v3.26.3
Alliance and Collaboration (Tables)
 9 Months Ended
Sep. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Company’s Alliance and Collaboration Agreements
The following table summarizes certain amounts recognized in the Company’s consolidated statements of operations related to alliance and collaboration agreements for the three and nine months ended September 30, 2026 and 2025 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
PartyCaption in Statement of Operations2026202520262025
Orion Corporation
Research and development (1)
$(776)$(912)$(1,883)$(2,677)
Orion Corporation
Research and development (2)
$(197)$(372)$(818)$(1,131)
Pfizer Inc. (formerly Metsera, Inc.)
Other operating income (3)
$— $— $(6,877)$— 
Pfizer Inc. (formerly Metsera, Inc.)
Net revenue (4)
$— $245 $— $2,218 
Zambon Biotech S.A.
Net revenue (5)
$1,488 $— $1,488 $— 
(1)Deferred income was recognized as a reduction to R&D expense as services were performed under the Orion Agreement.
(2)Reimbursable R&D services performed under the Orion Agreement were recorded as a reduction to R&D expense.
(3)Gain from derecognizing financing obligation (refer to the Pfizer Collaboration Agreement section below).
(4)Development activities performed on behalf of Pfizer, Inc. on a cost plus margin basis are recorded as net revenue.
(5)Net revenue was recognized for achievement of a regulatory approval milestone.
The following table summarizes certain balances recognized in the Company’s consolidated balance sheets related to alliance and collaboration agreements as of September 30, 2026 and December 31, 2025 (in thousands):
PartyCaption in Balance SheetSeptember 30, 2026December 31, 2025
Orion Corporation
Accounts payable and accrued expenses (1)
$3,445 $4,811 
Orion Corporation
Other long-term liabilities (1)
$296 $814 
Zambon Biotech S.A.
Other long-term liabilities (1)
$2,725 $2,530 
Zambon Biotech S.A.
Accounts payable and accrued expenses (1)
$641 $— 
mAbxience S.L.
Accounts payable and accrued expenses (2)
$— $7,500 
Pfizer Inc. (formerly Metsera, Inc.)
Prepaid expenses and other current assets (3)
$— $321 
Pfizer Inc. (formerly Metsera, Inc.)
Other long-term liabilities (4)
$22,415 $9,378 
(1)Comprised of deferred income as of September 30, 2026 and December 31, 2025.
(2)Comprised of an accrued milestone as of December 31, 2025 for a Food and Drug Administration (“FDA”) approval.
(3)Comprised primarily of unbilled receivables for R&D services performed as of December 31, 2025.
(4)Comprised of construction costs contributed, as defined in the Company’s collaboration agreement with Pfizer Inc. (“Pfizer”). As of September 30, 2026, the funding received from Pfizer represented a contract obligation for future manufacturing services (deferred income). As of December 31, 2025, the funding received from Pfizer was allocated between two performance obligations: (i) a financing obligation in accordance with ASC 470, Debt of $6.4 million and (ii) a contract obligation for future manufacturing services of $3.0 million (refer to the Pfizer Collaboration Agreement section below).