v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
16. Segment Reporting
The Company manages its business activities on a consolidated basis and operates as a single operating segment. The Company derives its revenues from the development and commercialization of therapies for patients facing serious diseases. The accounting policies of the segment are the same as those described in Note 2 – Summary of Significant Accounting Policies.
The Company has a single management team that reports to the Chief Executive Officer, the chief operating decision maker (CODM), who comprehensively manages the entire business. When evaluating the Company’s financial performance, the CODM regularly reviews total revenues, total expenses, and expenses by function, and makes decisions using this information on a global basis. The CODM uses net loss, as reported in the consolidated statements of comprehensive loss, in evaluating the performance of the segment. Decisions regarding resource allocation are made primarily during the annual budget planning process and augmented as needed throughout the year. The measure of segment assets is reported on the balance sheet as total assets. The Company does not operate separate lines of business with respect to its products or product candidates. Accordingly, the Company has one reportable segment.
Segment loss, including significant segment expenses, for the three and six months ended June 30, 2026 and 2025 is as follows (in thousands):
Three Months Ended June 30,
Six Months Ended
June 30,
2026202520262025
Product revenues, net$425,486 $107,415 $731,450 $200,238 
Less:
Cost of product revenues (excluding amortization of intangible assets)67,212 28,075 114,632 49,353 
TPIP external R&D expenses38,935 20,649 76,276 29,802 
Brensocatib external R&D expenses13,829 33,560 32,313 54,221 
ARIKAYCE external R&D expenses6,228 11,003 14,850 23,124 
Other external R&D expenses48,836 28,445 81,514 56,528 
R&D compensation and benefit-related expenses69,080 56,389 141,220 109,947 
SG&A compensation and benefit-related expenses70,520 51,320 145,313 106,156 
Other segment items(a)
207,425 127,650 417,913 247,345 
Depreciation3,179 2,484 6,113 4,367 
Amortization of intangible assets2,081 1,263 4,162 2,526 
Change in fair value of contingent consideration
(99,760)59,000 (146,721)77,300 
Investment income(10,979)(13,225)(23,019)(27,131)
Interest expense20,273 21,245 40,355 42,814 
Provision for income taxes1,869 1,243 3,334 2,155 
Segment net loss$(13,242)$(321,686)$(176,805)$(578,269)

(a) Other segment items include stock-based compensation, professional fees, and facility-related expenses.