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Segment Disclosures
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Disclosures

12. Segment Disclosures

The Company operates as a single operating segment. The Chief Executive Officer is identified as the Chief Operating Decision Maker (“CODM”). The CODM primarily reviews the Company’s financial information on an aggregate basis. The CODM utilizes the aggregated financial information to make strategic decisions, assess performance, and allocate resources across the Company. The aggregate information includes the revenue by collaboration partner, research and development expense by program, as well as net income (loss) that is reported on the Statements of Operations and Comprehensive Income (Loss). Net income (loss) is used to monitor budget versus actual results in assessing performance of the segment and in establishing management's compensation. The measure of segment assets is reported on the Balance Sheets as total assets. All of the Company’s long-lived assets are located in the United States. In addition to the revenue by collaborative partners disclosed in Note 6, the CODM reviews the following significant expenses in making decisions about the allocation of resources and assessing performance (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

(in thousands)

 

 

(in thousands)

 

Total revenue

 

$

1,418

 

 

$

18,658

 

 

$

11,677

 

 

$

69,575

 

External costs incurred by product candidate (target):

 

 

 

 

 

 

 

 

 

 

 

 

Varseta-M (EpCAM)

 

 

6,225

 

 

 

3,679

 

 

 

14,039

 

 

 

7,949

 

CX-801 (IFNα2b)

 

 

437

 

 

 

452

 

 

 

781

 

 

 

940

 

CX-904 (EGFRxCD3)

 

 

227

 

 

 

(550

)

 

 

468

 

 

 

561

 

Other wholly owned and partnered programs

 

 

272

 

 

 

498

 

 

 

415

 

 

 

894

 

General research and development expenses

 

 

1,925

 

 

 

1,520

 

 

 

4,808

 

 

 

4,050

 

 Total external costs

 

 

9,086

 

 

 

5,599

 

 

 

20,511

 

 

 

14,394

 

 Internal costs

 

 

8,512

 

 

 

7,723

 

 

 

16,325

 

 

 

17,795

 

 Research and development expenses

 

 

17,598

 

 

 

13,322

 

 

 

36,836

 

 

 

32,189

 

General and administrative expenses

 

 

7,601

 

 

 

6,622

 

 

 

18,294

 

 

 

16,050

 

Total operating expenses

 

 

25,199

 

 

 

19,944

 

 

 

55,130

 

 

 

48,239

 

Income (loss) from operations

 

 

(23,781

)

 

 

(1,286

)

 

 

(43,453

)

 

 

21,336

 

Interest income

 

 

3,157

 

 

 

1,178

 

 

 

4,647

 

 

 

2,133

 

Other income

 

 

18

 

 

 

17

 

 

 

11

 

 

 

28

 

Income (loss) before income taxes

 

 

(20,606

)

 

 

(91

)

 

 

(38,795

)

 

 

23,497

 

Provision for income taxes

 

 

60

 

 

 

63

 

 

 

119

 

 

 

126

 

Net income (loss)

 

$

(20,666

)

 

$

(154

)

 

$

(38,914

)

 

$

23,371