Segment Information

6 Months Ended

Jun. 30, 2025

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 net income or loss that also is reported on the condensed 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:

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	(in thousands)
Program expenses:
Mecbotamab vedotin, BA3011 (CAB AXL-ADC)	$	3,051		$	3,500		$	5,992		$	8,833
Ozuriftamab vedotin, BA3021 (CAB ROR2-ADC)		1,208			2,023			3,285			4,564
Evalstotug, BA3071 (CAB CTLA-4)		3,045			2,447			3,224			5,055
BA3182 (CAB EpCAM x CAB CD3)		2,136			1,206			3,076			2,377
Other CAB Programs		728			1,629			1,799			3,258
Total program expenses		10,168			10,805			17,376			24,087
Personnel and related		2,145			3,347			5,603			6,770
Equity-based compensation		567			1,164			1,342			2,244
Facilities and other		804			882			1,718			1,949
Total research and development expenses		13,684			16,198			26,039			35,050
General and administrative expenses
Personnel and related		1,577			1,938			3,680			3,906
Equity-based compensation		810			1,332			1,680			2,553
Facilities and other		2,576			2,504			4,862			4,920
Total general and administrative expenses		4,963			5,774			10,222			11,379
Interest and other income (loss)		(64	)		900			2,216			2,123
Net loss and comprehensive loss	$	(18,711	)	$	(21,072	)	$	(34,045	)	$	(44,306	)