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

10. Segment Reporting

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the chief operating decision maker (CODM), in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its chief executive officer. Based on the information used by the CODM to allocate resources, the Company has determined it operates in one segment. The Company’s operating segment generates revenue from its development agreements with Toray and Genmab, as described in Note 5.

The CODM assesses performance for the Company’s operating segment and decides how to allocate resources based on the Company’s cash runway and Net Loss that also is reported on the unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss as Net Loss. Net loss is used to monitor budget versus actual results. The measure of segment assets is reported on the balance sheets as total assets.

As of June 30, 2026 and December 31, 2025, all of the Company’s property and equipment was maintained in the United States. For the three and six months ended June 30, 2026 and 2025, all of the Company’s revenue was generated and incurred in the United States.

Research and development and general and administrative expenses are significant segment expenses regularly provided to the CODM with the following categories:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

Significant Segment Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Personnel related costs

 

$

1,932

 

 

 

3,980

 

 

$

4,143

 

 

 

8,667

 

Clinical trial expenses

 

 

1,482

 

 

 

1,240

 

 

 

2,480

 

 

 

2,364

 

Facilities expense

 

 

1,380

 

 

 

1,633

 

 

 

2,904

 

 

 

3,469

 

Other research and development expenses

 

 

793

 

 

 

1,357

 

 

 

1,517

 

 

 

4,173

 

Other general and administrative expenses

 

 

1,261

 

 

 

1,831

 

 

 

2,683

 

 

 

3,597

 

Stock-based compensation expense

 

 

552

 

 

 

625

 

 

 

1,097

 

 

 

1,334

 

Other segment expenses (1)

 

 

171

 

 

 

348

 

 

 

374

 

 

 

747

 

Total significant segment expenses

 

 

7,571

 

 

 

11,014

 

 

 

15,198

 

 

 

24,351

 

Impairment charges

 

 

808

 

 

 

—

 

 

 

808

 

 

 

—

 

Total operating expenses

 

 

8,379

 

 

 

11,014

 

 

 

16,006

 

 

 

24,351

 

_______________

(1) Other segment expense include depreciation expense and other miscellaneous expenses.