v3.26.3
Segments (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Summary of the Segment Profit or Loss, Including Significant Segment Expenses

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.