| Segment Information |
The Company’s Chief Executive Officer serves as the chief operating decision maker and reviews cash, cash equivalents and marketable securities as a measure of segment assets. As of June 30, 2026 and December 31, 2025, the Company’s cash, cash equivalents and marketable securities were $34.4 million and $80.5 million, respectively. The following tables illustrate information about segment revenue, significant segment expenses and segment operating loss for the three and six months ended June 30, 2026 and 2025:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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Research and development expenses(2): |
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Compensation and related expenses |
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5,486 |
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7,067 |
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10,734 |
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13,156 |
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Drug discovery and platform |
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51 |
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417 |
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249 |
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567 |
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Clinical and manufacturing activities |
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12,637 |
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12,428 |
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20,448 |
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24,447 |
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Occupancy and all other costs |
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2,687 |
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1,872 |
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4,482 |
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3,915 |
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Total research and development expense |
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$ |
20,861 |
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$ |
21,784 |
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$ |
35,913 |
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$ |
42,085 |
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General and administrative expenses(3): |
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Compensation and related expenses |
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2,096 |
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2,228 |
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4,359 |
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4,576 |
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Consulting and professional services |
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1,244 |
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1,010 |
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2,441 |
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2,249 |
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Occupancy and all other costs |
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387 |
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475 |
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701 |
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1,081 |
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Total general and administrative expense |
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$ |
3,727 |
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$ |
3,713 |
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$ |
7,501 |
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$ |
7,906 |
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1,552 |
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2,762 |
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3,006 |
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4,871 |
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(276 |
) |
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(1,363 |
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(923 |
) |
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(2,980 |
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$ |
25,864 |
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$ |
26,896 |
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$ |
45,497 |
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$ |
51,882 |
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(1) |
The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. |
(2) |
Research and development expense excludes stock-based compensation expense, which is presented separately below. Stock-based compensation expense excluded from research and development expense was $0.7 million and $1.2 million for the three months ended June 30, 2026 and 2025, respectively, and $1.4 million and $2.0 million for the six months ended June 30, 2026 and 2025, respectively. |
(3) |
General and administrative expense excludes stock-based compensation expense, which is presented separately below. Stock-based compensation expense excluded from general and administrative expense was $0.8 million and $1.6 million for the three months ended June 30, 2026 and 2025, respectively, and $1.6 million and $2.9 million for the six months ended June 30, 2026 and 2025, respectively. |
(4) |
Other segment items include interest and other income, net. |
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14. Segment Information The Company operates and manages its business as a single segment, focused on developing engineered cell and gene therapies to deliver transformative outcomes for patients. The Company’s cytoDRiVE ® technology is designed to precisely regulate the timing and level of protein function by using FDA-approved small molecule drugs. The Company’s lead investigational cytoTIL15 ™ program, amsoki-cel, is a novel engineered tumor-derived autologous T cell immunotherapy, with the potential to become a treatment option for metastatic melanoma and other solid tumors. The determination of a single reporting and operating segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker (“CODM”). The Company’s Chief Executive Officer (“CEO”), as the CODM, uses consolidated, single-segment financial information for purposes of evaluating performance, making operating decisions, allocating resources, and planning and forecasting for future periods. The CODM assesses performance and decides how to allocate resources based on consolidated net income (loss). This measure is used to monitor budget versus actual results to evaluate the performance of the segment. The CODM reviews cash, cash equivalents and marketable securities as a measure of segment assets. As of December 31, 2025 and 2024, the Company’s cash, cash equivalents and marketable securities were $80.5 million and $168.3 million, respectively . The following tables illustrate information about segment revenue, significant segment expenses and segment operating loss for the years ended December 31, 2025 and 2024 (in thousands):
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Revenues: |
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$ |
— |
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$ |
— |
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Less(1): |
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Research and development expenses(2): |
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Compensation and related expenses |
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21,828 |
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24,537 |
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Drug discovery and platform |
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1,026 |
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844 |
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Clinical and manufacturing activities |
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52,065 |
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36,831 |
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Occupancy and all other costs |
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7,461 |
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8,037 |
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Total research and development expense |
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$ |
82,380 |
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$ |
70,249 |
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General and administrative expenses(3): |
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Compensation and related expenses |
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8,174 |
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7,912 |
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Consulting and professional services |
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4,382 |
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4,791 |
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Occupancy and all other costs |
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1,800 |
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1,243 |
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Total general and administrative expense |
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$ |
14,356 |
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$ |
13,946 |
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Stock-based compensation |
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8,931 |
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7,060 |
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Other segment items(4) |
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(5,060 |
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(8,146 |
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Net loss |
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$ |
(100,607 |
) |
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$ |
(83,109 |
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| (1) |
The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. |
| (2) |
Research and development expense for the years ended December 31, 2025 and 2024 exclude $3.7 million and $2.9 million of stock-based compensation expense, respectively, which is presented separately below. |
| (3) |
General & administrative expense for the years ended December 31, 2025 and 2024 exclude $5.2 million and $4.1 million of stock-based compensation expense, respectively, which is presented separately below. |
| (4) |
Other segment items include interest and other income, net. |
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