Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

11. Segment Information

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company is a clinical-stage biopharmaceutical company and has not generated any product revenue from its CAB antibody-based products. The Company’s operations are organized and reported as a single reportable segment, which includes all activities related to the discovery, development, and commercialization of its CAB products. The Company’s CODM, its chief executive officer, reviews operating results on an aggregate basis and manages the operations as a single operating segment. The measure of segment assets is reported on the balance sheets as total assets. The CODM evaluates performance and allocates resources based on consolidated net income or loss that also is reported on the statements of operations and comprehensive loss as net loss, and cash used in operations.

The following table provides R&D expenses by program with a reconciliation to net loss for the periods indicated, which are regularly reviewed by the CODM:

	Years Ended December 31,
	2024			2023
	(in thousands)
Collaboration and other revenue	$	11,000		$	—
Program expenses:
Mecbotamab vedotin, BA3011 (CAB AXL-ADC)		12,934			24,533
Ozuriftamab vedotin, BA3021 (CAB ROR2-ADC)		8,962			13,530
Evalstotug, BA3071 (CAB CTLA-4)		9,103			17,099
BA3182 (CAB EpCAM x CAB CD3)		5,111			4,048
Other CAB Programs		6,912			22,159
Total program expenses		43,022			81,369
Personnel and related		12,082			12,552
Equity-based compensation		4,238			5,462
Facilities and other		3,753			4,348
Total research and development expenses		63,095			103,731
General and administrative expenses
Personnel and related		7,213			7,553
Equity-based compensation		4,683			8,082
Facilities and other		9,952			10,321
Total general and administrative expenses		21,848			25,956
Interest and other income/(expense)		4,167			6,225
Net loss and comprehensive loss	$	(69,776	)	$	(123,462	)