v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company operates as one reportable and operating segment, centered around its commercialized product, ORLADEYO, and its pipeline with the goal of developing first-in-class or best-in-class oral small-molecule and injectable protein therapeutics to target a range of rare diseases. The determination of a single segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker (“CODM”). The
Chief Executive Officer, as the CODM, uses consolidated, single-segment financial information for purposes of evaluating performance, making operating decisions, allocating resources, and planning and forecasting for future periods.
The CODM assesses performance and decides how to allocate resources based on consolidated net income (loss). This measure is used to monitor budget versus actual results to evaluate the performance of the segment. The CODM uses consolidated cash, cash equivalents and investments as the measure of segment assets. As of June 30, 2026 and December 31, 2025, the Company’s cash, cash equivalents, and investments were $352,573 and $335,911, respectively.
The following table illustrates information about segment revenues, significant segment expenses, and segment net income (loss) for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues$218,250 $163,353 $374,663 $308,887 
Less1:
Cost of product sales3,840 2,798 9,217 7,366 
Acquired in-process research and development— — 697,761 — 
Research and development (excluding stock-based compensation)
Navenibart17,328 — 27,069 — 
BCX177255,240 3,316 7,147 5,772 
Berotralstat1,611 4,766 3,407 6,640 
Avoralstat351 3,305 1,244 5,784 
STAR-031091 — 774 — 
Research, discovery and preclinical programs3,441 3,560 7,411 6,604 
Compensation and related personnel costs11,390 12,369 38,481 24,712 
Other non-program specific and indirect costs7,044 6,743 14,463 13,289 
Sales and marketing (excluding stock-based compensation)33,947 45,589 76,900 93,259 
General and administrative (excluding stock-based compensation)20,810 29,817 63,203 51,776 
Stock-based compensation14,692 21,304 30,719 42,672 
Interest income(2,434)(2,516)(4,690)(5,540)
Interest expense21,712 21,582 41,491 45,076 
Foreign currency (gains) losses(27)63 198 62 
Loss on extinguishment of debt— 4,171 — 4,171 
Other (income) expense, net(260)— 1,202 — 
Income tax expense1,079 1,401 2,083 2,127 
Consolidated net income (loss)
$78,395 $5,085 $(643,417)$5,117 
1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
All material long-lived assets of the Company reside in the U.S. For geographic information about the Company’s product revenues, see “Note 3—Revenue”.