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SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 30, 2024
SEGMENT INFORMATION |
Summary of operating segment expenses |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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