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

11. Segment Information

The Company has identified one operating and reportable segment. The Company defines its operating segments based on internally reported financial information that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) to analyze financial performance, make decisions, and allocate resources. The Company’s Chief Executive Officer is the CODM.

The Company’s CODM views specific categories within research and development expenses and selling, general and administrative expenses in total as significant given the direct correlation between cash burn and profitability as a pre-commercial company. The following table reconciles reported operating expenses to net loss under the significant expense principle for the three and six months ended June 30, 2026 and 2025:

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Research and development:

 

 

 

 

 

 

 

 

 

 

 

 

Revita direct program expenses

 

$

3,676

 

 

$

8,181

 

 

$

8,642

 

 

$

14,935

 

Rejuva direct program expenses

 

 

2,010

 

 

 

4,661

 

 

 

3,913

 

 

 

7,878

 

Indirect expenses

 

 

2,059

 

 

 

1,840

 

 

 

3,950

 

 

 

3,853

 

Personnel-related expenses

 

 

6,067

 

 

 

6,469

 

 

 

12,905

 

 

 

13,920

 

Total research and development expenses

 

 

13,812

 

 

 

21,151

 

 

 

29,410

 

 

 

40,586

 

Selling, general and administrative

 

 

5,284

 

 

 

4,928

 

 

 

10,506

 

 

 

10,252

 

Total operating expenses

 

 

19,096

 

 

 

26,079

 

 

 

39,916

 

 

 

50,838

 

Other income (expense), net

 

 

(6,442

)

 

 

(1,810

)

 

 

23,596

 

 

 

(786

)

Segment net loss

 

$

(25,538

)

 

$

(27,889

)

 

$

(16,320

)

 

$

(51,624

)