Clinical Research Segment

2025

2024

(in thousands)

Operating expenses:

Direct program expense

$

28,373

$

27,398

Indirect program expense

1,923

2,157

Workforce salaries and benefits

16,301

15,102

Share-based compensation expense

11,633

4,530

General corporate expenses

4,720

5,199

Interest and other expense

8

300

Segment net loss

62,958

54,686

Reconciliation of loss:

Interest income

(3,441

)

(2,013

)

Adjustments and reconciling items

(3,441

)

(2,013

)

Net loss

$

59,517

$

52,673