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Segment Reporting | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting We operate as one reportable segment focused on research and development activities to deliver immunology therapeutics for autoimmune and inflammatory diseases. Segment profit or loss is measured as the net loss reported on our Consolidated Statements of Operations and Comprehensive Loss and net loss is used to monitor results. Our segment revenue consists of milestone payments, royalty payments, upfront license fees and transition services provided under our collaboration agreements, see Note 4. The measure of segment assets is reported on our Consolidated Balance Sheets as total assets. The CODM is our Chief Executive Officer. The CODM manages the business activities on a consolidated basis in making decisions regarding resource allocation and performance assessment. The following table is a summary of segment revenue, loss and our significant expenses (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Collaboration revenue | $ | 22,263 |  |  | $ | 10,971 |  |  | $ | 50,034 |  |  | $ | 18,150 |
Operating expenses: |  |  |  |  |  |  |
External R&D |  |  |  |  |  |  |
Rosnilimab | 15,614 |  |  | 12,926 |  |  | 30,639 |  |  | 22,965 |
ANB033 | 3,925 |  |  | 2,982 |  |  | 7,729 |  |  | 5,645 |
ANB101 | 2,040 |  |  | 544 |  |  | 3,521 |  |  | 944 |
ANB032 | 108 |  |  | 7,584 |  |  | 3,644 |  |  | 12,451 |
Imsidolimab | (967) |  |  | 1,867 |  |  | (1,156) |  |  | 6,363 |
Preclinical and other unallocated costs | 4,456 |  |  | 4,693 |  |  | 8,388 |  |  | 8,037 |
Total External R&D(1) | 25,176 |  |  | 30,596 |  |  | 52,765 |  |  | 56,405 |
Total Internal R&D(2) | 12,648 |  |  | 11,401 |  |  | 26,239 |  |  | 22,634 |
Total R&D | 37,824 |  |  | 41,997 |  |  | 79,004 |  |  | 79,039 |
External G&A(3) | 2,436 |  |  | 2,330 |  |  | 7,976 |  |  | 4,451 |
Internal G&A(2) | 8,173 |  |  | 6,965 |  |  | 16,763 |  |  | 17,182 |
Total G&A | 10,609 |  |  | 9,295 |  |  | 24,739 |  |  | 21,633 |
Total operating expenses | 48,433 |  |  | 51,292 |  |  | 103,743 |  |  | 100,672 |
Loss from operations | (26,170) |  |  | (40,321) |  |  | (53,709) |  |  | (82,522) |
Interest income | 3,654 |  |  | 4,623 |  |  | 8,067 |  |  | 9,207 |
Non-cash interest expense | (19,606) |  |  | (10,953) |  |  | (37,667) |  |  | (17,270) |
Other income (expense), net | 3,531 |  |  | — |  |  | 5,433 |  |  | (2) |
Total other expense, net | (12,421) |  |  | (6,330) |  |  | (24,167) |  |  | (8,065) |
Loss before income taxes | (38,591) |  |  | (46,651) |  |  | (77,876) |  |  | (90,587) |
Provision for income taxes | (39) |  |  | (9) |  |  | (83) |  |  | (9) |
Segment net loss | $ | (38,630) |  |  | $ | (46,660) |  |  | $ | (77,959) |  |  | $ | (90,596) |
(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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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