabilities   -    -    -    1 
Interest income (expense), net   55    -    99    5 
Gain on extinguishment of contingent liability   41    -    41    - 
Other expense, net   (1)   (123)   (1)   (258)
Total other income (expense), net   95    (635)   139    (6,099)
                     
Loss before income taxes   (4,009)   (3,136)   (9,555)   (11,330)
Benefit (provision) for income taxes   -    (3)   40    (11)
                     
Net loss  $(4,009)  $(3,139)  $(9,515)  $(11,341)

 

   June 30, 2026   December 31, 2025 
           
Cash  $5,028   $1,884 

 

1Other includes certain lab supply expenses, travel expenses, stock-based compensation, allocated occupancy costs, and depreciation.

 

2Other includes expenses related to insurance, occupancy expense, information technology, travel, depreciation and other miscellaneous expenses.