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Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Disclosure Segment Reporting
The Company identifies its reportable segments based on information reviewed by the Company’s Chief Operating Decision Maker (CODM). The Company operates as one operating and reportable segment, which is developing innovative antibody-based therapeutics for the treatment of cancer. The Company has determined its reportable operating segment based on the management approach, which considers the internal organization and reporting used by the Company’s CODM to make decisions about allocating resources and assessing the Company’s performance. The determination of a single business segment is consistent with the consolidated financial information regularly reviewed by the CODM for purposes of assessing performance and allocating resources.

The CODM uses consolidated net loss, consistent with the amounts reported in the Company’s consolidated statements of operations to evaluate performance, forecast future period financial results and allocate resources. Please refer to the consolidated balance sheets and the accompanying notes to the consolidated financial statements for segment asset information.
The table below summarizes the significant expenses regularly reviewed by the CODM (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Total revenue (a)$22,241 $10,797 $35,434 $19,901 
Cost of product sales— 176 — 446 
Cost of manufacturing services8,906 2,647 14,306 4,493 
Research and development expenses:
Lorigerlimab10,547 11,009 19,425 20,625 
MGC0305,666 1,636 8,172 4,911 
MGC0284,742 9,678 8,676 15,882 
Vobramitamab duocarmazine4,386 12,038 12,653 21,706 
Next-generation T-cell engagers3,516 2,091 5,789 4,580 
MGC0262,961 3,895 8,914 7,852 
MGD0242,715 2,154 4,907 4,939 
Preclinical antibody-drug conjugates (ADCs)2,058 3,041 3,857 4,364 
Margetuximab437 2,868 756 5,982 
Other programs3,763 3,322 7,340 6,919 
Total research and development expenses40,791 51,732 80,489 97,760 
Selling, general and administrative expenses9,302 14,423 20,020 29,133 
Other segment income, net (b)507 2,517 2,094 4,077 
Net loss$(36,251)$(55,664)$(77,287)$(107,854)
(a) Total revenue includes collaborative and other agreements, product sales, net, contract manufacturing, and government agreements.
(b) Other segment income, net includes interest and other income and interest and other expense.

The Company operates in the United States and all material long-lived assets of the Company reside in the United States. For information about the Company’s revenues, see Note 7. Revenue.