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Segments and geographic information | 12 Months Ended
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Dec. 31, 2024
Segments and geographic information |
Segments and geographic information | ​ 15. Segments and geographic information The Company operates and manages its business as a single operating segment, which is developing a unique class of chemically synthesized medicines based on its proprietary platform. The Company’s chief operating decision maker (“CODM”) is the Company’s Chief Executive Officer (“CEO”). The CODM reviews consolidated operating results, manages the business on a consolidated basis and utilizes consolidated net loss from the consolidated statements of operations and comprehensive loss as the primary measure of segment profit or loss in making decisions surrounding allocating resources and assessing performance of the Company. The CODM is regularly provided detailed expense information, including expenses by program and expense category, and the CODM makes decisions surrounding capital and personnel allocation using this information on a consolidated basis. The following table presents information about the Company’s single operating segment, including significant segment expenses, for the years ended December 31, 2024, 2023 and 2022 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31,
​ | ​ | 2024 |  | 2023 |  | 2022
Collaboration revenue | ​ | $ | 35,275 | ​ | $ | 26,976 | ​ | $ | 14,463
Significant segment expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Zelenectide pevedotin (Nectin-4) | ​ | ​ | 82,705 | ​ | ​ | 44,135 | ​ | ​ | 11,054
BT5528 (EphA2) | ​ | ​ | 9,119 | ​ | ​ | 9,195 | ​ | ​ | 10,702
BT1718 (MT1) | ​ | ​ | 250 | ​ | ​ | 520 | ​ | ​ | 692
Bicycle tumor-targeted immune cell agonists | ​ | ​ | 7,840 | ​ | ​ | 18,878 | ​ | ​ | 11,268
Discovery, platform and other expense | ​ | ​ | 30,043 | ​ | ​ | 37,295 | ​ | ​ | 21,811
Employee and contractor related expenses | ​ | ​ | 58,687 | ​ | ​ | 46,506 | ​ | ​ | 31,346
Share-based compensation | ​ | ​ | 19,424 | ​ | ​ | 15,581 | ​ | ​ | 10,394
Facility expenses | ​ | ​ | 8,105 | ​ | ​ | 8,845 | ​ | ​ | 5,155
Research and development incentives and government grants | ​ | ​ | (43,207) | ​ | ​ | (24,459) | ​ | ​ | (20,813)
Total research and development | ​ | ​ | 172,966 | ​ | ​ | 156,496 | ​ | ​ | 81,609
General and administrative: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Personnel-related costs | ​ | ​ | 23,500 | ​ | ​ | 18,985 | ​ | ​ | 13,948
Professional and consulting fees | ​ | ​ | 20,258 | ​ | ​ | 14,814 | ​ | ​ | 9,836
Other general and administrative costs | ​ | ​ | 9,047 | ​ | ​ | 9,137 | ​ | ​ | 8,783
Share-based compensation | ​ | ​ | 18,657 | ​ | ​ | 16,896 | ​ | ​ | 16,385
Effect of foreign exchange rates | ​ | ​ | 719 | ​ | ​ | 594 | ​ | ​ | 555
Total general and administrative | ​ | ​ | 72,181 | ​ | ​ | 60,426 | ​ | ​ | 49,507
Total significant segment expenses | ​ | ​ | 245,147 | ​ | ​ | 216,922 | ​ | ​ | 131,116
Other segment items(1) | ​ | ​ | 40,841 | ​ | ​ | 9,282 | ​ | ​ | 3,936
Segment net loss | ​ | $ | (169,031) | ​ | $ | (180,664) | ​ | $ | (112,717)
(1) | Other segment items include interest and other income, interest expense, loss on extinguishment of debt, gain on extinguishment of research and development funding liability and (benefit from) provision for income taxes.
The Company does not regularly provide the CODM with detailed segment asset information other than what is included in the consolidated balance sheets. Please refer to the consolidated financial statements and the accompanying notes to the consolidated financial statements for segment asset information. The Company operates in two geographic regions: the United States and the United Kingdom. Information about the Company’s long-lived assets, including operating lease ROU assets, held in different geographic regions is presented in the table below (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
​ |  | 2024 |  | 2023
United States | ​ | $ | 3,037 | ​ | $ | 7,486
United Kingdom | ​ |  | 14,152 | ​ |  | 20,198
​ | ​ | $ | 17,189 | ​ | $ | 27,684
​ The Company’s collaboration revenue is attributed to the operations of the Company in the United Kingdom.

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