Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information Expenses

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.