Segment Reporting
The Company has one reportable segment relating to the development of immunotherapies for patients with limited treatment options and poor outcomes suffering from cancer. The Company’s CODM, its Chief Executive Officer, manages the Company’s operations on a consolidated basis, assesses performance for the operating segment and decides how to allocate resources based on consolidated net loss, which is reported on the consolidated statements of operations and comprehensive loss. Depreciation expense, amortization expense, stock-based compensation expense, and the change in fair value of warrants are significant noncash items included in consolidated net loss reviewed by the CODM and are reported on the consolidated statements of cash flows. Other segment items include interest income, interest expense, grant income, and change in the fair value of warrants. Expenditures for additions to long-lived assets, which include purchases of property and equipment, are included in total consolidated assets reviewed by the CODM and are reported on the consolidated statements of cash flows. The following table presents certain financial data for the Company’s reportable segment (in thousands):
December 31,
20252024
Clinical trial expenses $9,602 $15,892 
Employee related research and development expenses8,915 8,560 
Chemistry, manufacturing and controls expenses1,896 4,260 
Other research and development expenses5,248 5,971 
Contract and grant reimbursements(754)(1,027)
Employee related general and administrative expenses5,506 3,682 
Professional fees and other general and administrative expenses 7,300 7,648 
Other segment items 1,858 6,912 
Segment net loss$39,571 $51,898 
Total segment assets$25,862 $28,178 

Historical Timeline

Fiscal YearFiled
2025Mar 12, 2026Showing above
2024Mar 31, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.