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SEGMENT PERFORMANCE MEASURES AND EXPENSES
12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT PERFORMANCE MEASURES AND EXPENSES

3. SEGMENT PERFORMANCE MEASURES AND EXPENSES

 

The Company operates in one segment for the research and development of our product candidates. The Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company based on consolidated financial information. Consequently, we view the entire organization as one reportable segment and the strategic purpose of all operating activities (including general & administrative expenses) is to support that one segment. As a pre-revenue research and development company, the CODM evaluates company-wide performance and allocates resources based on non-financial research and development milestones achieved, and to a lesser extent, financial measures of performance such as clinical development (research and development expenses) and general and administrative expenses incurred. Our CODM does not generally evaluate our performance using asset or historical cash flow information.

 

The table below provides a summary of the significant expense categories and consolidated net loss details provided to the CODM (in thousands):

 

                    
   For the year ended December 31, 
   (In thousands)   Change Increase (Decrease) 
   2024   2023         
Operating Expenses:                    
Clinical Research                    
OVATION  $1,386   $1,197   $189    15.8%
Vaccine   1,420    -    1,420    100.0%
Other clinical and regulatory   2,434    1,793    641    35.8%
Subtotal   5,240    2,990    2,250    75.3%
Non-Clinical R&D and CMC                    
OVATION   1,819    1,504    315    20.9%
PlaCCine Vaccine   2,554    4,511    (1,957)   (43.4)%
Manufacturing (CMC)   2,026    2,283    (257)   (11.3)%
Subtotal   6,399    8,298    (1,899)   (22.9)%
Research and development expenses   11,639    11,288    351    3.1%
General and administrative expenses   7,493    9,742    (2,249)   (23.1)%
Total operating expenses   19,132    21,030    (1,898)   (9.0)%
Loss from operations  $(19,132)  $(21,030)  $(1,898)   (9.0)%