Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting

Schedule of reconciliation of reported segment net loss to the statement of operations

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Research and development
Wages, benefits, and other payroll	$	1,830	$	1,302	$	3,288	$	4,891
Third-party costs		1,464		4,154		3,896		7,948
Share-based compensation		49		248		191		492
Depreciation and amortization		—		110		61		220
Total research and development expenses		3,343		5,814		7,436		13,551
General and administrative
Wages, benefits, and other payroll		2,312		1,798		4,203		4,588
Third-party costs		4,059		1,974		6,474		4,577
Share-based compensation		476		675		890		1,289
Depreciation and amortization		26		73		93		151
Total general and administrative expenses		6,873		4,520		11,660		10,605
Impairment of long-lived assets		—		—		—		2,637
Net gain on lease terminations		(1,944)		—		(2,577)		—
Loss from operations		(8,272)		(10,334)		(16,519)		(26,793)
Other income (expense), net		451		949		1,139		2,003
Net loss	$	(7,821)	$	(9,385)	$	(15,380)	$	(24,790)