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Acquisition of In-process research and development asset ("IPR&D")
9 Months Ended
Sep. 30, 2026
Asset Acquisition [Abstract]  
Acquisition of In-process research and development asset ("IPR&D") [Text Block]

10. Acquisition of In-process research and development asset ("IPR&D")

On September 2, 2026, the Company entered into a co-development and license agreement (the "Agreement") with Pfizer (the "Licensor") relating to CD228V, an investigational antibody-drug conjugate currently under clinical development. Under the Agreement, the Company acquired certain rights to develop, manufacture and commercialize CD228V and related products, together with certain regulatory, clinical and development-related materials. The acquired materials primarily consist of materials to support ongoing clinical and development activities. No material amount of inventory was acquired as part of the transaction.

The Company determined that the transaction represents an asset acquisition and that the acquired CD228V rights constitute in-process research and development ("IPR&D") with no alternative future use. Accordingly, the acquisition cost attributable to the acquired IPR&D was recognized in expense in the unaudited condensed consolidated statement of operations and comprehensive loss.

Under the Agreement, the Company was required to make a one-time, non-refundable and non-creditable upfront payment of $12.0 million on September 2, 2026. The Company recognized the applicable acquisition cost as acquired IPR&D expense during the three and nine months ended September 30, 2026.

In connection with the Agreement, the Licensor paid the Company a one-time, non-refundable and non-creditable $2.0 million development funding payment, which is required to be used to fund development activities for CD228V under the development plan. As of September 30, 2026, the Company had incurred qualifying costs in excess of the development funding received. Accordingly, the Company recognized the $2.0 million payment as a reduction of the related acquired IPR&D expense. As a result, the Company recognized net acquired IPR&D expense of $10.0 million in the unaudited condensed consolidated statement of operations and comprehensive loss during the three and nine months ended September 30, 2026.

The Agreement provides for an additional payment of $15.0 million to be made on the first anniversary of the effective date of the agreement September 2, 2027, unless the Company exercises its right to terminate the Agreement by providing written notice of termination by June 4, 2027, provided the first patient has not yet been dosed in the Phase 1 clinical trial. If the first patient is dosed before June 4, 2027, the Company would instead be required to provide at least 90 days' notice before such dosing occurs to terminate the Agreement. If the Company exercises its termination right, the rights and obligations under the Agreement cease. As the Company's ability to terminate the Agreement is within the Company's control, no liability for the $15.0 million payment was recognized as of September 30, 2026.

The Agreement also provides for additional payments upon the achievement of certain development, regulatory and sales milestones and royalties on future sales of licensed products. As of September 30, 2026, the applicable events triggering the development milestone payments had not occurred and no related liability was recognized as noted in Note 9, Commitments.