Annual report [Section 13 and 15(d), not S-K Item 405]

Segment Information

v3.26.1
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information

8. Segment Information

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the CODM in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is the CEO. The Company has determined it operates in a single operating segment and has one reportable segment. The segment consists of the development of clinical and preclinical product candidates for the discovery and development of innovative engineered T cell therapies and related administrative activities. The CODM assesses performance and allocates resources based on the Company’s consolidated statement of operations, which is reported on the income statement as consolidated net loss and considers forecast-to-actuals variances on a quarterly basis for expenses that are deemed significant. Further, the CODM reviews the segment’s assets based on the consolidated balance sheet to assess liquidity and funding capacity. The majority of the Company's assets are located in the United States.

The Company’s CODM views specific categories within expenses as significant given the direct correlation between cash burn and profitability as a pre-revenue company. Significant segment expenses, as provided to the CODM, are presented below. For additional information on the year over year change of segment expenses refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Research and development expenses:

 

 

 

 

 

 

Personnel

 

$

46,934

 

 

$

39,239

 

Clinical trials

 

 

39,581

 

 

 

22,286

 

Manufacturing of preclinical and clinical supplies

 

 

38,240

 

 

 

15,523

 

Development services

 

 

15,350

 

 

 

16,417

 

License of intellectual property

 

 

—

 

 

 

1,523

 

Other research and development costs (1)

 

 

2,569

 

 

 

2,215

 

General and administration expenses

 

 

29,567

 

 

 

27,938

 

Interest income

 

 

(6,031

)

 

 

(10,025

)

Interest expense

 

 

2,004

 

 

 

748

 

Other income, net

 

 

(358

)

 

 

—

 

Net loss

 

$

167,856

 

 

$

115,864

 

 

(1) Other research and development costs includes costs associated with information technology, travel, medical and scientific symposiums and conferences.