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Segment Performance Measures and Expenses
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Performance Measures and Expenses

Note 5. Segment Performance Measures and Expenses

 

The Company operates in one segment for the research and development of our product candidates. The Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company based on condensed consolidated financial information. Consequently, we view the entire organization as one reportable segment and the strategic purpose of all operating activities (including general & administrative expenses) is to support that one segment. As a pre-revenue research and development company, the CODM evaluates company-wide performance and allocates resources based on non-financial research and development milestones achieved, and to a lesser extent, financial measures of performance such as clinical development (research and development expenses) and general and administrative expenses incurred. Our CODM does not generally evaluate our performance using asset or historical cash flow information.

 

The table below provides a summary of the significant expense categories and consolidated net loss details provided to the CODM (in thousands):

 

   2025   2024         
   For the six months ended June 30, 
   (In thousands)  

Change Increase

(Decrease)

 
   2025   2024         
Operating Expenses:                    
Clinical Research                    
OVATION  $382   $721   $(339)   (47.0)%
Placcine Vaccine   33    889    (856)   (96.3)%
Other Clinical and Regulatory   951    1,100    (149)   (13.5)%
Subtotal   1,366    2,710    (1,344)   (49.6)%
Non-Clinical R&D and CMC                    
OVATION   1,485    652    833    127.8%
PlaCCine Vaccine   -    1,956    (1,956)   -%
Manufacturing (CMC)   541    796    (255)   (32.0)%
Subtotal   2,026    3,404    (1,378)   (40.5)%
Research and development expenses   3,392    6,114    (2,722)   (44.5)%
General and administrative expenses   3,521    3,911    (390)   (10.0)%
Total operating expenses   6,913    10,025    (3,112)   (31.0)%
Loss from operations  $(6,913)  $(10,025)  $(3,112)   (31.0)%