Years Ended March 31,

2026

2025

2024

Revenue

$

8,260

$

29,053

$

32,713

Less:

Cost of revenues

1,285

911

1,599

Program-specific research and development expenses:

Anti-FcRn franchise—endocrine diseases

90,359

63,073

33,205

Anti-FcRn franchise—neurological diseases

82,515

93,224

41,060

Anti-FcRn franchise—rheumatology diseases

48,813

23,897

—

Anti-FcRn franchise—dermatology diseases

20,264

15,633

—

Anti-FcRn franchise—other clinical and nonclinical

3,367

9,327

39,811

Anti-FcRn franchise—contractual costs related to batoclimab program discontinuation

38,952

—

Brepocitinib

60,272

45,125

38,563

Mosliciguat

36,077

19,746

4,307

Other development and discovery programs

48,251

57,729

92,270

Research and development share-based compensation

47,867

39,780

32,400

Research and development personnel-related expenses

167,790

146,162

123,283

Other research and development expenses

37,285

36,717

35,010

Acquired in-process research and development

—

26,450

General and administrative share-based compensation

298,298

239,505

154,873

General and administrative personnel-related expenses

135,850

205,737

126,163

Other general and administrative expenses

176,318

146,168

135,097

Gain on sale of Telavant net assets

—

(110,387)

(5,348,410)

Gain on litigation settlement

(770,235)

—

Change in fair value of investments

(105,046)

(55,186)

47,973

Change in fair value of liability instruments

47,704

(15,756)

46,838

Gain on deconsolidation of subsidiaries

(11,027)

(3,108)

(32,772)

Interest income

(178,109)

(258,375)

(146,425)

Other (income) expense, net

(4,012)

10,721

13,562

Income tax expense

133,329

48,174

21,503

(Income) loss from discontinued operations, net of tax

—

(373,030)

315,147

Net (loss) income

$

(397,907)

$

(356,734)

$

4,231,206