v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company operates as one reportable segment focused on delivering novel therapeutics for MASH. The Company's Chief Executive Officer, as the chief operating decision maker (“CODM”), leads the Company in support of four core values—focus on the patient, having an owner mindset, the relentless pursuit of innovation and commitment to collaboration. To best align the Company with these values, the CODM reviews consolidated financials, along with qualitative information, to evaluate performance, manage and allocate resources, make operating decisions, and assess planning and forecasting on a total company basis. Assets, liabilities and equity are reviewed and presented on the same level as the Company's consolidated balance sheet. Starting in the first quarter of 2026, the Company has further disaggregated its significant expense categories within research and development into four categories and selling, general and administrative into four categories. Prior periods have been recast to conform to the current period presentation.
Management does not segment business operations for internal reporting or decision making purposes. As the Company has a single reporting segment, the segment accounting policies are the same as those at the Company level, as described in Note 2 “Summary of Significant Accounting Policies.”
The following table presents net income (loss) reported at the segment measure of profit and loss:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Product revenue, net$431,268 $287,268 $1,106,857 $637,320 
Cost of sales(37,815)(18,122)(104,669)(31,700)
Research and development:
Compensation and benefit-related expenses
(18,246)(13,124)(48,334)(30,628)
Stock-based compensation
(8,676)(6,473)(23,401)(17,042)
Professional fees and other external expenses
(43,995)(152,998)(196,383)(220,397)
Facility related and other internal expenses(1)
(838)(1,409)(3,507)(4,190)
Selling, general and administrative:
Compensation and benefit-related expenses
(86,438)(67,101)(250,364)(167,966)
Stock-based compensation
(30,133)(19,779)(84,572)(55,300)
Professional fees and other external expenses
(122,719)(101,653)(402,967)(299,508)
Facility related and other internal expenses(1)
(26,419)(20,584)(85,702)(51,077)
Other segment (expense) income(2)
(547)(215)(3,846)10,779 
Net income (loss)$55,442 $(114,190)$(96,888)$(229,709)
(1) Facility and other internal expenses includes occupancy, information technology, and other internal costs.
(2) Other segment (expense) income includes interest income, interest expense, loss on extinguishment of debt and other expense, net.