Quarterly report [Sections 13 or 15(d)]

Segment Information

v3.25.3
Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information

7. 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 Chief Operating Decision Maker (CODM) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is the Chief Executive Officer (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 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

 

(in thousands)

 

Research and development expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

$

11,700

 

 

$

10,289

 

 

$

35,066

 

 

$

27,453

 

Clinical trials

 

 

10,872

 

 

 

6,228

 

 

 

28,453

 

 

 

15,963

 

Development services

 

 

3,677

 

 

 

4,495

 

 

 

11,442

 

 

 

12,954

 

Manufacturing

 

 

12,997

 

 

 

4,835

 

 

 

29,639

 

 

 

12,176

 

License of intellectual property

 

 

—

 

 

 

4

 

 

 

—

 

 

 

1,519

 

Other research and development costs (1)

 

 

578

 

 

 

439

 

 

 

1,880

 

 

 

1,606

 

General and administration expenses

 

 

6,764

 

 

 

6,756

 

 

 

23,150

 

 

 

19,685

 

Interest income

 

 

(1,808

)

 

 

(2,417

)

 

 

(4,705

)

 

 

(8,078

)

Interest expense

 

 

584

 

 

 

—

 

 

 

1,449

 

 

 

—

 

Other income, net

 

 

(498

)

 

 

—

 

 

 

(437

)

 

 

—

 

Net loss

 

$

44,866

 

 

$

30,629

 

 

$

125,937

 

 

$

83,278

 

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