v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Disclosure Segment Reporting
The Company identifies its reportable segments based on information reviewed by the Company’s Chief Operating Decision Maker (CODM), who is the Chief Executive Officer. The Company operates as one operating and reportable segment, which is developing innovative antibody-based therapeutics for the treatment of cancer. The Company has determined its reportable operating segment based on the management approach, which considers the internal organization and reporting used by the Company’s CODM to make decisions about allocating resources and assessing the Company’s performance. The determination of a single business segment is consistent with the consolidated financial information regularly reviewed by the CODM for purposes of assessing performance and allocating resources.
The CODM uses consolidated net loss from continuing operations, consistent with the amounts reported in the Company’s consolidated statements of operations to evaluate performance, forecast future period financial results and allocate resources. Please refer to the consolidated balance sheets and the accompanying notes to the consolidated financial statements for segment asset information.
The table below summarizes the significant expenses regularly reviewed by the CODM (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Total revenue (a)$32,832 $6,869 $39,553 $13,911 
Research and development expenses:
MGC02810,179 4,742 16,573 8,676 
MGC0267,198 2,961 14,003 8,914 
Lorigerlimab6,120 10,547 13,579 19,425 
Next-generation T-cell engagers5,987 3,516 10,635 5,789 
MGC0305,001 5,666 8,930 8,172 
MGD0242,082 2,715 4,858 4,907 
Vobramitamab duocarmazine198 4,387 585 12,653 
Preclinical antibody-drug conjugates (ADCs)26 2,058 89 3,857 
Other programs1,989 4,199 4,502 8,096 
Total research and development expenses38,780 40,791 73,754 80,489 
General and administrative expenses7,904 9,302 17,614 20,020 
Other segment income (loss), net (b)(55,790)507 (59,125)2,094 
Net loss from continuing operations$(69,642)$(42,717)$(110,940)$(84,504)
(a) Total revenue includes collaborative and other agreements and royalty revenue.
(b) Other segment income (loss), net includes interest and other income and interest and other expense, and for the three and six months ended June 30, 2026 the loss on extinguishment of royalty monetization liability.

The Company operates in the United States and all material long-lived assets of the Company reside in the United States. For information about the Company’s revenues, see Note 6. Revenue.