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SEGMENT INFORMATION | 3 Months Ended
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Mar. 31, 2026
SEGMENT INFORMATION |
SEGMENT INFORMATION | 16. 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 months ended March 31, 2026 and 2025.
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended March 31,
​ | ​ | 2026 | ​ | 2025
Total revenue | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development expense: | ​ | ​ | ​ | ​ | ​ | ​
Compensation and benefits | ​ | ​ | 7,971,816 | ​ | ​ | 5,410,424
Duchenne muscular dystrophy program (Deramiocel) | ​ | ​ | 13,032,167 | ​ | ​ | 7,705,195
Exosomes platform research | ​ | ​ | 809,295 | ​ | ​ | 1,520,934
Other R&D segment expenses (1) | ​ | ​ | 2,156,138 | ​ | ​ | 1,325,471
Total research and development expense, excluding non-cash expense | ​ | ​ | 23,969,416 | ​ | ​ | 15,962,024
Stock-based compensation expense | ​ | ​ | 3,126,181 | ​ | ​ | 2,738,584
Depreciation and amortization | ​ | ​ | 281,315 | ​ | ​ | 214,964
Total research and development expense | ​ | ​ | 27,376,912 | ​ | ​ | 18,915,572
​ | ​ | ​ | ​ | ​ | ​ | ​
General and administrative expense: | ​ | ​ | ​ | ​ | ​ | ​
Compensation and benefits | ​ | ​ | 2,234,948 | ​ | ​ | 1,500,843
Other G&A segment expenses (2) | ​ | ​ | 4,115,764 | ​ | ​ | 1,375,233
Total general and administrative expense, excluding non-cash expense | ​ | ​ | 6,350,712 | ​ | ​ | 2,876,076
Stock-based compensation expense | ​ | ​ | 2,791,874 | ​ | ​ | 3,000,814
Depreciation and amortization | ​ | ​ | 253,355 | ​ | ​ | 190,486
Total general and administrative expense | ​ | ​ | 9,395,941 | ​ | ​ | 6,067,376
​ | ​ | ​ | ​ | ​ | ​ | ​
Operating loss | ​ | ​ | (36,772,853) | ​ | ​ | (24,982,948)
​ | ​ | ​ | ​ | ​ | ​ | ​
Investment income | ​ | ​ | 2,904,506 | ​ | ​ | 729,542
Other income (expense) | ​ | ​ | (72,998) | ​ | ​ | (138,188)
Total non-operating income, net | ​ | ​ | 2,831,508 | ​ | ​ | 591,354
​ | ​ | ​ | ​ | ​ | ​ | ​
Loss before income taxes | ​ | ​ | (33,941,345) | ​ | ​ | (24,391,594)
(Provision for) benefit from income taxes | ​ | ​ | — | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss | ​ | $ | (33,941,345) | ​ | $ | (24,391,594)
​
(1) | Other R&D segment expenses primarily include other pipeline development costs, 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.
The asset information provided to the CODM for the single operating segment is consistent with the amounts reported in the consolidated balance sheets.

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