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SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company manages business activities on an aggregated basis and operates in one reportable segment: therapeutics. The therapeutics segment derives revenue primarily through sales of XDEMVY to specialty pharmacies and distributors in the U.S., who in turn sell it directly to clinics, hospitals, pharmacies and federal healthcare programs. The segment also generates license fees and collaboration revenue related to the China Out-License (see Note 9). The accounting
policies of the therapeutics segment are the same as those described in the summary of significant accounting policies (see Note 2).
The Company’s chief operating decision-maker (“CODM”) is its Chief Executive Officer (“CEO”). The CODM uses net loss, as reported in the accompanying Condensed Statements of Operations and Comprehensive Loss, to assess performance of the therapeutics segment and in deciding whether to allocate resources into the therapeutics segment or outside the segment, such as for acquisitions or new in-license agreements. The CODM uses net loss to regularly monitor budget versus actual results which are used in assessing performance of the segment and in establishing management’s compensation. The CODM does not review assets in evaluating the results of the therapeutics segment, and therefore, such information is not presented.
The following table provides the operating financial results of the therapeutics segment:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues:
Product sales, net$173,912 $102,660 $319,299 $180,995 
License fees and collaboration revenue— — 16,667 — 
Total revenues173,912 102,660 335,966 180,995 
Operating expenses:
Cost of sales12,113 6,237 21,509 11,448 
Research and development31,010 15,594 53,361 30,003 
Selling and marketing90,002 65,857 174,484 126,143 
General and administrative60,695 37,156 112,642 61,865 
Total operating expenses193,820 124,844 361,996 229,459 
Loss from operations(19,908)(22,184)(26,030)(48,464)
Other reconciling items(1)
1,357 1,844 512 3,004 
Net loss$(18,551)$(20,340)$(25,518)$(45,460)
Other segment disclosures:
Interest income$3,698 $4,229 $7,420 $7,683 
Interest expense$(2,156)$(2,240)$(4,284)$(4,453)
Depreciation and amortization expense$(1,000)$(453)$(1,437)$(913)
Provision for income taxes$(2,716)$— $(5,068)$— 
(1) Other reconciling items primarily includes interest income, gain on exchange of long-term investments, interest expense, and provision for income taxes.