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

9. Segment Reporting

Operating segments are defined as components of the entity for which separate financial information is made available and that is regularly evaluated by the chief operating decision maker (CODM) in making decisions regarding resource allocation and assessing performance. The Company's CODM is its Chief Executive Officer and the Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company is focused on the development of TCR-T therapy product candidates for the treatment of patients with cancer.

The CODM assesses the Company's performance by reviewing GAAP net loss and significant expenses by function along with the annual budget. The CODM considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources.

The following table provides information about the Company's single operating segment which includes significant expenses by function along with significant non-cash expense items.

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

Collaboration and license revenue

$

1,051

 

 

$

3,076

 

 

$

2,033

 

 

$

5,247

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Research and development:

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

6,909

 

 

 

8,966

 

 

 

15,240

 

 

 

17,782

 

Facility-related and other

 

5,367

 

 

 

5,657

 

 

 

9,932

 

 

 

11,205

 

Laboratory supplies, research materials and studies

 

5,297

 

 

 

12,101

 

 

 

9,575

 

 

 

21,590

 

Clinical studies

 

4,017

 

 

 

3,721

 

 

 

6,907

 

 

 

7,416

 

Stock-based compensation

 

1,197

 

 

 

1,668

 

 

 

2,428

 

 

 

3,406

 

Depreciation expense

 

615

 

 

 

521

 

 

 

1,224

 

 

 

1,023

 

General and administrative:

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

2,604

 

 

 

3,337

 

 

 

6,121

 

 

 

6,356

 

Legal and professional fees

 

2,520

 

 

 

2,041

 

 

 

4,212

 

 

 

3,995

 

Facility-related and other

 

1,774

 

 

 

1,935

 

 

 

3,464

 

 

 

3,743

 

Stock-based compensation

 

1,160

 

 

 

1,606

 

 

 

2,394

 

 

 

3,281

 

Depreciation expense

 

84

 

 

 

176

 

 

 

168

 

 

 

353

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

Interest and other income, net

 

833

 

 

 

2,390

 

 

 

1,995

 

 

 

5,192

 

Interest expense

 

(699

)

 

 

(689

)

 

 

(1,388

)

 

 

(1,368

)

Net loss

$

(30,359

)

 

$

(36,952

)

 

$

(59,025

)

 

$

(71,079

)