Segment Information

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Information

Note 11: Segment Information

We regularly review our operating segments and the approach used by management to evaluate performance and allocate resources. We manage our business as a single operating segment. The Company’s Chief Executive Officer is considered to be the Company’s chief operating decision maker under the requirements of Topic 280 of the ASC “Segments”. The primary measure of profit/loss reviewed by the chief operating decision maker (“CODM”) is net loss before noncontrolling interest.

The Company does not have any product candidates approved for sale and has not generated any revenue from product sales. The Company recognizes lease revenue related to lease agreements held with certain third parties which leased space in the buildings which also house the Company’s manufacturing operations.

We manage our assets on a total company basis, not by operating segment. Therefore, our CODM does not regularly review any asset information other than total Company assets. See the Company’s Condensed Consolidated Balance Sheets for total assets. The majority of the Company’s long-lived assets are located in the United States.

The following table provides selected income statement information for our single reportable segment (in thousands):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2025			2024			2025			2024
Net loss before noncontrolling interest	$	(36,965	)	$	(38,466	)	$	(74,917	)	$	(73,799	)
Rental income		221			–			451			–
Depreciation and amortization		1,491			964			2,875			1,797
Equity-based compensation		6,540			7,808			12,957			15,489
Income tax (benefit) expense		848			(56	)		1,439			42
Interest expense		(1	)		(3	)		(1	)		(5	)
Interest income		3,593			4,537			7,620			9,380

The following table provides significant expense categories that are regularly reported to the CODM (in thousands):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2025			2024			2025			2024
Revenue	$	221		$	–		$	451		$	–
Clinical trial expense		7,188			10,619			14,711			18,927
Cash compensation		13,811			11,059			27,064			21,669
Cash operating expenses		11,595			12,325			24,739			24,701
Other segment items (1)		4,592			4,463			8,854			8,502
Net loss before noncontrolling interest	$	(36,965	)	$	(38,466	)	$	(74,917	)	$	(73,799	)

(1)Other segment items primarily include interest income, equity-based compensation and depreciation.