Segment Information

3 Months Ended

Mar. 31, 2025

Segment Information

Segment Information

(3) Segment Information

The Company is managed as a single operating and reportable segment that operates in the business of development, manufacturing and commercialization of novel therapeutics for human health care. Our chief operating decision maker (“CODM”), the Chief Executive Officer, evaluates performance based on consolidated net loss. Other than general and administrative expenses as presented on the consolidated statement of operations, research and development expense disaggregated by program and by nature are considered to be the Company’s significant segment expenses. These results are used, in part, by our CODM in evaluating the performance of the Company by comparing budget to actual results, and to allocate resources. All revenue is derived in and long-lived assets are located in the United States. The CODM does not receive asset information other than what is presented on the consolidated balance sheets.

The following table is a summary of the Company’s research and development expenses disaggregated by program. The amounts disclosed reflect direct research and development costs and an allocation of indirect research and development costs to each program.

	Three Months Ended		Three Months Ended
	March 31, 2025		March 31, 2024
	(In thousands)
Barzolvolimab/Anti-KIT Program	$	39,703	$	23,778
CDX-622		5,451		3,421
Other Programs (a)		7,460		4,462
Total R&D Expense	$	52,614	$	31,661

(a) Other program expenses primarily include research and development expenses related to early-stage programs, revenue-generating programs and discontinued programs.

The following table is a summary of the Company’s research and development expenses disaggregated by nature.

	Three Months Ended		Three Months Ended
	March 31, 2025		March 31, 2024
		(In thousands)
Personnel	$	13,600	$	11,440
Laboratory supplies		2,168		1,308
Facility		1,406		1,286
Product development (b)		32,166		15,525
Other expenses (c)		3,274		2,102
Total R&D expense	$	52,614	$	31,661

(b) Product development expenses include clinical investigator site fees, external trial monitoring costs, data accumulation costs, contracted research and outside clinical drug product manufacturing.

(c) Other expenses primarily include research and development consulting, insurance, licensing and software expenses.