v3.26.1
Segment Information
 3 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company is operated and managed as a single operating and reportable segment which focuses on the discovery, development and commercialization of medicines and technologies. The Company’s Chief Operating Decision Maker (“CODM”) is its chief executive officer.
The CODM assesses performance for the Company based on net loss, which is reported on the condensed consolidated statements of operations and comprehensive loss as net loss. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets.
The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through all stages of development and clinical trials and, ultimately, seeks regulatory approval. As such, the CODM uses cash forecast models and budgeted versus actual results to assess performance, make operating decisions and allocate resources across the Company including to various Vants and research and development projects.
The Company’s significant segment expenses are as follows (in thousands):
Three Months Ended June 30,
20262025
Revenue$1,442 $2,170 
Less:
Cost of revenues284 154 
Program-specific research and development expenses:
Anti-FcRn franchise—endocrine diseases42,885 19,329 
Anti-FcRn franchise—neurological diseases25,455 20,937 
Anti-FcRn franchise—rheumatology diseases22,340 8,209 
Anti-FcRn franchise—dermatology diseases7,542 5,145 
Anti-FcRn franchise—other clinical and nonclinical2,609 2,392 
Brepocitinib14,092 15,020 
Mosliciguat13,041 8,385 
Other development and discovery programs11,118 10,236 
Research and development share-based compensation8,721 11,099 
Research and development personnel-related expenses46,354 42,530 
Other research and development expenses7,859 9,637 
General and administrative share-based compensation74,621 71,079 
General and administrative personnel-related expenses56,200 30,110 
Other general and administrative expenses34,706 32,830 
Gain on litigation settlement(392)— 
Change in fair value of investments(36,637)19,125 
Change in fair value of liability instruments— 2,329 
Interest income(36,922)(48,322)
Other expense, net2,130 11,208 
Income tax (benefit) expense(3,958)4,649 
Net loss$(290,606)$(273,911)