SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Segment Reporting Information, by Segment

Significant segment expenses, as provided to the CODM, are presented below:


	Year Ended December 31,
		2025		2024		2023
		(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 expenses		433,784		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.