| Segment Information |
4. Segment Information The Company operates in a single segment, which is the development and commercialization of human therapeutics. The Company has determined that its chief executive officer is the Chief Operating Decision Maker (“CODM”). When evaluating the Company’s financial performance, the CODM reviews total revenues and total expenses and makes financial decisions using this information on a consolidated net loss basis. The measure of segment assets is the Company’s total assets which are reported on the condensed consolidated balance sheets. The Company’s segment revenue and long-lived assets are primarily generated and maintained in the US. The following table summarizes significant segment expenses: | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (In thousands) | | 2026 | | 2025 | | 2026 | | 2025 | Viatris collaboration agreement | | $ | 20,731 | | $ | 18,695 | | $ | 38,430 | | $ | 34,083 | Licensing revenue | | | — | | | 7,500 | | | - | | | 7,500 | Total revenue | | | 20,731 | | | 26,195 | | | 38,430 | | | 41,583 | | | | | | | | | | | | | | Employee-related (Research and development) 1 | | | 1,984 | | | 3,535 | | | 4,431 | | | 7,466 | External-related (Research and development) | | | 1,600 | | | 5,190 | | | 3,552 | | | 10,755 | Facilities and other allocated expenses (Research and development) | | | 562 | | | 778 | | | 1,365 | | | 1,664 | Supporting general and administration functions 1 | | | 5,619 | | | 8,221 | | | 13,579 | | | 15,479 | Sales and marketing, and medical affairs 1 | | | 4,985 | | | 6,653 | | | 11,896 | | | 13,958 | Share-based compensation | | | 4,138 | | | 4,543 | | | 7,614 | | | 9,420 | Total recurring operating expenses | | | 18,888 | | | 28,920 | | | 42,437 | | | 58,742 | Restructuring expenses (including share-based compensation) | | | 4,031 | | | — | | | 7,664 | | | — | Transaction-related expenses | | | 6,089 | | | — | | | 6,089 | | | — | Total operating expenses | | | 29,008 | | | 28,920 | | | 56,190 | | | 58,742 | Loss from operations | | | (8,277) | | | (2,725) | | | (17,760) | | | (17,159) | Net gain on realized contingent milestone and royalty assets | | | — | | | 75,137 | | | — | | | 75,137 | Interest expense (non-cash) | | | — | | | (663) | | | — | | | (1,306) | Interest and other income, net | | | 3,486 | | | 1,457 | | | 6,499 | | | 2,396 | Provision for income tax (expense) benefit | | | (1,107) | | | (18,371) | | | 430 | | | (17,812) | Net income (loss) | | $ | (5,898) | | $ | 54,835 | | $ | (10,831) | | $ | 41,256 |
1 Excludes share-based compensation
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