v3.26.3
Segment Information
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
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)

13. 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 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 consolidated statements of operations and comprehensive loss as net loss, and cash used in operations.

 

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

 

   Years Ended December 31, 
   2025   2024 
   (in thousands) 
Collaboration and other revenue  $2,000   $11,000 
Program expenses:          
Mecbotamab vedotin, BA3011 (CAB AXL-ADC)   7,848    12,934 
Ozuriftamab vedotin, BA3021 (CAB ROR2-ADC)   5,446    8,962 
Evalstotug, BA3071 (CAB CTLA-4)   5,026    9,103 
BA3182 (CAB EpCAM x CAB CD3)   7,869    5,111 
Other CAB Programs   3,768    6,912 
Total program expenses   29,957    43,022 
Personnel and related   8,180    12,082 
Equity-based compensation   2,199    4,238 
Facilities and other   3,237    3,753 
Total research and development expenses   43,573    63,095 
General and administrative expenses          
Personnel and related   5,286    7,213 
Equity-based compensation   3,235    4,683 
Facilities and other   9,211    9,952 
Total general and administrative expenses   17,732    21,848 
Interest and other income (expense)   (302)   4,167 
Net loss and comprehensive loss  $(59,607)  $(69,776)