Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

20. Segment Reporting

The Company operates as one operating segment, focused on research, development, and discovering, developing and delivering therapies for its novel biologics. The Company’s CEO, as the chief operating decision maker (“CODM”), manages and allocates resources to the operations of the Company on a consolidated basis. Managing and allocating resources on a total-company basis enables the CODM to assess the overall level of resources available and how to best deploy those resources across research and development projects that are in line with our long-term company-wide strategic goals. Consistent with this decision-making process, the CODM uses consolidated, single-segment financial information for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets. When evaluating the Company’s overall performance, the CODM is focused on the timing and progress of its preclinical and clinical development activities. The CODM regularly reviews total expenses, as well as direct research and development expenses by program and makes decisions using this information on a company-wide basis.

The accounting policies of the reportable segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance and decides how to allocate resources based on consolidated net loss. This measure is used to monitor budget versus actual results to assess performance of the segment. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets.

The following table presents reportable segment net (income) loss, including significant expenses regularly provided to the CODM, attributable to the Company’s reportable segment for the years ended December 31, 2025 and 2024:

	Years Ended December 31,
	2025			2024
	(in thousands)
Direct research and development expense by program:
Bempikibart	$	6,713		$	28,726
ADX-097		1,920			5,253
Discovery and other		155			856
Personnel-related costs (excluding stock-based compensation)		12,575			16,122
Other G&A expenses		9,709			9,586
Interest (income) expense, net		(1,055	)		(2,832	)
Other segment items (1)		(59,838	)		(9,978	)
Total segment net (income) loss	$	(29,821	)	$	47,733

(1) Other segment items are included in order to reconcile to total segment net (income) loss. Other segment items include non-cash items such as depreciation and amortization expense, stock-based compensation expense and the change in fair value of

contingent value rights. In 2025, other segment items also include the recognition of collaboration arrangement revenue related to the Amendment with Amgen (see Note 16) and the gain recognized related to the ADX-097 Sale (see Note 4). In 2024, other segment items also include gains and losses on the change in fair value of convertible notes and a loss from equity method investment.