Collaborative and Other Relationships	6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborative and Other Relationships	Collaborative and Other Relationships Navenibart Kaken Pharmaceutical, Co., Ltd. (“Kaken”) On August 6, 2025, Astria, which became a wholly owned subsidiary of the Company on January 23, 2026 (see “Note 2—Acquisition of Astria Therapeutics, Inc.”), entered into a license agreement with Kaken (the “Kaken License Agreement”), granting Kaken an exclusive license to develop, package, and commercialize navenibart (the “Navenibart Licensed Product in Japan”) for the prevention of HAE attacks in Japan. The Kaken License Agreement included an upfront payment of $16,000, potential commercialization and sales milestone payments of $16,000, and tiered royalties ranging from 15% to 30% of annual net sales of the Navenibart Licensed Product in Japan. Under the terms of the Kaken License Agreement, Kaken will also provide support for the Phase 3 trial in Japan, is responsible for regulatory submissions in Japan, and will provide reimbursement for a portion of the costs associated with the navenibart Phase 3 program. In accordance with Topic 606, two performance obligations were identified under the Kaken License Agreement: (i) the performance of research and development services and (ii) the delivery of the license. The Company re-evaluates the transaction price at the end of each reporting period and adjusts the estimate as changes in circumstances occur. As of June 30, 2026, the estimated transaction price was determined to be approximately $18,268, consisting of fixed consideration of $16,000 related to the upfront payment and variable consideration of $2,268 related to the estimated reimbursement of research and development services. Variable consideration is estimated each reporting period using the expected value method based on the most current forecasts. Potential milestone payments and sales-based royalties were excluded from the transaction price as they were constrained and will be recognized if and when the related milestones or sales occur. As of June 30, 2026, the Company allocated $15,868 of the transaction price to the research and development services and the remaining $2,400 was allocated to delivery of the license. The fixed consideration was allocated to the performance obligations based on their relative standalone selling prices. The variable consideration was allocated to the performance obligation to which it is determined to be related, which is the reimbursement of research and development services to be incurred. Revenue allocated to the research and development services is recognized over time using an input method based on costs incurred. Revenue allocated to the license will be recognized at the point in time at which control of the Navenibart Licensed Product in Japan is transferred to Kaken. During the three and six months ended June 30, 2026, the Company recognized $1,255 and $2,454 of revenue related to the Kaken License Agreement, respectively, in license and other revenues in the Condensed Consolidated Statements of Comprehensive Income (Loss). As of June 30, 2026, the deferred revenue related to the upfront payment and cost-sharing reimbursements was $11,510, of which $4,851 is classified as current and $6,659 is classified as non-current in the Condensed Consolidated Balance Sheet. Neopharmed On May 4, 2026, the Company announced that it entered into a license agreement with an Irish affiliate of Neopharmed (the “Neopharmed License Agreement”) granting Neopharmed exclusive rights to commercialize navenibart for the prevention of HAE attacks in specified territories in Europe (the “Navenibart Licensed Product in Europe”). The Neopharmed License Agreement included an upfront payment of $70,000, potential regulatory and sales milestone payments of $275,000, and tiered royalties ranging from 18% to 30% of annual net sales of the Navenibart Licensed Product in Europe. In accordance with Topic 606, two performance obligations were identified under the Neopharmed License Agreement: (i) the delivery of the license and (ii) the performance of research and development services. The Company re-evaluates the transaction price at the end of each reporting period and adjusts the estimate as changes in circumstances occur. As of June 30, 2026, the estimated transaction price was determined to be $70,000, consisting of the upfront payment. Potential milestone payments and sales-based royalties were excluded from the transaction price as they were fully constrained and will be recognized if and when the related milestones or sales occur. The Company allocated $54,513 of the transaction price to the delivery of the license and the remaining $15,487 was allocated to the research and development services. The transaction price was allocated to the performance obligations based on their relative standalone selling prices. Revenue allocated to the license was recognized upon execution of the Neopharmed License Agreement, when control of the Navenibart Licensed Product in Europe transferred to Neopharmed. Revenue allocated to the research and development services is recognized over time using an input method based on costs incurred. During the three and six months ended June 30, 2026, the Company recognized $55,729 of revenue, comprised of $54,513 related to the delivery of the license and $1,216 related to the performance of research and development services in license and other revenues in the Condensed Consolidated Statements of Comprehensive Income (Loss). As of June 30, 2026, the deferred revenue related to the upfront payment was $14,271, of which $7,469 is classified as current and $6,802 is classified as non-current in the Condensed Consolidated Balance Sheet.

On August 6, 2025, Astria, which became a wholly owned subsidiary of the Company on January 23, 2026 (see “Note 2—Acquisition of Astria Therapeutics, Inc.”), entered into a license agreement with Kaken (the “Kaken License Agreement”), granting Kaken an exclusive license to develop, package, and commercialize navenibart (the “Navenibart Licensed Product in Japan”) for the prevention of HAE attacks in Japan. The Kaken License Agreement included an upfront payment of $16,000, potential commercialization and sales milestone payments of $16,000, and tiered royalties ranging from 15% to 30% of annual net sales of the Navenibart Licensed Product in Japan. Under the terms of the Kaken License Agreement, Kaken will also provide support for the Phase 3 trial in Japan, is responsible for regulatory submissions in Japan, and will provide reimbursement for a portion of the costs associated with the navenibart Phase 3 program.

In accordance with Topic 606, two performance obligations were identified under the Kaken License Agreement: (i) the performance of research and development services and (ii) the delivery of the license. The Company re-evaluates the transaction price at the end of each reporting period and adjusts the estimate as changes in circumstances occur. As of June 30, 2026, the estimated transaction price was determined to be approximately $18,268, consisting of fixed consideration of $16,000 related to the upfront payment and variable consideration of $2,268 related to the estimated reimbursement of research and development services. Variable consideration is estimated each reporting period using the expected value method based on the most current forecasts. Potential milestone payments and sales-based royalties were excluded from the transaction price as they were constrained and will be recognized if and when the related milestones or sales occur.

As of June 30, 2026, the Company allocated $15,868 of the transaction price to the research and development services and the remaining $2,400 was allocated to delivery of the license. The fixed consideration was allocated to the performance obligations based on their relative standalone selling prices. The variable consideration was allocated to the performance obligation to which it is determined to be related, which is the reimbursement of research and development services to be incurred.

Revenue allocated to the research and development services is recognized over time using an input method based on costs incurred. Revenue allocated to the license will be recognized at the point in time at which control of the Navenibart Licensed Product in Japan is transferred to Kaken. During the three and six months ended June 30, 2026, the Company recognized $1,255 and $2,454 of revenue related to the Kaken License Agreement, respectively, in license and other revenues in the Condensed Consolidated Statements of Comprehensive Income (Loss). As of June 30, 2026, the deferred revenue related to the upfront payment and cost-sharing reimbursements was $11,510, of which $4,851 is classified as current and $6,659 is classified as non-current in the Condensed Consolidated Balance Sheet.

On May 4, 2026, the Company announced that it entered into a license agreement with an Irish affiliate of Neopharmed (the “Neopharmed License Agreement”) granting Neopharmed exclusive rights to commercialize navenibart for the prevention of HAE attacks in specified territories in Europe (the “Navenibart Licensed Product in Europe”). The Neopharmed License Agreement included an upfront payment of $70,000, potential regulatory and sales milestone payments of $275,000, and tiered royalties ranging from 18% to 30% of annual net sales of the Navenibart Licensed Product in Europe.

In accordance with Topic 606, two performance obligations were identified under the Neopharmed License Agreement: (i) the delivery of the license and (ii) the performance of research and development services. The Company re-evaluates the transaction price at the end of each reporting period and adjusts the estimate as changes in circumstances occur. As of June 30, 2026, the estimated transaction price was determined to be $70,000, consisting of the upfront payment. Potential milestone payments and sales-based royalties were excluded from the transaction price as they were fully constrained and will be recognized if and when the related milestones or sales occur.

The Company allocated $54,513 of the transaction price to the delivery of the license and the remaining $15,487 was allocated to the research and development services. The transaction price was allocated to the performance obligations based on their relative standalone selling prices.

Revenue allocated to the license was recognized upon execution of the Neopharmed License Agreement, when control of the Navenibart Licensed Product in Europe transferred to Neopharmed. Revenue allocated to the research and development services is recognized over time using an input method based on costs incurred. During the three and six months ended June 30, 2026, the Company recognized $55,729 of revenue, comprised of $54,513 related to the delivery of the license and $1,216 related to the performance of research and development services in license and other revenues in the Condensed Consolidated Statements of Comprehensive Income (Loss). As of June 30, 2026, the deferred revenue related to the upfront payment was $14,271, of which $7,469 is classified as current and $6,802 is classified as non-current in the Condensed Consolidated Balance Sheet.