v3.26.3
Segment Information
 6 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company is operated and managed as a single operating and reportable segment which focuses on the discovery, development and commercialization of medicines and technologies. The Company’s Chief Operating Decision Maker (“CODM”) is its chief executive officer.
The CODM assesses performance for the Company based on net loss, which is reported on the condensed consolidated statements of operations and comprehensive loss as net loss. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets.
The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through all stages of development and clinical trials and, ultimately, seeks regulatory approval. As such, the CODM uses cash forecast models and budgeted versus actual results to assess performance, make operating decisions and allocate resources across the Company including to various Vants and research and development projects.
The Company’s significant segment expenses are as follows (in thousands):
Three Months Ended September 30,Six Months Ended September 30,
2026202520262025
Product revenue, net$30,969 $— $30,969 $— 
License, milestone and other revenue4,152 1,571 5,594 3,741 
Less:
Cost of revenues3,347 111 3,631 265 
Program-specific research and development expenses:
Anti-FcRn franchise—endocrine diseases22,461 24,895 65,346 44,224 
Anti-FcRn franchise—neurological diseases18,274 23,087 43,729 44,024 
Anti-FcRn franchise—rheumatology diseases9,864 13,611 32,204 21,820 
Anti-FcRn franchise—dermatology diseases648 7,952 8,190 13,097 
Anti-FcRn franchise—other clinical and nonclinical268 319 2,877 2,711 
Brepocitinib14,436 14,715 28,528 29,735 
Mosliciguat19,051 7,467 32,092 15,852 
Other development and discovery programs11,815 11,184 22,933 21,420 
Research and development share-based compensation7,965 10,996 16,686 22,095 
Research and development personnel-related expenses33,267 40,658 79,621 83,188 
Other research and development expenses7,698 9,684 15,557 19,321 
Selling, general and administrative share-based compensation71,332 70,825 145,953 141,904 
Selling, general and administrative personnel-related expenses38,792 37,951 94,992 68,061 
Other selling, general and administrative expenses43,952 34,349 78,658 67,179 
Gain on litigation settlement— — (392)— 
Change in fair value of investments(60,292)(128,501)(96,929)(109,376)
Change in fair value of liability instruments— 20,959 — 23,288 
Interest income(41,612)(45,341)(78,534)(93,663)
Other expense, net200 5,694 2,330 16,902 
Income tax (benefit) expense(13,371)6,995 (17,329)11,644 
Income from discontinued operations, net of tax(15,763)— (15,763)— 
Net loss$(137,211)$(166,039)$(427,817)$(439,950)