v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 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 income (loss) as net income (loss), and cash used in operations.

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

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

(in thousands)

 

 

(in thousands)

 

Collaboration and other revenue

$

6,500

 

 

$

—

 

 

$

6,500

 

 

$

—

 

Program expenses:

 

 

 

 

 

 

 

 

 

 

 

BA3182 (CAB EpCAM x CAB CD3)

$

322

 

 

$

2,136

 

 

$

2,141

 

 

$

3,076

 

Other CAB Programs

 

2,031

 

 

 

8,032

 

 

 

2,044

 

 

 

14,300

 

Total program expenses

 

2,353

 

 

 

10,168

 

 

 

4,185

 

 

 

17,376

 

Personnel and related

 

481

 

 

 

2,145

 

 

 

2,248

 

 

 

5,603

 

Equity-based compensation

 

135

 

 

 

567

 

 

 

457

 

 

 

1,342

 

Facilities and other

 

373

 

 

 

804

 

 

 

1,034

 

 

 

1,718

 

Total research and development expenses

 

3,342

 

 

 

13,684

 

 

 

7,924

 

 

 

26,039

 

General and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

Personnel and related

 

727

 

 

 

1,577

 

 

 

1,910

 

 

 

3,680

 

Equity-based compensation

 

485

 

 

 

810

 

 

 

1,119

 

 

 

1,680

 

Facilities and other

 

1,719

 

 

 

2,576

 

 

 

4,628

 

 

 

4,862

 

Total general and administrative expenses

 

2,931

 

 

 

4,963

 

 

 

7,657

 

 

 

10,222

 

Interest and other income (expense)

 

225

 

 

 

(64

)

 

 

3,189

 

 

 

2,216

 

Net income (loss) and comprehensive income (loss)

$

452

 

 

$

(18,711

)

 

$

(5,892

)

 

$

(34,045

)