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Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting

 

18) Segment Reporting

 

The CODM uses consolidated net loss as a measure of profit and loss and assesses Company performance through the achievement of its business strategy goals. The CODM is regularly provided with forecasted expense information that is used to determine the Company’s liquidity needs and cash allocation to execute its business strategy, and he uses cash as a measure of segment assets in managing the Company. The Company operates in the United States, and all of its assets are located in the United States.

 

The table below provides a breakdown of the Company’s significant operating expenses for the years ended December 31, 2024 and 2023 with a reconciliation to net loss for each of those years.

 

The Company’s revenue and its cost of revenues for the years ended Decembe4 2024 and 2023 relate to the Lineage Agreement. Depreciation and amortization expense was $0.1 million for each of the years ended December 31, 2024 and 2023. During the year ended December 31, 2024, the Company recognized $22.6 million in other expense, net, related to the September Transactions. There were no such transactions for the year ended December 31, 2023. The Company recognized $6.5 million in interest expense, net, during the year ended December 31, 2024 compared to $0.5 million during the year ended December 31, 2023.

 

   2024   2023 
   Year ended December 31, 
   2024   2023 
Revenue  $582   $68 
Cost of revenues   96    236 
Gross profit (loss)   486    (168)
Operating expenses:          
Research and development by significant expense:          
MSA/license fees   3,017    3,250 
Professional fees   759    1,181 
Payroll and related   502    701 
Other1   326    788 
Research and development   4,604    5,920 
General and administrative by significant expense:          
Occupancy expense   5,074    3,306 
Professional fees   4,168    6,464 
Payroll and related   1,607    2,045 
Stock-based compensation   1,431    1,008 
Other2   852    1,764 
General and administrative   13,132    14,587 
Gain on lease termination   (1,576)   - 
Acquisition of Exacis in-process research and development   -    460 
Total operating expenses   16,160    20,967 
Loss from operations   (15,674)   (21,135)
Other expense, net   (28,835)   (536)
Loss before income taxes   (44,509)   (21,671)
(Provision) benefit for income taxes   (30)   3 
Net loss  $(44,539)  $(21,668)
Cash  $1,729   $7,575 

 

1Other includes certain lab supply expenses, amounts related to the close out of a former clinical trial, allocated occupancy costs, stock-based compensation, and depreciation.

 

2Other includes expenses related to insurance, information technology, travel, banking, depreciation and other miscellaneous expenses.