v3.26.1
Segment Information
3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information

12. Segment Information

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company is a clinical-stage biopharmaceutical company and has not generated any product revenue from its CAB antibody-based products. The Company’s operations are organized and reported as a single reportable segment, which includes all activities related to the discovery, development, and commercialization of its CAB products. The Company’s CODM, its chief executive officer, reviews operating results on an aggregate basis and manages the operations as a single operating segment. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets. The CODM evaluates performance

and allocates resources based on consolidated net income or loss that also is reported on the condensed consolidated statements of operations and comprehensive loss as net loss, and cash used in operations.

The following table provides R&D expenses by program with a reconciliation to net loss for the periods indicated, which are regularly reviewed by the CODM:

 

Three Months Ended
March 31,

 

 

2026

 

 

2025

 

 

(in thousands)

 

Program expenses:

 

 

 

 

 

BA3182 (CAB EpCAM x CAB CD3)

$

1,819

 

 

$

939

 

Other CAB Programs

 

13

 

 

 

6,269

 

Total program expenses

 

1,832

 

 

 

7,208

 

Personnel and related

 

1,767

 

 

 

3,457

 

Equity-based compensation

 

322

 

 

 

775

 

Facilities and other

 

661

 

 

 

915

 

Total research and development expenses

 

4,582

 

 

 

12,355

 

General and administrative expenses

 

 

 

 

 

Personnel and related

 

1,183

 

 

 

2,102

 

Equity-based compensation

 

634

 

 

 

870

 

Facilities and other

 

2,909

 

 

 

2,287

 

Total general and administrative expenses

 

4,726

 

 

 

5,259

 

Interest and other income (expense)

 

2,964

 

 

 

2,280

 

Net loss and comprehensive loss

$

(6,344

)

 

$

(15,334

)