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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Information  
Segment Information

17.Segment Information

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The Company manages its operations on a consolidated basis as a single reportable segment focused on the research and development of precision immunology-based therapies. The accounting policies of the single reportable segment are

identical to those described in Note 2, Summary of Significant Accounting Policies. When evaluating the Company’s financial performance, the CODM regularly reviews consolidated net loss, total expense and direct expenses by program and compared to budget. The CODM allocates resources based on the Company’s available cash resources, forecasted expenditures on a consolidated basis, as well as an assessment of the probability of success of its research and development activities on a program basis. Segment asset information regularly provided to the CODM is consistent with that reported on the consolidated balance sheets with particular emphasis on the Company’s available liquidity, including its cash, cash equivalents and marketable securities balances. Revenue is primarily attributed to individual countries based on the location of the license, as of December 31, 2024 and 2023, revenue was attributed to our China and U.S. entity, respectively.

The following table presents certain financial data for the Company’s reportable segments for the years ended December 31, 2024 and 2023 (in thousands):

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​

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​

​

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December 31

​

​

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2024

​

​

2023

Revenue

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$

5,000

​

$

50,000

Less:

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​

​

​

​

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Direct research and development expenses:1

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​

​

​

​

​

Obexelimab

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​

94,563

​

​

25,446

Other programs (ZB002 & ZB004)

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​

2,115

​

​

6,242

Partnered regional programs (ZB001 & ZB005)

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​

6,737

​

​

6,738

Unallocated research and development2

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​

31,658

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​

20,008

General and administrative3

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​

22,995

​

​

15,218

Stock-based compensation

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​

10,821

​

​

3,495

Other segment items4

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​

(6,901)

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​

9,977

Segment Net Loss

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$

(156,988)

​

$

(37,124)

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1 Direct research and development expenses primarily consist of direct costs incurred to specific programs research and development activities, including costs to conduct clinical trials and to manufacture clinical drug supply.

2 Unallocated research and development expenses primarily consist of indirect costs incurred in support of overall research and development activities and non-specific programs, including activities that benefit multiple programs, such as personnel costs for employees involved in research and development activities, excluding stock-based compensation, as well as contract services not allocated to specific programs.

3General and administrative expenses primarily consist of all other personnel costs, excluding stock-based compensation, professional fees, depreciation expense, as well as facilities expenses.

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4 Other segment items consist of acquired in-process research and development, fair value adjustments to convertible notes, other income, net and income tax provision. Other income, net consists of interest income and realized and unrealized gains and losses on foreign currency transactions.

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