Asset Acquisition |
6 Months Ended |
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Jun. 30, 2026 | |
| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | |
| Asset Acquisition | Asset Acquisition On July 1, 2026, we acquired all of the outstanding equity of Thymmune Therapeutics, Inc. (Thymmune), a preclinical-stage company developing scalable, regenerative thymic cell therapies for the potential treatment of post-transplant organ tolerance, immunodeficiencies, and autoimmune diseases, in exchange for an upfront cash payment of approximately $140.0 million, subject to customary purchase price adjustments. In addition to the upfront payment, the consideration for the acquisition includes potential earnout consideration, payable in cash to former Thymmune equityholders, of up to $160.0 million in the aggregate based on the timely achievement of specified clinical and regulatory milestones for Thymmune's lead program (THY-100), consisting of (1) a potential payment of up to $60.0 million if the first patient is dosed in the initial human clinical trial of THY-100 on or before December 31, 2028; and (2) a potential payment of $100.0 million if the FDA accepts a Biologics License Application for THY-100 for review on or before December 31, 2031. We expect to account for the transaction during the third quarter of 2026 as an asset acquisition, as substantially all of the fair value of the assets acquired is concentrated in a single in-process research and development (IPR&D) asset. We expect to allocate substantially all of the upfront consideration to the IPR&D and to record the expense within research and development in our consolidated statements of operations during the third quarter of 2026. The purchase price allocated to the IPR&D asset is not deductible for tax purposes and is expected to be capitalized into the tax basis of the equity acquired.
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