v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting

10. Segment Reporting

We operate as one reportable segment focused on research and development activities to deliver immunology therapeutics for autoimmune and inflammatory diseases. Segment profit or loss is measured as the net loss reported on our Statements of Operations and Comprehensive Loss and net loss is used to monitor results. The measure of segment assets is reported on our Balance Sheets as total assets.

The chief operating decision maker (“CODM”) is our Chief Executive Officer. The CODM manages the business activities on a combined basis in making decisions regarding resource allocation and performance assessment.

The following table is a summary of segment loss and our significant expenses (in thousands):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

External R&D

 

 

 

 

 

 

 

 

 

 

 

 

ANB033

 

 

8,837

 

 

 

3,926

 

 

 

18,136

 

 

 

7,729

 

Rosnilimab

 

 

1,217

 

 

 

15,613

 

 

 

5,811

 

 

 

30,639

 

ANB101

 

 

687

 

 

 

2,040

 

 

 

2,171

 

 

 

3,521

 

ANB032

 

 

5

 

 

 

108

 

 

 

(26

)

 

 

3,644

 

Preclinical and other unallocated costs

 

 

4,451

 

 

 

4,456

 

 

 

7,747

 

 

 

8,388

 

Total External R&D(1)

 

 

15,197

 

 

 

26,143

 

 

 

33,839

 

 

 

53,921

 

Total Internal R&D(2)

 

 

10,447

 

 

 

13,129

 

 

 

25,760

 

 

 

26,816

 

Total R&D

 

 

25,644

 

 

 

39,272

 

 

 

59,599

 

 

 

80,737

 

 

 

 

 

 

 

 

 

 

 

 

 

External G&A(3)

 

 

(459

)

 

 

1,453

 

 

 

8,262

 

 

 

5,301

 

Internal G&A(2)

 

 

9,752

 

 

 

5,173

 

 

 

19,887

 

 

 

11,140

 

Total G&A

 

 

9,293

 

 

 

6,626

 

 

 

28,149

 

 

 

16,441

 

Total operating expenses

 

 

34,937

 

 

 

45,898

 

 

 

87,748

 

 

 

97,178

 

Loss from operations

 

 

(34,937

)

 

 

(45,898

)

 

 

(87,748

)

 

 

(97,178

)

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

1,564

 

 

 

3,466

 

 

 

3,892

 

 

 

7,557

 

Other expense, net

 

 

(1

)

 

 

(13

)

 

 

(2

)

 

 

(20

)

Total other income, net

 

 

1,563

 

 

 

3,453

 

 

 

3,890

 

 

 

7,537

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment net loss

 

$

(33,374

)

 

$

(42,445

)

 

$

(83,858

)

 

$

(89,641

)

 

(1)
External R&D consists of costs associated with our research and development activities, including drug discovery efforts, preclinical and clinical development of our programs, manufacturing, and allocated facility-related costs.
(2)
Internal R&D and G&A consist of salaries and wages, stock-based compensation, recruiting and other employee benefits.
(3)
External G&A consists of general and administrative expenses including legal services, insurance, professional fees for auditing, tax, and market research, and allocated facility-related costs not otherwise included in research and development expenses.