v3.25.2
Segment Information
 3 Months Ended
Jun. 30, 2025
Segment Information [Abstract]  
Segment Information
Note 15—Segment Information
 
The Company is operated and managed as a single operating and reportable segment which focuses on the discovery, development and commercialization of medicines and technologies. The Company’s Chief Operating Decision Maker (“CODM”) is its chief executive officer.
 
The CODM assesses performance for the Company based on net (loss) income, which is reported on the condensed consolidated statements of operations and comprehensive (loss) income as net (loss) income. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets.
 
The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through all stages of development and clinical trials and, ultimately, seeks regulatory approval. As such, the CODM uses cash forecast models and budgeted versus actual results to assess performance, make operating decisions and allocate resources across the Company including to various Vants and research and development projects.
The Company’s significant segment expenses are as follows (in thousands):

   
Three Months Ended June 30,
  
   
2025
    
2024
  
Revenue
  
$
2,170
    
$
7,990
  
Less:
                
Cost of revenues
    
154
      
213
  
Program-specific research and development expenses:
                
Anti-FcRn franchise—neurological diseases
    
20,937
      
18,479
  
Anti-FcRn franchise—endocrine diseases
    
19,329
      
15,913
  
Anti-FcRn franchise—rheumatology diseases
    
8,209
      
—
  
Anti-FcRn franchise—dermatology diseases
    
5,145
      
—
  
Anti-FcRn franchise—other clinical and nonclinical
    
2,392
      
6,401
  
Brepocitinib
    
15,020
      
10,594
  
Mosliciguat
    
8,385
      
2,980
  
Other development and discovery programs
    
10,236
      
15,515
  
Research and development share-based compensation
    
11,099
      
10,532
  
Research and development personnel-related expenses
    
42,530
      
31,545
  
Other research and development expenses
    
9,637
      
8,548
  
General and administrative share-based compensation
    
71,079
      
36,841
  
General and administrative personnel-related expenses
    
30,110
      
29,697
  
Other general and administrative expenses
    
32,830
      
33,354
  
Gain on sale of Telavant net assets
    
—
      
(110,387
)
Change in fair value of investments
    
19,125
      
(15,226
)
Change in fair value of liability instruments
    
2,329
      
1,150
  
Interest income
    
(48,322
)
    
(72,127
)
Other expense, net
    
11,208
      
3,608
  
Income tax expense
    
4,649
      
11,963
  
Income from discontinued operations, net of tax
    
—
      
(89,093
)
Net (loss) income
  
$
(273,911
)
  
$
57,490