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

Note 13. Segment Reporting

 

The Company has one reportable segment relating to the research and development of product candidates to selectively modulate the Wnt pathway for tissue repair and regeneration. The segment derives its revenue from licensing and research collaborations.

 

The Company’s Chief Executive Officer and the Chief Operating Officer are together considered the Company’s Chief Operating Decision Maker, or CODM, on a consolidated basis. The CODM uses consolidated operating expenses by function to evaluate financial performance, monitor budget versus actual results, and manage the Company’s operations for the purposes of allocating resources and establishing business strategies. The measure of segment assets is not reported as it is not regularly provided or reviewed by the Company’s CODM.

 

The table below is a summary of the segment profit or loss, including significant segment expenses (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Total revenue

 

$

5,000

 

 

$

983

 

 

$

10,000

 

 

$

1,966

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Compensation excluding stock-based compensation

 

 

(3,861

)

 

 

(3,283

)

 

 

(8,306

)

 

 

(6,613

)

Consultants and third-party services

 

 

(2,163

)

 

 

(1,459

)

 

 

(5,127

)

 

 

(2,756

)

Stock-based compensation

 

 

(2,893

)

 

 

(994

)

 

 

(4,998

)

 

 

(1,828

)

Development and manufacturing costs

 

 

(2,388

)

 

 

(1,509

)

 

 

(4,442

)

 

 

(3,619

)

Professional services

 

 

(1,983

)

 

 

(646

)

 

 

(3,754

)

 

 

(1,389

)

Rent and facility expenses

 

 

(949

)

 

 

(1,112

)

 

 

(1,965

)

 

 

(2,221

)

Depreciation and amortization

 

 

(51

)

 

 

(137

)

 

 

(116

)

 

 

(431

)

Other income (expense), including loss on execution of
   the 2025 PIPE (1)

 

 

60,547

 

 

 

48,763

 

 

 

(56,502

)

 

 

31,344

 

Other segment items (2)

 

 

(1,082

)

 

 

(860

)

 

 

(2,118

)

 

 

(1,677

)

Segment and consolidated net income (loss)

 

$

50,177

 

 

$

39,746

 

 

$

(77,328

)

 

$

12,776

 

 

(1) Other information not reported to CODM includes loss on execution of the 2025 PIPE, loss on amendment and cancellation of warrants, interest income, gain/loss on change in fair value of tranche liability, and gain/loss on change in fair value of warrant liabilities, which are reported as other (expense) income, net on the unaudited consolidated statements of operations and comprehensive (loss) income.

(2) Other segment items primarily consist of lab expenses and information technology costs.

 

For the three and six months ended June 30, 2026, collaboration and license revenue of $5.0 million and $10.0 million, respectively, is attributed to Boehringer Ingelheim, which is domiciled in Germany. For the three and six months ended June 30, 2025, research service

revenue – related party of $1.0 million and $2.0 million, respectively, was generated in the United States. As of June 30, 2026 and December 31, 2025, all long-lived assets of the Company reside in the United States.