| Significant Segment Expenses |
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 |
|
|