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Segment Reporting | 9 Months Ended
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Sep. 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 September 30, |  | Nine Months Ended September 30, |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Total revenue (a) | $ | 72,839 |  |  | $ | 110,708 |  |  | $ | 108,273 |  |  | $ | 130,609 |  |  |
Cost of product sales | — |  |  | 168 |  |  | — |  |  | 614 |  |  |
Cost of manufacturing services | 11,589 |  |  | 1,702 |  |  | 25,894 |  |  | 6,195 |  |  |
Research and development expenses: |  |  |  |  |  |  |  |  |
Lorigerlimab | 7,763 |  |  | 6,268 |  |  | 27,188 |  |  | 26,897 |  |  |
MGC030 | 7,045 |  |  | 4,000 |  |  | 15,217 |  |  | 8,900 |  |  |
MGC028 | 3,443 |  |  | 4,280 |  |  | 12,118 |  |  | 20,158 |  |  |
Vobramitamab duocarmazine | 3,316 |  |  | 10,514 |  |  | 15,969 |  |  | 32,221 |  |  |
Next-generation T-cell engagers | 3,104 |  |  | 1,994 |  |  | 8,894 |  |  | 6,575 |  |  |
MGC026 | 3,028 |  |  | 3,010 |  |  | 11,942 |  |  | 10,865 |  |  |
MGD024 | 2,125 |  |  | 2,341 |  |  | 7,032 |  |  | 7,285 |  |  |
Preclinical antibody-drug conjugates (ADCs) | 862 |  |  | 1,541 |  |  | 4,718 |  |  | 5,918 |  |  |
Margetuximab | — |  |  | 2,089 |  |  | 650 |  |  | 8,077 |  |  |
Other programs | 2,023 |  |  | 4,506 |  |  | 9,470 |  |  | 11,408 |  |  |
Total research and development expenses | 32,709 |  |  | 40,543 |  |  | 113,198 |  |  | 138,304 |  |  |
Selling, general and administrative expenses | 9,905 |  |  | 14,104 |  |  | 29,925 |  |  | 43,237 |  |  |
Other segment income (loss), net (b) | (1,814) |  |  | 2,118 |  |  | 279 |  |  | 6,196 |  |  |
Net income (loss) | $ | 16,822 |  |  | $ | 56,309 |  |  | $ | (60,465) |  |  | $ | (51,545) |  |  |
(a) Total revenue includes collaborative and other agreements, product sales, net, contract manufacturing, and government agreements. (b) Other segment income (loss), 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.

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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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