SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2026

The following tables summarize the Company’s segment information as presented to the CODM for the periods indicated:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Revenue	$	733	$	6,272	$	733	$	6,402
Payroll and payroll-related expenses	2,241		1,803		4,165		3,639
Direct program expenses
OV329	3,410		1,582		8,873		2,441
OV4071	2,564		—		3,546		—
KCC2 library	604		2,625		2,714		5,403
OV888 (GV101)	—		(563)		—		(224)
Other programs	117		445		347		713
Total direct program expenses	6,695		4,089		15,480		8,333
Other research and development expenses	1,021		573		1,492		1,151
Total research and development expenses	9,957		6,465		21,137		13,123
Payroll and payroll-related expenses	2,737		2,248		4,852		5,378
Legal and professional fees	2,189		1,278		4,960		2,729
General office expenses	1,548		1,354		3,326		2,795
Total general and administrative expenses	6,474		4,880		13,138		10,902
Total operating expenses	16,431		11,345		34,275		24,025
Operating loss	(15,698)		(5,073)		(33,542)		(17,623)
Other income (expense), net	689		389		1,546		2,704
Net loss	$	(15,009)	$	(4,684)	$	(31,996)	$	(14,919)

Other significant segment information includes:


	For the Three Months Ended June 30,		For the Six Months Ended June 30,
(in thousands)	2026	2025	2026	2025
Stock-based compensation expense	1,431	1,219	2,477	2,503
Interest/accretion income on securities	1,558	384	2,295	875
Severance expense	209	—	209	435
Gain from recovery of fraudulent funds transfer	—	—	—	1,800
Depreciation and amortization	16	99	51	240