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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company manages its operations as one operating segment, focused on discovering, developing and commercializing potential best-in-class medicines for serious and rare diseases. The Company’s CODM is its Chief Executive Officer. The CODM reviews and evaluates consolidated net loss for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods. Operating expenses are used to monitor budget versus actual results. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets.” All tangible assets are physically located within the United States. Segment asset information is not used by the CODM to allocate resources.
Significant segment expenses, as provided to the CODM, are presented below:
Year Ended
December 31,
202520242023
(in thousands)
Segment research and development expense (a)$317,216 $215,909 $143,545 
Segment selling, general and administrative expense (a)72,265 41,278 44,047 
Share-based compensation expense (see Note 12)44,303 42,150 67,172 
Total operating expenses433,784 299,337 254,764 
License revenue(70,000)— — 
Other items (b)
(21,183)(29,388)(17,030)
Consolidated net loss$342,601 $269,949 $237,734 
(a) Share-based payment expense of $21,514, $22,345, and $16,220 related to research and development and $22,789, $19,805, and $50,952 related to selling, general and administrative have been excluded for the years ended December 31, 2025, 2024, and 2023, respectively, and included within share-based compensation expense.
(b) Other items consist primarily of collaboration revenue, interest income, interest expense and depreciation expense.