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Segments and geographic information (Tables)

12 Months Ended

Dec. 31, 2024

Segments and geographic information

Schedule of company's single operating segment including significant segment expenses

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.

Schedule of long-lived assets, including operating lease right-of-use assets, held in different geographic regions

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

X

- Definition

Tabular disclosure of long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets.

+ References

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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

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-Topic 280
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