| Segment Reporting |
10. Segment Reporting The Company operates in one business segment that focuses on developing site-specific and novel-format ADCs. The Company's Chief Executive Officer, as the chief operating decision-maker, reviews financial information on an aggregate basis for the purposes of allocating resources and evaluating financial performance. Consistent with this decision-making process, the Chief Executive Officer uses loss from operations to monitor budget versus actual results for purposes of evaluating performance and to make decisions about the allocation of resources. Summary of the segment net loss, including significant segment expenses were as follows:
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|
Year Ended December 31, |
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2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
Revenue |
|
$ |
102,484 |
|
|
$ |
62,043 |
|
Less: |
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|
|
|
|
|
Personnel-related expenses |
|
|
(81,114 |
) |
|
|
(107,916 |
) |
Outside services |
|
|
(75,686 |
) |
|
|
(105,056 |
) |
Preclinical research and clinical development expenses |
|
|
(6,680 |
) |
|
|
(35,217 |
) |
Laboratory supplies |
|
|
(9,962 |
) |
|
|
(15,547 |
) |
Facility and maintenance expenses |
|
|
(15,049 |
) |
|
|
(16,030 |
) |
Equipment and office-related expenses |
|
|
(18,120 |
) |
|
|
(19,216 |
) |
Travel-related expenses |
|
|
(825 |
) |
|
|
(1,514 |
) |
Restructuring and related costs |
|
|
(53,415 |
) |
|
|
— |
|
Operating expenses |
|
|
(260,851 |
) |
|
|
(300,496 |
) |
Loss from operations |
|
|
(158,367 |
) |
|
|
(238,453 |
) |
Non-cash interest expense related to the sale of future royalties |
|
|
(38,208 |
) |
|
|
(31,070 |
) |
Interest income |
|
|
9,251 |
|
|
|
18,643 |
|
Interest and other (income) expense, net |
|
|
(3,855 |
) |
|
|
25,782 |
|
Non-operating income |
|
|
(32,812 |
) |
|
|
13,355 |
|
Loss before provision for income taxes |
|
|
(191,179 |
) |
|
|
(225,098 |
) |
Income tax expense |
|
|
93 |
|
|
|
(2,363 |
) |
Segment net loss |
|
$ |
(191,086 |
) |
|
$ |
(227,461 |
) |
|
|
|
|
|
|
|
Reconciliation of profit or loss |
|
|
|
|
|
|
Adjustments and reconciling items |
|
|
— |
|
|
|
— |
|
Net loss |
|
$ |
(191,086 |
) |
|
$ |
(227,461 |
) |
All of the Company’s long-lived assets are maintained in the United States.
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