| Summary of significant segment expenses |
| | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (In thousands) | | 2026 | | 2025 | | 2026 | | 2025 | Viatris collaboration agreement | | $ | 20,731 | | $ | 18,695 | | $ | 38,430 | | $ | 34,083 | Licensing revenue | | | — | | | 7,500 | | | - | | | 7,500 | Total revenue | | | 20,731 | | | 26,195 | | | 38,430 | | | 41,583 | | | | | | | | | | | | | | Employee-related (Research and development) 1 | | | 1,984 | | | 3,535 | | | 4,431 | | | 7,466 | External-related (Research and development) | | | 1,600 | | | 5,190 | | | 3,552 | | | 10,755 | Facilities and other allocated expenses (Research and development) | | | 562 | | | 778 | | | 1,365 | | | 1,664 | Supporting general and administration functions 1 | | | 5,619 | | | 8,221 | | | 13,579 | | | 15,479 | Sales and marketing, and medical affairs 1 | | | 4,985 | | | 6,653 | | | 11,896 | | | 13,958 | Share-based compensation | | | 4,138 | | | 4,543 | | | 7,614 | | | 9,420 | Total recurring operating expenses | | | 18,888 | | | 28,920 | | | 42,437 | | | 58,742 | Restructuring expenses (including share-based compensation) | | | 4,031 | | | — | | | 7,664 | | | — | Transaction-related expenses | | | 6,089 | | | — | | | 6,089 | | | — | Total operating expenses | | | 29,008 | | | 28,920 | | | 56,190 | | | 58,742 | Loss from operations | | | (8,277) | | | (2,725) | | | (17,760) | | | (17,159) | Net gain on realized contingent milestone and royalty assets | | | — | | | 75,137 | | | — | | | 75,137 | Interest expense (non-cash) | | | — | | | (663) | | | — | | | (1,306) | Interest and other income, net | | | 3,486 | | | 1,457 | | | 6,499 | | | 2,396 | Provision for income tax (expense) benefit | | | (1,107) | | | (18,371) | | | 430 | | | (17,812) | Net income (loss) | | $ | (5,898) | | $ | 54,835 | | $ | (10,831) | | $ | 41,256 |
1 Excludes share-based compensation
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