| Summary of operating segment expenses |
| | | | | | | | | Three months ended March 31, | | | 2026 | | 2025 | Total revenue | | $ | — | | $ | — | | | | | | | | Research and development expense: | | | | | | | Compensation and benefits | | | 7,971,816 | | | 5,410,424 | Duchenne muscular dystrophy program (Deramiocel) | | | 13,032,167 | | | 7,705,195 | Exosomes platform research | | | 809,295 | | | 1,520,934 | Other R&D segment expenses (1) | | | 2,156,138 | | | 1,325,471 | Total research and development expense, excluding non-cash expense | | | 23,969,416 | | | 15,962,024 | Stock-based compensation expense | | | 3,126,181 | | | 2,738,584 | Depreciation and amortization | | | 281,315 | | | 214,964 | Total research and development expense | | | 27,376,912 | | | 18,915,572 | | | | | | | | General and administrative expense: | | | | | | | Compensation and benefits | | | 2,234,948 | | | 1,500,843 | Other G&A segment expenses (2) | | | 4,115,764 | | | 1,375,233 | Total general and administrative expense, excluding non-cash expense | | | 6,350,712 | | | 2,876,076 | Stock-based compensation expense | | | 2,791,874 | | | 3,000,814 | Depreciation and amortization | | | 253,355 | | | 190,486 | Total general and administrative expense | | | 9,395,941 | | | 6,067,376 | | | | | | | | Operating loss | | | (36,772,853) | | | (24,982,948) | | | | | | | | Investment income | | | 2,904,506 | | | 729,542 | Other income (expense) | | | (72,998) | | | (138,188) | Total non-operating income, net | | | 2,831,508 | | | 591,354 | | | | | | | | Loss before income taxes | | | (33,941,345) | | | (24,391,594) | (Provision for) benefit from income taxes | | | — | | | — | | | | | | | | Net loss | | $ | (33,941,345) | | $ | (24,391,594) |
| (1) | Other R&D segment expenses primarily include other pipeline development costs, and other facility costs. |
| (2) | Other G&A segment expenses primarily include accounting, legal and other professional fees, consulting expenses, business insurance, employee travel, and other facility and information technology costs. |
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