v3.26.1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company manages its operations as one operating segment, focused on discovering, developing and commercializing potential best-in-class medicines for autoimmune and rare diseases. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. The CODM reviews and evaluates consolidated net loss for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods. Operating expenses are used to monitor budget versus actual results. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets.” All tangible assets are physically located within the United States. Segment asset information is not used by the CODM to allocate resources.
Significant segment expenses, as provided to the CODM, are presented below:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands)(in thousands)
Segment research and development expense (a)$64,189 $81,401 $135,933 $152,439 
Segment selling, general and administrative expense (a)45,262 14,483 76,317 27,047 
Share-based compensation expense (see Note 11)16,984 10,844 30,374 21,064 
Total operating expenses, excluding depreciation expense126,435 106,728 242,624 200,550 
License revenue180 — 186 — 
Other items (b)504 (5,993)(10,790)(12,903)
Consolidated net loss$127,119 $100,735 $232,020 $187,647 
(a) Share-based payment expense of $7,336 and $5,173 related to research and development and $9,648 and $5,671 related to selling, general and administrative have been excluded for the three months ended June 30, 2026 and 2025, respectively, and included within share-based compensation expense. Share-based payment expense of $13,170 and $10,921 related to research and development and $17,204 and $10,143 related to selling, general and administrative have been excluded for the six months ended June 30, 2026 and 2025, respectively, and included within share-based compensation expense.
(b) Other items consist primarily of collaboration revenue, interest income, interest expense and depreciation expense.