v3.25.4

Segment Information | 12 Months Ended
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Dec. 31, 2025
Segment Information |
Segment Information | 15. Segment Information We operate our business in one operating segment, which also represents one reportable segment: life sciences. The life sciences segment focuses on advancing innovative medicines that, in the case of the Company, treat cancer patients that do not respond to, or that have disease progression on, current therapies, through the use of differentiated mechanisms of actions including antibody-drug conjugates (“ADCs”), antibodies and proteins. The Company’s chief operating decision maker (“CODM”) is the chief executive officer. The accounting policies of the life sciences segment are the same as those described in the Note 2, Summary of Significant Accounting Policies. The CODM assesses performance for the life science segment based on net loss, which is reported on the statements of operations and comprehensive net loss as net loss. The measure of segment assets is reported on the balance sheet as total assets. To date, the Company has not generated any product revenue. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through all stages of development and clinical trials and, ultimately, seek regulatory approval. As such, the CODM uses cash forecast models in deciding how to invest into the life sciences segment. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results is used in assessing performance of the segment and in establishing management’s compensation, along with cash forecast models. The tables below summarize the significant expense categories regularly reviewed by the CODM for the years ended December 31, 2025 and 2024: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
(in thousands) | ​ | December 31,
​ | ​ | 2025 | ​ ​ ​ | ​ | 2024
Research and development expenses | ​ | ​ | ​ | ​ | ​ | ​
Employee costs | ​ | $ | 8,974 | ​ | $ | 13,252
Clinical product candidates | ​ | ​ | 27,669 | ​ | ​ | 13,562
Nonclinical product candidates | ​ | ​ | 3,758 | ​ | ​ | 9,182
Depreciation and amortization | ​ | ​ | 2,133 | ​ | ​ | 2,792
Other R&D (1) | ​ | ​ | 2,389 | ​ | ​ | 2,700
Total R&D | ​ | $ | 44,923 | ​ | $ | 41,488
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
General and administrative expenses | ​ | ​ | ​ | ​ | ​ | ​
Employee costs | ​ | $ | 5,887 | ​ | $ | 8,400
Professional services | ​ | ​ | 4,614 | ​ | ​ | 4,449
Insurance | ​ | ​ | 947 | ​ | ​ | 1,281
Other G&A (2) | ​ | ​ | 1,245 | ​ | ​ | 1,588
Total G&A | ​ | $ | 12,693 | ​ | $ | 15,718
| (1) | Other R&D consists of facilities related expenses and office expenses.
| (2) | Other G&A consists of facilities related expenses, depreciation, office expenses and taxes and fees.

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- Definition The entire disclosure for reporting segments including data and tables. 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