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Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Information  
Segment Information

14.Segment Information

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 Company’s chief operating decision-maker (the “CODM”), its Chief Executive Officer 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 entity owning the license, During the three months ended March 31, 2025, revenue was attributed to Zenas HK.  The Company did not recognize revenue during the three months ended March 31, 2024.

The following table presents certain financial data for the Company’s reportable segments for the three months ended March 31, 2025 and 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

March 31,

​

​

​

2025

​

​

2024

Revenue

​

$

10,000

​

$

-

Less:

​

​

​

​

​

​

Direct research and development expenses:1

​

​

​

​

​

​

Obexelimab

​

​

23,491

​

​

12,295

Other programs (ZB002 & ZB004)

​

​

203

​

​

894

Partnered regional programs (ZB001 & ZB005)

​

​

99

​

​

1,588

Unallocated research and development2

​

​

9,541

​

​

7,457

General and administrative3

​

​

8,610

​

​

4,397

Stock-based compensation

​

​

5,386

​

​

947

Other segment items4

​

​

(3,757)

​

​

222

Segment net loss

​

$

(33,573)

​

$

(27,800)

​

1 Direct research and development expenses primarily consist of direct costs incurred to specific program 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.

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

4 Other segment items consist of other income (expense), net and income tax benefit (provision). Other income (expense), net consists of interest income and realized and unrealized gains and losses on foreign currency transactions.