Segments and geographic information (Tables)

12 Months Ended

Dec. 31, 2025

Segments and geographic information

Schedule of company's single operating segment including significant segment expenses

The following table presents information about the Company’s single operating segment, including significant segment expenses, for the years ended December 31, 2025, 2024 and 2023 (in thousands):


		Year Ended
		December 31,
		2025			2024			2023
Collaboration revenue		$	72,586		$	35,275		$	26,976
Significant segment expenses:
Research and development:
Zelenectide pevedotin (Nectin-4)			126,780			82,705			44,135
Nuzefatide pevedotin (EphA2)			8,487			9,119			9,195
Bicycle tumor-targeted immune cell agonists			1,991			7,840			18,878
Discovery, platform and other expense			43,221			30,293			37,815
Employee and contractor related expenses			69,701			58,687			46,506
Share-based compensation			18,024			19,424			15,581
Facility expenses			6,999			8,105			8,845
Research and development incentives and government grants			(34,920)			(43,207)			(24,459)
Total research and development			240,283			172,966			156,496
General and administrative:
Personnel-related costs			28,358			23,500			18,985
Professional and consulting fees			20,646			20,258			14,814
Other general and administrative costs			9,577			9,047			9,137
Share-based compensation			21,440			18,657			16,896
Effect of foreign exchange rates			(653)			719			594
Total general and administrative			79,368			72,181			60,426
Total significant segment expenses			319,651			245,147			216,922
Other segment items⁽¹⁾			28,105			40,841			9,282
Net loss		$	(218,960)		$	(169,031)		$	(180,664)

(1)	Other segment items include interest and other income, interest expense, loss on extinguishment of debt, gain on extinguishment of research and development funding liability and provision for (benefit from) income taxes.

Schedule of long-lived assets, including operating lease right-of-use assets, held in different geographic regions

Information about the Company’s long-lived assets, including operating lease ROU assets, held in different geographic regions is presented in the table below (in thousands):


		December 31,
		2025			2024
United States		$	863		$	3,037
United Kingdom			21,044			14,152
		$	21,907		$	17,189