v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting

12. SEGMENT REPORTING

The Company has one reportable segment: Therapeutics. This segment is dedicated to developing and commercializing medical treatments for patients with serious immunological diseases. The Company’s lead product, TRUTAKNA, was granted accelerated approval by the FDA for the treatment of IgAN in the U.S. in July 2026. TRUTAKNA is a native human TACI-Fc fusion protein that binds both the B-cell activating factor (BAFF) and A proliferation-inducing ligand (APRIL) cytokines and is self-administered subcutaneously at home. Atacicept is also being evaluated for the treatment of other autoimmune kidney diseases and the Company

intends to seek marketing approval of atacicept for the treatment of IgAN in regions outside of the U.S. in the future. The Company also holds worldwide, exclusive development and commercial rights to MAU868, a monoclonal antibody to treat BK virus infections for which the Company completed a Phase 2 clinical trial in 2022, and worldwide, exclusive development and commercial rights to VT-109, a novel, next generation dual BAFF/APRIL inhibitor that is in preclinical development.

Since inception, the Company has devoted substantially all its resources to research and development efforts, pre-clinical studies and clinical trials, building a sales, marketing and distribution infrastructure to support commercial activities, establishing and maintaining intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations. As of June 30, 2026, the Company did not have any product candidates approved for commercial sale and had not generated any revenue from product sales.

The accounting policies used in the segment reporting are the same as those disclosed in the summary of significant accounting policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The Company’s Chief Operating Decision Maker (CODM) is the Chief Executive Officer. The CODM assesses performance for the single reportable segment and decides how to allocate resources based on net loss and total operating expenses. As the Company has not generated any revenue as of June 30, 2026, total operating expenses is equivalent to loss from operations on the statements of operations and comprehensive loss. The measure of segment assets is reported on the balance sheet as total assets.

The CODM uses net loss as the reportable segment’s primary measure of profit or loss to evaluate the segment’s financial position and to determine the need for additional financing or equity offerings. The CODM also uses total operating expenses as a measure to evaluate controllable spend from total current assets in deciding how to allocate resources within the Therapeutics segment.

The Company's reportable segment total operating expenses, including significant segment expenses, and net loss for the three and six months ended June 30, 2026 and 2025, consisted of the following (in thousands):

 

 

 

Therapeutics

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Payroll and related

 

$

48,543

 

 

$

25,193

 

 

$

90,584

 

 

$

45,950

 

Direct research and development - clinical trials

 

 

15,633

 

 

 

12,636

 

 

 

44,329

 

 

 

24,630

 

Direct research and development - contract drug manufacturing

 

 

15,742

 

 

 

23,498

 

 

 

46,197

 

 

 

33,040

 

Commercial planning

 

 

15,057

 

 

 

3,822

 

 

 

23,040

 

 

 

6,986

 

Depreciation and amortization

 

 

132

 

 

 

119

 

 

 

272

 

 

 

204

 

Other segment items*

 

 

17,383

 

 

 

14,873

 

 

 

33,200

 

 

 

26,525

 

Total operating expenses

 

 

112,490

 

 

 

80,141

 

 

 

237,622

 

 

 

137,335

 

Loss from operations

 

 

(112,490

)

 

 

(80,141

)

 

 

(237,622

)

 

 

(137,335

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

5,348

 

 

 

6,320

 

 

 

11,702

 

 

 

13,226

 

Interest expense

 

 

(1,848

)

 

 

(1,874

)

 

 

(3,671

)

 

 

(3,667

)

Other segment items**

 

 

(483

)

 

 

(836

)

 

 

(914

)

 

 

(449

)

Segment and consolidated net loss

 

$

(109,473

)

 

$

(76,531

)

 

$

(230,505

)

 

$

(128,225

)

*Other segment items included in total operating expenses primarily consist of consulting and contractors, professional services, equipment and software, travel and entertainment, facilities, medical affairs, and corporate communications.

**Other segment items included in net loss consist of currency exchange gains and losses and other income/expense.