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Segments
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segments

12. Segments

 

The Company operates and manages its business as one reportable and operating segment, centered around the commercial development of its product candidates. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer (“CEO”).

The Company’s CODM reviews consolidated operating results, manages the business on a consolidated basis and utilizes consolidated net loss from the consolidated statements of operations and comprehensive loss to make decisions about allocating resources and assessing performance for the entire Company. Consolidated net loss is also used to monitor budget to actual results. The CODM is additionally regularly provided with more detailed expense information at the program level.

The following table is a summary of the segment profit or loss, including significant segment expenses (in thousands):

 

 

Three Months Ended
March 31,

 

 

 

2025

 

 

2024

 

Segment expenses:

 

 

 

 

 

 

Trem-cel(a)

 

$

6,382

 

 

$

4,861

 

VCAR33(a)

 

 

3,636

 

 

 

2,600

 

Other research and development(a)

 

 

2,995

 

 

 

3,117

 

Salaries and benefits

 

 

11,613

 

 

 

12,113

 

General corporate activities

 

 

5,169

 

 

 

5,299

 

Other segment items(b)

 

 

2,691

 

 

 

2,814

 

Segment expenses:

 

 

32,486

 

 

 

30,804

 

Segment net loss

 

 

(32,486

)

 

 

(30,804

)

 

(a) Includes only external research and development expenditures.

(b) Other segment items are primarily comprised of taxes, interest income on marketable securities and certain non-cash expenses such as stock-based compensation, depreciation expense, and non-cash lease expense.

 

The measure of segment assets is reported on the consolidated balance sheet as total assets. The CODM additionally reviews cash, cash equivalents and marketable securities when reviewing segment assets. As of March 31, 2025, the Company’s cash, cash equivalents and marketable securities were $60.0 million. The Company does not provide its CODM with any more detailed segment asset information than what is included on the Company’s consolidated balance sheets.