| Schedule of Segment Revenue, Loss and Significant Expenses |
The following tables present our segment information for the six months ended June 30, 2026, and years ended December 31, 2025 and December 31, 2024 and are a summary of segment revenue, loss and our significant expenses (in thousands):
|
|
|
|
|
|
|
Six Months Ended June 30, 2026 |
|
|
|
Royalty
Management |
|
Collaboration revenue |
|
$ |
53,044 |
|
Operating expenses: |
|
|
|
External R&D |
|
|
|
Rosnilimab |
|
|
(2,897 |
) |
Quimilza |
|
|
21 |
|
Preclinical and other unallocated costs |
|
|
193 |
|
Total External R&D(1) |
|
|
(2,683 |
) |
Total Internal R&D(2) |
|
|
15 |
|
Total R&D |
|
|
(2,668 |
) |
|
|
|
|
External G&A(3) |
|
|
15,161 |
|
Internal G&A(2) |
|
|
8,229 |
|
Total G&A |
|
|
23,390 |
|
Total operating expenses |
|
|
20,722 |
|
Income from operations |
|
|
32,322 |
|
|
|
|
|
Interest income |
|
|
3,252 |
|
Sublease income |
|
|
526 |
|
Non-cash interest expense |
|
|
(41,192 |
) |
Other expense, net |
|
|
(1 |
) |
Total other expense, net |
|
|
(37,415 |
) |
|
|
|
|
Loss before income taxes |
|
|
(5,093 |
) |
Benefit for income taxes |
|
|
181,451 |
|
Segment net income |
|
$ |
176,358 |
|
(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 transaction costs, legal services, insurance, professional fees for auditing, tax, and market research, and allocated facility-related costs not otherwise included in research and development expenses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2025 |
|
|
|
Biopharma |
|
|
Royalty
Management |
|
|
Total |
|
Collaboration revenue |
|
$ |
— |
|
|
$ |
234,603 |
|
|
$ |
234,603 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
External R&D |
|
|
|
|
|
|
|
|
|
Rosnilimab |
|
|
42,744 |
|
|
|
— |
|
|
|
42,744 |
|
ANB033 |
|
|
20,427 |
|
|
|
— |
|
|
|
20,427 |
|
ANB032 |
|
|
48 |
|
|
|
— |
|
|
|
48 |
|
ANB101 |
|
|
8,138 |
|
|
|
— |
|
|
|
8,138 |
|
Quimilza |
|
|
— |
|
|
|
(2,273 |
) |
|
|
(2,273 |
) |
Preclinical and other unallocated costs |
|
|
16,093 |
|
|
|
— |
|
|
|
16,093 |
|
Total External R&D(1) |
|
|
87,450 |
|
|
|
(2,273 |
) |
|
|
85,177 |
|
Total Internal R&D(2) |
|
|
52,164 |
|
|
|
(1,371 |
) |
|
|
50,793 |
|
Total R&D |
|
|
139,614 |
|
|
|
(3,644 |
) |
|
|
135,970 |
|
|
|
|
|
|
|
|
|
|
|
External G&A(3) |
|
|
13,932 |
|
|
|
4,012 |
|
|
|
17,944 |
|
Internal G&A(2) |
|
|
25,460 |
|
|
|
7,333 |
|
|
|
32,793 |
|
Total G&A |
|
|
39,392 |
|
|
|
11,345 |
|
|
|
50,737 |
|
Total operating expenses |
|
|
179,006 |
|
|
|
7,701 |
|
|
|
186,707 |
|
(Loss) income from operations |
|
|
(179,006 |
) |
|
|
226,902 |
|
|
|
47,896 |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
12,942 |
|
|
|
557 |
|
|
|
13,499 |
|
Non-cash interest expense |
|
|
— |
|
|
|
(79,893 |
) |
|
|
(79,893 |
) |
Other (loss) income, net |
|
|
(23 |
) |
|
|
5,453 |
|
|
|
5,430 |
|
Total other income (expense), net |
|
|
12,919 |
|
|
|
(73,883 |
) |
|
|
(60,964 |
) |
|
|
|
|
|
|
|
|
|
|
(Loss) income before income taxes |
|
|
(166,087 |
) |
|
|
153,019 |
|
|
|
(13,068 |
) |
Provision for income taxes |
|
|
— |
|
|
|
(164 |
) |
|
|
(164 |
) |
Segment net (loss) income |
|
$ |
(166,087 |
) |
|
$ |
152,855 |
|
|
$ |
(13,232 |
) |
(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 transaction costs, legal services, insurance, professional fees for auditing, tax, and market research, and allocated facility-related costs not otherwise included in research and development expenses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2024 |
|
|
|
Biopharma |
|
|
Royalty
Management |
|
|
Total |
|
Collaboration revenue |
|
$ |
— |
|
|
$ |
91,280 |
|
|
$ |
91,280 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
External R&D |
|
|
|
|
|
|
|
|
|
Rosnilimab |
|
|
53,422 |
|
|
|
— |
|
|
|
53,422 |
|
ANB032 |
|
|
26,084 |
|
|
|
— |
|
|
|
26,084 |
|
ANB033 |
|
|
12,460 |
|
|
|
— |
|
|
|
12,460 |
|
ANB101 |
|
|
3,367 |
|
|
|
— |
|
|
|
3,367 |
|
Quimilza |
|
|
— |
|
|
|
8,284 |
|
|
|
8,284 |
|
Preclinical and other unallocated costs |
|
|
14,350 |
|
|
|
— |
|
|
|
14,350 |
|
Total External R&D(1) |
|
|
109,683 |
|
|
|
8,284 |
|
|
|
117,967 |
|
Total Internal R&D(2) |
|
|
42,662 |
|
|
|
3,211 |
|
|
|
45,873 |
|
Total R&D |
|
|
152,345 |
|
|
|
11,495 |
|
|
|
163,840 |
|
|
|
|
|
|
|
|
|
|
|
External G&A(3) |
|
|
6,806 |
|
|
|
3,227 |
|
|
|
10,033 |
|
Internal G&A(2) |
|
|
21,950 |
|
|
|
10,406 |
|
|
|
32,356 |
|
Total G&A |
|
|
28,756 |
|
|
|
13,633 |
|
|
|
42,389 |
|
Total operating expenses |
|
|
181,101 |
|
|
|
25,128 |
|
|
|
206,229 |
|
(Loss) income from operations |
|
|
(181,101 |
) |
|
|
66,152 |
|
|
|
(114,949 |
) |
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
17,382 |
|
|
|
2,412 |
|
|
|
19,794 |
|
Non-cash interest expense |
|
|
— |
|
|
|
(50,087 |
) |
|
|
(50,087 |
) |
Other expense, net |
|
|
14 |
|
|
|
— |
|
|
|
14 |
|
Total other income (expense), net |
|
|
17,396 |
|
|
|
(47,675 |
) |
|
|
(30,279 |
) |
|
|
|
|
|
|
|
|
|
|
Loss (income) before income taxes |
|
|
(163,705 |
) |
|
|
18,477 |
|
|
|
(145,228 |
) |
Provision for income taxes |
|
|
— |
|
|
|
(3 |
) |
|
|
(3 |
) |
Segment net loss (income) |
|
$ |
(163,705 |
) |
|
$ |
18,474 |
|
|
$ |
(145,231 |
) |
(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 transaction costs, legal services, insurance, professional fees for auditing, tax, and market research, and allocated facility-related costs not otherwise included in research and development expenses.
|