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SEGMENT REPORTING | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
SEGMENT REPORTING | 14) SEGMENT REPORTING The Company operates within a single reportable operating segment, the research and development of cellular therapies. The Company has identified its president and chief executive officer as its chief operating decision maker (“CODM”), who regularly reviews the Company’s performance and allocates resources based on information reported at the consolidated entity level. 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 three and nine months ended September 30, 2025 and 2024 with a reconciliation to net loss for each of those periods. The Company’s revenue and its cost of revenues for the three and nine months ended September 30, 2024 relate to a contract with a customer, as discussed in Note 3. There was no revenue or cost of revenue for the three and nine months ended September 30, 2025. Depreciation and amortization expense less than $0.1 million for each of the three months ended September 30, 2025 and 2024. For each of the nine months ended September 30, 2025 and 2024, depreciation and amortization expense was approximately $0.1 million. During the three months ended September 30, 2025, the Company recognized $0.7 million of other income, net, primarily related to $0.7 million of a gain on extinguishment of debt from time-barred liabilities, as discussed more fully in Note 6. During the nine months ended September 30, 2025, the Company recognized $5.3 million of other expense, net, primarily related to the forward sales contract expense of $5.8 million discussed in Note 12, offset by the $0.7 million gain on extinguishment of debt for the time-barred liabilities. During the three and nine months ended September 30, 2024, the Company recognized $24.3 million and $25.8 million in other expense, net, respectively, primarily related to the $22.4 million loss on extinguishment of debt and $1 million expense for the fair value adjustments to the Bridge Notes derivable liability discussed in Note 12 in each of the three and nine months ended September 30, 2024, as well as interest expense of $1.7 million and $3.3 million, respectively, offset by income related to a change in fair value of warrant liabilities of approximately $0.1 million for each of the three and nine months ended September 30, 2024. SCHEDULE OF BREAKDOWN OF SIGNIFICANT OPERATING EXPENSES
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Revenue |  | $ | - |  |  | $ | 487 |  |  | $ | - |  |  | $ | 581 |
Cost of revenues |  |  | - |  |  |  | (60 | ) |  |  | - |  |  |  | 96 |
Gross profit |  |  | - |  |  |  | 547 |  |  |  | - |  |  |  | 485 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development by significant expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MSA/license fees |  |  | 510 |  |  |  | 767 |  |  |  | 1,810 |  |  |  | 2,392 |
Study fees |  |  | 60 |  |  |  | 48 |  |  |  | 472 |  |  |  | 200 |
Professional fees |  |  | 233 |  |  |  | 64 |  |  |  | 591 |  |  |  | 152 |
Payroll and related |  |  | 123 |  |  |  | 71 |  |  |  | 365 |  |  |  | 518 |
Other1 |  |  | 109 |  |  |  | 51 |  |  |  | 242 |  |  |  | 184 |
Research and development |  |  | 1,035 |  |  |  | 1,001 |  |  |  | 3,480 |  |  |  | 3,446 |
General and administrative by significant expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation |  |  | 284 |  |  |  | 392 |  |  |  | 1,123 |  |  |  | 1,036 |
Payroll and related |  |  | 313 |  |  |  | 367 |  |  |  | 1,134 |  |  |  | 1,234 |
Professional fees |  |  | 215 |  |  |  | 1,125 |  |  |  | 1,041 |  |  |  | 3,409 |
Occupancy expense |  |  | 6 |  |  |  | 1,267 |  |  |  | 21 |  |  |  | 5,068 |
Other2 |  |  | 140 |  |  |  | 230 |  |  |  | 426 |  |  |  | 845 |
General and administrative |  |  | 958 |  |  |  | 3,381 |  |  |  | 3,745 |  |  |  | 11,592 |
Gain on lease termination |  |  | - |  |  |  | (1,576 | ) |  |  | - |  |  |  | (1,576 | )
Total operating expenses |  |  | 1,993 |  |  |  | 2,806 |  |  |  | 7,225 |  |  |  | 13,462 |
Loss from operations |  |  | (1,993 | ) |  |  | (2,259 | ) |  |  | (7,225 | ) |  |  | (12,977 | )
Other income (expense), net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward sales contract expense |  |  | - |  |  |  | - |  |  |  | (5,847 | ) |  |  | - |
Gain (loss) on extinguishment of debt |  |  | 734 |  |  |  | (22,440 | ) |  |  | 734 |  |  |  | (22,440 | )
Fair value adjustments to bridge notes derivative liability |  |  | - |  |  |  | (1,038 | ) |  |  | - |  |  |  | (1,038 | )
Change in fair value of warrant liabilities |  |  | - |  |  |  | 831 |  |  |  | 1 |  |  |  | 897 |
Change in fair value of contingent consideration |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 66 |
Interest income (expense), net |  |  | 31 |  |  |  | (1,686 | ) |  |  | 36 |  |  |  | (3,269 | )
Other expense, net |  |  | (6 | ) |  |  | - |  |  |  | (264 | ) |  |  | - |
Total other income (expense), net |  |  | 759 |  |  |  | (24,333 | ) |  |  | (5,340 | ) |  |  | (25,784 | )
Loss before income taxes |  |  | (1,234 | ) |  |  | (26,592 | ) |  |  | (12,565 | ) |  |  | (38,761 | )
Provision for income taxes |  |  | (6 | ) |  |  | (12 | ) |  |  | (17 | ) |  |  | (19 | )
Net loss |  | $ | (1,240 | ) |  | $ | (26,604 | ) |  | $ | (12,582 | ) |  | $ | (38,780 | )
|  | September 30, 2025 |  |  | December 31, 2024 |
Cash |  | $ | 3,047 |  |  | $ | 1,729 |
1 | Other includes certain lab supply expenses, amounts related to the close out of a former clinical trial, allocated occupancy costs, stock-based compensation, and depreciation.
2 | Other includes expenses related to insurance, information technology, travel, banking, depreciation and other miscellaneous expenses.

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- Definition The entire disclosure for reporting segments including data and tables. 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