v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company operates as one reportable and operating segment, centered around its commercialized product, ORLADEYO, and its pipeline with the goal of developing first-in-class or best-in-class oral small-molecule and injectable protein therapeutics to target difficult-to-treat rare diseases. The determination of a single segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker (“CODM”). The Chief Executive Officer, as the CODM, uses consolidated, single-segment financial information for purposes of evaluating performance, making operating decisions, allocating resources, and planning and forecasting for future periods.
The CODM assesses performance and decides how to allocate resources based on consolidated net income (loss). This measure is used to monitor budget versus actual results to evaluate the performance of the segment. The CODM uses consolidated cash, cash equivalents and investments as the measure of segment assets. As of June 30, 2025 the Company’s cash, cash equivalents, and investments were $285,197, of which $15,058 was considered held for sale (see Note 2 - Assets Held for Sale”). As of December 31, 2024 the Company’s cash, cash equivalents, and investments were $341,173.
The following table illustrates information about segment revenues, significant segment expenses, and segment net income (loss) for the three and six months ended June 30, 2025 and 2024 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenues$163,353 $109,332 $308,887 $202,093 
Less1:
Cost of product sales2,798 1,699 7,366 2,964 
Research and development
Berotralstat12,073 13,146 19,898 25,104 
Factor D Program— 5,557 1,400 16,037 
BCX177258,381 5,250 15,689 13,009 
Avoralstat8,307 4,137 15,687 8,173 
Other research, preclinical and development costs14,625 9,533 27,982 21,793 
Selling, general and administrative87,383 61,249 169,852 120,740 
Foreign currency losses, net63 84 62 135 
Interest income(2,516)(3,554)(5,540)(7,585)
Interest expense21,582 24,733 45,076 49,239 
Income tax expense1,401 172 2,127 537 
Loss on extinguishment of debt4,171 — 4,171 — 
Segment net income (loss)5,085 (12,674)5,117 (48,053)
Reconciliation of segment profit or loss:
Adjustments and reconciling items— — — — 
Consolidated net income (loss)$5,085 $(12,674)$5,117 $(48,053)
1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
All material long-lived assets of the Company reside in the U.S. For geographic information about the Company’s product revenues, see “Note 3—Revenue”.