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

12. Segments

 

The Company operates and manages its business as one reportable and operating segment, centered around the commercial development of its product candidates. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer.

The Company’s CODM reviews consolidated operating results, manages the business on a consolidated basis and utilizes consolidated net loss from the condensed consolidated statements of operations and comprehensive loss to make decisions about allocating resources and assessing performance for the entire Company. Consolidated net loss is also used to monitor budget to actual results. The CODM is additionally regularly provided with more detailed expense information at the program level.

The following table is a summary of the segment profit or loss, including significant segment expenses:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Segment expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Telitacicept - gMG(a)

 

$

 

12,152

 

 

$

 

—

 

 

$

 

21,945

 

 

$

 

—

 

Telitacicept - SjD(a)

 

 

 

6,331

 

 

 

 

—

 

 

 

 

8,830

 

 

 

 

—

 

Trem-cel(a)

 

 

 

—

 

 

 

 

3,095

 

 

 

 

250

 

 

 

 

9,477

 

VCAR33(a)

 

 

 

—

 

 

 

 

2,419

 

 

 

 

73

 

 

 

 

6,055

 

Other research and development(a)

 

 

 

1,902

 

 

 

 

225,144

 

 

 

 

2,680

 

 

 

 

228,139

 

Salaries and benefits

 

 

 

9,787

 

 

 

 

17,863

 

 

 

 

17,342

 

 

 

 

29,476

 

General corporate activities

 

 

 

8,235

 

 

 

 

16,694

 

 

 

 

13,209

 

 

 

 

21,863

 

Other segment items(b)

 

 

 

24,403

 

 

 

 

1,308,454

 

 

 

 

218,063

 

 

 

 

1,311,145

 

Segment expenses:

 

 

 

62,810

 

 

 

 

1,573,669

 

 

 

 

282,392

 

 

 

 

1,606,155

 

Segment net loss

 

$

 

(62,810

)

 

$

 

(1,573,669

)

 

$

 

(282,392

)

 

$

 

(1,606,155

)

 

(a) Includes only external research and development expenditures.

(b) Other segment items are primarily comprised of interest income on marketable securities and certain non-cash expenses such as change in fair value of warrant liabilities, stock-based compensation, and depreciation expense.

 

The measure of segment assets is reported on the condensed consolidated balance sheets as total assets. The CODM additionally reviews cash, cash equivalents and marketable securities when reviewing segment assets. As of June 30, 2026, the Company’s cash, cash equivalents and marketable securities were $466.1 million. The Company does not provide its CODM with any more detailed segment asset information than what is included on the Company’s condensed consolidated balance sheets.