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

Note Q – Segment Information

We are managed and currently operate as three segments. However, we have concluded that our operating segments meet the criteria required by Accounting Standards Codification (“ASC”) 280 to be aggregated into one reportable segment. Our operating segments have similar economic characteristics and are similar with respect to the five qualitative characteristics specified in ASC 280. Accordingly, we have one reportable segment. Our one reportable segment is focused on the discovery, development and manufacturing of a comprehensive pipeline of immunological agents designed to expand patient populations benefiting from cancer immunotherapy.

Our Chief Executive Officer serves as our Chief Operating Decision Maker (“CODM”) and is responsible for reviewing company performance and making decisions regarding resource allocation. Our CODM evaluates company performance based on net loss, as included in the Consolidated Statements of Operations and Comprehensive Loss, ensuring resource allocation decisions

support company goals. The measure of segment assets is total assets, as included in the Condensed Consolidated Balance Sheets. Refer to the condensed consolidated financial statements for other financial information regarding our single reportable segment.

The following table presents selected financial information related to our single reportable segment for the three and nine months ended September 30, 2025 and 2024 (in thousands):

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenues

 

$

30,235

 

 

$

25,112

 

 

$

79,992

 

 

$

76,626

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

External expenses

 

 

(20,022

)

 

 

(34,577

)

 

 

(61,762

)

 

 

(103,348

)

Payroll related expenses

 

 

(9,294

)

 

 

(15,283

)

 

 

(32,723

)

 

 

(47,553

)

Other operating expenses

 

 

(5,464

)

 

 

(6,756

)

 

 

(20,074

)

 

 

(20,304

)

Operating loss

 

 

(4,545

)

 

 

(31,504

)

 

 

(34,567

)

 

 

(94,579

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(13,244

)

 

 

(36,748

)

 

 

(39,569

)

 

 

(99,306

)

Interest income

 

 

74

 

 

 

1,019

 

 

 

315

 

 

 

2,366

 

Other income

 

 

81,626

 

 

 

19

 

 

 

81,350

 

 

 

6,054

 

Net income (loss)

 

$

63,911

 

 

$

(67,214

)

 

$

7,529

 

 

$

(185,465

)