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

17. Segment Reporting

The Company operates in one business segment, which includes all activities related to the discovery, development, and potential commercialization of off-the-shelf viral immunotherapies that help patients fight cancer. The determination of a single business segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker (CODM). The Company’s CODM is its Chief Executive Officer, who reviews and evaluates consolidated net income (loss) for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods.

In addition to the significant expense categories included within consolidated net income (loss) presented on the Company's condensed consolidated statements of operations and comprehensive income (loss), see below for disaggregated amounts that comprise research and development and general and administrative expenses:

 

THREE MONTHS ENDED
JUNE 30,

 

 

SIX MONTHS ENDED
JUNE 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development:

 

 

 

 

 

 

 

 

 

 

 

 

Clinical development

 

$

13,083

 

 

$

3,051

 

 

$

17,917

 

 

$

4,296

 

Employee-related

 

 

5,829

 

 

 

2,957

 

 

 

9,947

 

 

 

5,109

 

Facility and equipment costs

 

 

377

 

 

 

490

 

 

 

724

 

 

 

868

 

Pre-clinical research

 

 

25

 

 

 

127

 

 

 

51

 

 

 

244

 

Other research and development segment expenses

 

 

487

 

 

 

366

 

 

 

1,002

 

 

 

490

 

Total research and development

 

 

19,801

 

 

 

6,991

 

 

 

29,641

 

 

 

11,007

 

General and administrative:

 

 

 

 

 

 

 

 

 

 

 

 

Employee-related

 

 

2,689

 

 

 

1,945

 

 

 

5,055

 

 

 

3,661

 

Professional and consulting fees

 

 

1,198

 

 

 

1,436

 

 

 

3,247

 

 

 

3,238

 

Commercial readiness

 

 

2,405

 

 

 

343

 

 

 

3,743

 

 

 

475

 

Other general and administrative segment expenses (1)

 

 

653

 

 

 

462

 

 

 

1,344

 

 

 

926

 

Total general and administrative

 

 

6,945

 

 

 

4,186

 

 

 

13,389

 

 

 

8,300

 

Total operating expenses

 

 

26,746

 

 

 

11,177

 

 

 

43,030

 

 

 

19,307

 

Loss from operations

 

 

(26,746

)

 

 

(11,177

)

 

 

(43,030

)

 

 

(19,307

)

Grant income

 

 

22

 

 

 

—

 

 

 

44

 

 

 

—

 

Interest income

 

 

1,672

 

 

 

926

 

 

 

2,994

 

 

 

1,860

 

Interest expense

 

 

(1,575

)

 

 

(236

)

 

 

(3,139

)

 

 

(542

)

Change in fair value of warrant liabilities

 

 

(12,278

)

 

 

5,691

 

 

 

(4,635

)

 

 

20,572

 

Net income (loss)

 

$

(38,905

)

 

$

(4,796

)

 

$

(47,766

)

 

$

2,583

 

(1) Other general and administrative segment expenses primarily consist of insurance, recruiting, occupancy, and information technology costs.