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SEGMENT INFORMATION (Tables)

9 Months Ended

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.