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SEGMENT INFORMATION | 9 Months Ended
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Sep. 30, 2025
SEGMENT INFORMATION |
SEGMENT INFORMATION | 9. SEGMENT INFORMATION The Company operates as a single operating segment. The Company’s Chief Executive Officer, who serves as the Chief Operating Decision Maker (“CODM”), is responsible for allocating resources and assessing performance. The CODM reviews the Company’s operating results on an aggregate basis to make decisions about resource allocation, evaluate financial performance, and manage the overall business. Accordingly, the Company’s operations are managed as one reportable segment focused on the development and commercialization of its therapeutic candidates. The following table represents consolidated net loss summarized by the significant segment expenses regularly reviewed by the CODM for the three and nine months ended September 30, 2025 and 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended September 30, | ​ | Nine months ended September 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
Total revenues | ​ | $ | — | ​ | $ | 2,261,642 | ​ | $ | — | ​ | $ | 11,139,956
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Compensation and benefits | ​ | ​ | 9,586,659 | ​ | ​ | 4,461,233 | ​ | ​ | 27,176,680 | ​ | ​ | 13,314,847
Duchenne muscular dystrophy program (Deramiocel) | ​ | ​ | 7,310,101 | ​ | ​ | 5,430,428 | ​ | ​ | 24,854,222 | ​ | ​ | 16,674,567
Exosomes platform research | ​ | ​ | 1,474,937 | ​ | ​ | 842,952 | ​ | ​ | 4,160,004 | ​ | ​ | 2,518,052
Other R&D segment expenses (1) | ​ | ​ | 1,987,401 | ​ | ​ | 1,073,254 | ​ | ​ | 5,131,018 | ​ | ​ | 2,906,183
Total research and development | ​ | ​ | 20,359,098 | ​ | ​ | 11,807,867 | ​ | ​ | 61,321,924 | ​ | ​ | 35,413,649
General and administrative: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Compensation and benefits | ​ | ​ | 3,314,529 | ​ | ​ | 2,323,384 | ​ | ​ | 11,672,488 | ​ | ​ | 7,516,797
Other G&A segment expenses (2) | ​ | ​ | 2,610,413 | ​ | ​ | 1,140,271 | ​ | ​ | 5,991,710 | ​ | ​ | 3,076,511
Total general and administrative | ​ | ​ | 5,924,942 | ​ | ​ | 3,463,655 | ​ | ​ | 17,664,198 | ​ | ​ | 10,593,308
Operating loss | ​ | ​ | (26,284,040) | ​ | ​ | (13,009,880) | ​ | ​ | (78,986,122) | ​ | ​ | (34,867,001)
Total non-operating income, net | ​ | ​ | 1,713,393 | ​ | ​ | 453,152 | ​ | ​ | 4,113,090 | ​ | ​ | 1,516,418
Net loss | ​ | $ | (24,570,647) | ​ | $ | (12,556,728) | ​ | $ | (74,873,032) | ​ | $ | (33,350,583)
​
(1) | Other R&D segment expenses primarily include other pipeline development costs, depreciation, amortization, and other facility costs.
(2) | Other G&A segment expenses primarily include accounting, legal and other professional fees, consulting expenses, business insurance, employee travel, and other facility and information technology costs.

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- Definition The entire disclosure for reporting segments including data and tables. 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