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Segment Disclosure | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Disclosure | 5. Segment disclosure Operating segments are defined as components of an enterprise for which separate discrete information is available for evaluation by the chief operating decision maker, or decision making group, in deciding how to allocate resources in assessing performance. The Company has one reportable segment related to the development of clinical and preclinical product candidates focused on addressing unmet medical needs in patients with solid tumors with a specific focus on HNSCC tumors. The Company’s chief operating decision maker (CODM) is the Chief Executive Officer. The accounting policies of the single segment are the same as those described in the Company’s significant accounting policies disclosed in “Note 2 – Basis of Presentation and Summary of Significant Accounting Policies” of the Company’s Fiscal 2024 10-K. The CODM assesses performance for the segment based on net loss, which is reported on the condensed consolidated statements of operations and comprehensive loss as net loss. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets. To date, the Company has not generated any product revenue. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances the product candidate through all stages of development and clinical trials and, ultimately, seek regulatory approval. As such, the CODM uses cash forecast models in deciding how allocate resources. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results is used in assessing performance of the segment and in establishing management’s compensation, along with cash forecast models. The table below summarizes segment net loss, including significant expenses for the three months ended March 31, 2025 and 2024 (in thousands):
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Royalty revenue and sale of royalty rights |  | $ | — |  |  | $ | 16,146 |
Costs and operating expenses |  |  |  |  |  |
Cost of revenues |  |  | — |  |  |  | 475 |
Research and development |  |  |  |  |  |
Clinical product candidates |  |  | 5,146 |  |  |  | 3,974 |
Clinical product manufacturing |  |  | 3,384 |  |  |  | 2,563 |
Personnel-related expenses excluding stock-based compensation |  |  | 4,739 |  |  |  | 3,504 |
Stock-based compensation |  |  | 1,122 |  |  |  | 678 |
Depreciation and amortization |  |  | 473 |  |  |  | 315 |
Other (i) |  |  | 2,180 |  |  |  | 1,995 |
Total research and development expenses |  |  | 17,044 |  |  |  | 13,029 |
General and administrative |  |  |  |  |  |
Personnel-related expenses excluding stock-based compensation |  |  | 1,491 |  |  |  | 1,918 |
Stock-based compensation |  |  | 2,509 |  |  |  | 3,643 |
Professional and consultant fees |  |  | 814 |  |  |  | 1,080 |
Other (ii) |  |  | 1,056 |  |  |  | 1,606 |
Total general and administrative expenses |  |  | 5,870 |  |  |  | 8,247 |
Total costs and operating expenses |  |  | 22,914 |  |  |  | 21,751 |
Other segment income (iii) |  |  | 1,756 |  |  |  | 2,349 |
Segment net loss |  | $ | (21,158 | ) |  | $ | (3,256 | )
Reconciliation of profit or loss |  |  |  |  |  |
Adjustments and reconciling items |  |  | — |  |  |  | — |
Consolidated net loss |  | $ | (21,158 | ) |  | $ | (3,256 | )
(i) Other research and development segment items include facilities expenses, lab services, professional services and technology costs. (ii) Other general and administrative segment items include facilities expenses, technology costs, insurance and depreciation. (iii) Other segment income for the three months ended March 31, 2025 and 2024 consisted of $1.2 million and $1.6 million of interest and investment income and $0.5 million and $0.8 million of sublease income, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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