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

5. Segment disclosure

Operating segments are defined as components of an enterprise for which separate discrete information is available for evaluation by the chief operating decision maker, or decision making group, in deciding how to allocate resources in assessing performance. The Company has one reportable segment related to the development of clinical and preclinical product candidates focused on addressing unmet medical needs in patients with solid tumors with a specific focus on HNSCC tumors. The Company’s chief operating decision maker (CODM) is the Chief Executive Officer.

The accounting policies of the single segment are the same as those described in the Company’s significant accounting policies disclosed in “Note 2 – Basis of Presentation and Summary of Significant Accounting Policies” of the Company’s Fiscal 2025 10-K. The CODM assesses performance for the segment based on net loss, which is reported on the unaudited condensed consolidated statements of operations and comprehensive loss as net loss. The measure of segment assets is reported on the unaudited condensed consolidated balance sheets as total assets.

To date, the Company has not generated any product revenue. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances the product candidate through all stages of development and clinical trials and, ultimately, seek regulatory approval.

As such, the CODM uses cash forecast models in deciding how to allocate resources. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results is used in assessing performance of the segment and in establishing management’s compensation, along with cash forecast models.

The table below summarizes segment net loss, including significant expenses for the three and six months ended June 30, 2026 and 2025 (in thousands):

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Milestone Revenue

$

—

 

 

$

2,820

 

 

$

—

 

 

$

2,820

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

 

 

 

 

 

 

 

 

 

Clinical product candidates

 

8,760

 

 

 

4,388

 

 

 

18,280

 

 

 

9,534

 

Clinical product manufacturing

 

1,409

 

 

 

6,194

 

 

 

5,159

 

 

 

9,578

 

Personnel-related expenses excluding stock-based compensation

 

3,973

 

 

 

3,490

 

 

 

8,531

 

 

 

8,229

 

Stock-based compensation

 

451

 

 

 

569

 

 

 

806

 

 

 

1,691

 

Depreciation and amortization

 

242

 

 

 

458

 

 

 

630

 

 

 

931

 

Other (i)

 

1,222

 

 

 

2,034

 

 

 

2,634

 

 

 

4,214

 

Total research and development expenses

 

16,057

 

 

 

17,133

 

 

 

36,040

 

 

 

34,177

 

General and administrative

 

 

 

 

 

 

 

 

 

 

 

Personnel-related expenses excluding stock-based compensation

 

2,810

 

 

 

1,060

 

 

 

4,176

 

 

 

2,551

 

Stock-based compensation

 

5,077

 

 

 

2,446

 

 

 

5,932

 

 

 

4,955

 

Professional and consultant fees

 

976

 

 

 

863

 

 

 

2,028

 

 

 

1,677

 

Other (ii)

 

1,070

 

 

 

1,068

 

 

 

2,174

 

 

 

2,124

 

Total general and administrative expenses

 

9,933

 

 

 

5,437

 

 

 

14,310

 

 

 

11,307

 

Total operating expenses

 

25,990

 

 

 

22,570

 

 

 

50,350

 

 

 

45,484

 

Other segment income (iii)

 

644

 

 

 

1,679

 

 

 

1,732

 

 

 

3,435

 

Income tax expense

 

—

 

 

 

283

 

 

 

—

 

 

 

283

 

Segment net loss

$

(25,346

)

 

$

(18,354

)

 

$

(48,618

)

 

$

(39,512

)

Reconciliation of profit or loss

 

 

 

 

 

 

 

 

 

 

 

Adjustments and reconciling items

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Consolidated net loss

$

(25,346

)

 

$

(18,354

)

 

$

(48,618

)

 

$

(39,512

)

 

(i)
Other research and development segment items include facilities expenses, lab services, professional services and technology costs.
(ii)
Other general and administrative segment items include facilities expenses, technology costs, insurance and depreciation.
(iii)
Other segment income for the three months ended June 30, 2026 and 2025 consisted of $0.3 million and $1.0 million of interest and investment income and $0.4 million and $0.7 million of sublease income, respectively. For the six months ended June 30, 2026 and 2025, other segment income consisted of $0.7 million and $2.2 million of interest and investment income and $1.0 million and $1.2 million of sublease income, respectively.