Segment Reporting
The Company views operations and manages the business as one operating and reportable segment, which is the research and development of the Company’s gene circuit platform. The Company’s Chief Operating Decision Maker (the “CODM”), its Chief Executive Officer, manages and allocates resources on a consolidated basis. This decision making process reflects the way in which financial information is regularly reviewed and used by the CODM to review budgets and trial related data, decides how to allocate resources and evaluate performance.
The CODM assesses financial performance based on consolidated net loss. The CODM utilizes consolidated net loss by comparing actual results against budgeted amount on a quarterly basis. As part of this process, consolidated net loss is used as a measure of profit or loss in allocating resources and assessing segment performance. The CODM reviews cash and cash equivalents as a measure of segment assets. As of December 31, 2025 and 2024, the Company’s cash and cash equivalents were $16.4 million and $48.3 million, respectively.
A summary of the segment loss, including significant expenses, is as noted in the table below.
Years Ended December 31,
(in thousands)20252024
Collaboration revenue - related party$22 $— 
Operating expenses:
Research and development:
External services and supplies23,836 20,795 
Personnel-related expenses, including stock-based compensation8,214 7,694 
Facilities and other4,634 4,889 
General and administrative:
External services and supplies5,463 7,624 
Personnel-related expenses, including stock-based compensation11,513 8,379 
Facilities and other6,452 7,507 
Depreciation and amortization3,637 3,838 
Impairment of long-lived assets5,052 313 
Total operating expenses68,801 61,039 
Loss from operations(68,779)(61,039)
Interest income927 948 
Sublease income (1)
6,253 6,608 
Other income, net - related party160 — 
Other income, net (1)
693 
Net loss$(61,438)$(52,790)
(1)For 2025 reporting, the Company reclassified $0.2 million from “Other Income, net” to “Sublease income” for the year ended December 31, 2024.

Historical Timeline

Fiscal YearFiled
2025Mar 27, 2026Showing above
2024Mar 20, 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.