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

11. Segment Reporting

The Company operates as a single reporting segment, focused on the research and development of cell therapies for patients with autoimmune diseases. The Company's measure of segment profit or loss is net loss. The Chief Executive Officer, as the CODM, manages and allocates resources to the operations of the Company on a total company basis. The Company monitors its cash, cash equivalents, and investments as reported on the Company's Balance Sheets to determine funding for its research and development. The measure of segment assets is reported on the balance sheets as total assets.

As the Company is not yet generating revenue, the CODM evaluates its performance based on progress in pre-clinical and clinical research objectives. Along with the Company’s Statement of Operations and Comprehensive Loss, the CODM regularly reviews budgeted and forecasted expenses to assess liquidity requirements and allocate cash accordingly.

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 the net loss for the three and six months ended June 30, 2026 and 2025 is included at the bottom of the table below.

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Segment expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Personnel related expenses, excluding share-based compensation(1)

 

 

8,628

 

 

$

7,718

 

 

$

17,395

 

 

$

23,615

 

Facilities expenses

 

 

4,476

 

 

 

4,771

 

 

 

8,869

 

 

 

9,336

 

Direct external development program expenses

 

 

10,997

 

 

 

4,850

 

 

 

18,476

 

 

 

10,270

 

Other segment expenses(2)

 

 

6,382

 

 

 

5,463

 

 

 

12,381

 

 

 

11,012

 

Total segment expenses:

 

 

30,483

 

 

 

22,802

 

 

 

57,121

 

 

 

54,233

 

Segment loss

 

 

(30,483

)

 

 

(22,802

)

 

 

(57,121

)

 

 

(54,233

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciling items:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

(2,732

)

 

 

(2,331

)

 

 

(5,072

)

 

 

(4,630

)

Share-based compensation

 

 

(1,865

)

 

 

(2,053

)

 

 

(3,763

)

 

 

(4,887

)

Impairment of property and equipment

 

 

(5,670

)

 

 

—

 

 

 

(5,670

)

 

 

—

 

Impairment of right-of-use asset

 

 

(2,378

)

 

 

—

 

 

 

(2,378

)

 

 

—

 

Interest income

 

 

2,538

 

 

 

3,970

 

 

 

5,376

 

 

 

8,346

 

Other income, net

 

 

222

 

 

 

239

 

 

 

428

 

 

 

444

 

Net loss

 

$

(40,368

)

 

$

(22,977

)

 

$

(68,200

)

 

$

(54,960

)

 

(1) Personnel related expenses include ($0.1) million and $5.0 million of severance and other benefits expense for the three and six months ended June 30, 2025, respectively.

(2) Other segment items include consultants and contractor, lab supplies, and general business expenses.