| Schedule of company's single operating segment including significant segment expenses |
The following table presents information about the Company’s single operating segment, including significant segment expenses, for the three and nine months ended September 30, 2026 and 2025 (in thousands): | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30, | | September 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Collaboration revenue | | $ | 34,057 | | $ | 11,734 | | $ | 35,573 | | $ | 24,631 | Significant segment expenses | | | | | | | | | | | | | Research and development: | | | | | | | | | | | | | Zelenectide pevedotin (Nectin-4 BDC) | | | 10,186 | | | 27,461 | | | 50,815 | | | 104,204 | Nuzefatide pevedotin (EphA2 BDC) | | | 2,065 | | | 2,295 | | | 6,751 | | | 6,641 | BT1702 (MT1-MMP BRC) | | | 791 | | | — | | | 1,349 | | | — | Bicycle tumor-targeted immune cell agonists | | | 56 | | | 484 | | | 947 | | | 1,596 | Discovery, platform and other expense | | | 9,506 | | | 11,969 | | | 26,371 | | | 33,113 | Employee and contractor related expenses | | | 12,441 | | | 18,375 | | | 42,586 | | | 53,919 | Share-based compensation | | | 1,873 | | | 3,645 | | | 7,446 | | | 12,150 | Facility expenses | | | 1,344 | | | 1,814 | | | 4,606 | | | 5,345 | Research and development incentives and government grants | | | (4,840) | | | (7,617) | | | (17,388) | | | (28,455) | Total research and development | | | 33,422 | | | 58,426 | | | 123,483 | | | 188,513 | General and administrative: | | | | | | | | | | | | | Personnel-related costs | | | 4,670 | | | 7,305 | | | 17,942 | | | 21,411 | Professional and consulting fees | | | 3,691 | | | 4,113 | | | 9,820 | | | 15,114 | Other general and administrative costs | | | 2,200 | | | 2,473 | | | 6,710 | | | 6,993 | Share-based compensation | | | 3,545 | | | 5,126 | | | 11,306 | | | 15,661 | Effect of foreign exchange rates | | | 6 | | | (158) | | | (170) | | | (704) | Total general and administrative | | | 14,112 | | | 18,859 | | | 45,608 | | | 58,475 | Total significant segment expenses | | | 47,534 | | | 77,285 | | | 169,091 | | | 246,988 | Other segment items(1) | | | 2,999 | | | 6,451 | | | 11,882 | | | 23,551 | Segment net loss | | $ | (10,478) | | $ | (59,100) | | $ | (121,636) | | $ | (198,806) |
| (1) | Other segment items include interest and other income, interest expense, and provision for (benefit from) income taxes. |
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