| 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 three and six months ended June 30, 2026 and 2025 (in thousands): | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Collaboration revenue | | $ | 629 | | $ | 2,920 | | $ | 1,516 | | $ | 12,897 | Significant segment expenses | | | | | | | | | | | | | Research and development: | | | | | | | | | | | | | Zelenectide pevedotin (Nectin-4 BDC) | | | 19,565 | | | 44,396 | | | 40,629 | | | 76,743 | Nuzefatide pevedotin (EphA2 BDC) | | | 2,165 | | | 1,828 | | | 4,686 | | | 4,346 | BT1702 (MT1-MMP BRC) | | | 338 | | | — | | | 558 | | | — | Bicycle tumor-targeted immune cell agonists | | | 356 | | | (15) | | | 891 | | | 1,112 | Discovery, platform and other expense | | | 8,953 | | | 12,496 | | | 16,865 | | | 21,144 | Employee and contractor related expenses | | | 12,355 | | | 17,958 | | | 30,145 | | | 35,544 | Share-based compensation | | | 2,624 | | | 4,153 | | | 5,573 | | | 8,505 | Facility expenses | | | 1,317 | | | 1,744 | | | 3,262 | | | 3,531 | Research and development incentives and government grants | | | (6,513) | | | (11,531) | | | (12,548) | | | (20,838) | Total research and development | | | 41,160 | | | 71,029 | | | 90,061 | | | 130,087 | General and administrative: | | | | | | | | | | | | | Personnel-related costs | | | 5,610 | | | 7,056 | | | 13,272 | | | 14,106 | Professional and consulting fees | | | 2,734 | | | 4,573 | | | 6,129 | | | 11,001 | Other general and administrative costs | | | 1,973 | | | 2,327 | | | 4,510 | | | 4,520 | Share-based compensation | | | 3,780 | | | 5,282 | | | 7,761 | | | 10,535 | Effect of foreign exchange rates | | | (69) | | | (745) | | | (176) | | | (546) | Total general and administrative | | | 14,028 | | | 18,493 | | | 31,496 | | | 39,616 | Total significant segment expenses | | | 55,188 | | | 89,522 | | | 121,557 | | | 169,703 | Other segment items(1) | | | 4,226 | | | 7,650 | | | 8,883 | | | 17,100 | Segment net loss | | $ | (50,333) | | $ | (78,952) | | $ | (111,158) | | $ | (139,706) |
| (1) | Other segment items include interest and other income, interest expense, and provision for (benefit from) income taxes. |
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