v3.26.1
SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
In June 2026, the Company entered into a license and collaboration agreement with Everest Medicines (Singapore) Pte. Ltd. ("Everest"), granting the Company an exclusive license to develop, manufacture and commercialize civorebrutinib, an investigational oral, covalent reversible Bruton's tyrosine kinase ("BTK") inhibitor, and products containing civorebrutinib (“Products”) for any and all prophylactic, diagnostic and therapeutic uses and treatment of diseases and disorders in all countries outside of China and certain countries in East and Southeast Asia (the "Territory"). The agreement became effective in July 2026 following the satisfaction of customary closing conditions.
Under the terms of the agreement, the Company paid Everest an upfront payment of $112.5 million in July 2026. Pursuant to the agreement, Everest is eligible to receive up to $1.03 billion in additional development, regulatory and commercial milestone payments, as well as tiered royalties on net sales of Products in the Territory. The Company and Everest have agreed to collaborate on global clinical development, including sharing development costs for global clinical trials. Except for certain global development activities, the Company is responsible for development and commercialization of civorebrutinib in the Territory, while Everest retains responsibility for its territory.