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Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting

11. Segment Reporting

The Company operates as a single reporting segment, focused on the research and development of cell therapies for patients with autoimmune diseases. The Company's measure of segment profit or loss is net loss. The Chief Executive Officer, as the CODM, manages and allocates resources to the operations of the Company on a total company basis. The Company monitors its cash, cash equivalents, and investments as reported on the Company's Balance Sheets to determine funding for its research and development. The measure of segment assets is reported on the balance sheets as total assets.

As the Company is not yet generating revenue, the CODM evaluates its performance based on progress in pre-clinical and clinical research objectives. Along with the Company’s Statement of Operations and Comprehensive Loss, the CODM regularly reviews budgeted and forecasted expenses to assess liquidity requirements and allocate cash accordingly.

The following table is representative of the significant expense categories regularly provided to the CODM when managing the Company's single reporting segment.

A reconciliation to the net loss for the three and nine months ended September 30, 2025 and 2024 is included at the bottom of the table below.

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Segment expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Personnel related expenses, excluding share-based compensation(1)

 

 

8,125

 

 

 

10,674

 

 

$

31,739

 

 

$

31,083

 

Facilities expenses

 

 

5,241

 

 

 

4,683

 

 

 

14,577

 

 

 

14,035

 

Direct external development program expenses

 

 

4,644

 

 

 

5,807

 

 

 

14,913

 

 

 

16,876

 

Other segment expenses (2)

 

 

4,406

 

 

 

6,228

 

 

 

15,420

 

 

 

15,576

 

Total segment expenses:

 

 

22,416

 

 

 

27,392

 

 

 

76,649

 

 

 

77,570

 

Segment loss

 

 

(22,416

)

 

 

(27,392

)

 

 

(76,649

)

 

 

(77,570

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciling items:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

(2,306

)

 

 

(2,347

)

 

 

(6,936

)

 

 

(6,864

)

Share-based compensation

 

 

(1,773

)

 

 

(4,055

)

 

 

(6,660

)

 

 

(12,837

)

Impairment of right-of-use asset

 

 

(791

)

 

 

—

 

 

 

(791

)

 

 

—

 

Interest income

 

 

3,852

 

 

 

5,453

 

 

 

12,198

 

 

 

14,423

 

Other income (expense), net

 

 

1,719

 

 

 

(3

)

 

 

2,163

 

 

 

(7

)

Net loss

 

$

(21,715

)

 

$

(28,344

)

 

$

(76,675

)

 

$

(82,855

)

 

(1) Personnel related expenses include ($0.1) million and $5.0 million of severance and other benefits expense for the three and nine months ended September 30, 2025, respectively.

(2) Other segment items include consultants and contractor, lab supplies, and general business expenses.