v3.26.3
Segments
 9 Months Ended
Sep. 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
September 30,

 

 

Nine Months Ended
September 30,

 

(in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Segment expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Telitacicept - gMG(a)

 

$

 

17,056

 

 

$

 

13,069

 

 

$

 

39,000

 

 

$

 

13,069

 

Telitacicept - SjD(a)

 

 

 

7,848

 

 

 

 

—

 

 

 

 

16,678

 

 

 

 

—

 

Trem-cel(a)

 

 

 

—

 

 

 

 

(102

)

 

 

 

250

 

 

 

 

9,375

 

VCAR33(a)

 

 

 

—

 

 

 

 

(60

)

 

 

 

73

 

 

 

 

5,995

 

Other research and development(a)

 

 

 

2,739

 

 

 

 

456

 

 

 

 

5,418

 

 

 

 

228,595

 

Salaries and benefits

 

 

 

11,940

 

 

 

 

2,599

 

 

 

 

29,282

 

 

 

 

32,075

 

General corporate activities

 

 

 

8,876

 

 

 

 

4,093

 

 

 

 

22,087

 

 

 

 

25,956

 

Other segment items(b)

 

 

 

38,268

 

 

 

 

792,629

 

 

 

 

256,331

 

 

 

 

2,103,774

 

Segment expenses:

 

 

 

86,727

 

 

 

 

812,684

 

 

 

 

369,119

 

 

 

 

2,418,839

 

Segment net loss

 

$

 

(86,727

)

 

$

 

(812,684

)

 

$

 

(369,119

)

 

$

 

(2,418,839

)

 

(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 September 30, 2026, the Company’s cash, cash equivalents and marketable securities were $481.6 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.