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Research and Development Funding Expense (Tables) | 3 Months Ended
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Mar. 31, 2026
Research and Development [Abstract] |
Schedule of Research and Development Funding Expense | Below summarizes our ongoing R&D funding arrangements as of March 31, 2026 (in thousands):
Product Candidates |  | Counterparties |  | Total Commitments |  | Funding Timing |  | Unfunded Commitments |  |  |
JNJ‑4804 |  | Johnson & Johnson |  | $ | 500,000 |  |  | Eight fixed quarterly payments commencing in the second quarter of 2026 |  | $ | 500,000 |  |  |  |  |  |
TEV-’408(1) |  | Teva Pharmaceuticals |  | 75,000 |  |  | Variable quarterly payments commencing in second quarter of 2026 |  | 75,000 |  |  |  |  |  |
Litifilimab |  | Biogen |  | 250,000 |  |  | Six fixed quarterly payments commencing in first quarter of 2025 |  | 25,000 |  |  |  |  |  |
Total |  |  |  | $ | 825,000 |  |  |  |  | $ | 600,000 |  |  |  |  |  |
(1)In the first quarter of 2026, we entered into an R&D funding arrangement with Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries Ltd, for TEV-’408 for up to $500 million. Under the agreement, we agreed to co-fund a Phase 2b study for vitiligo for up to $75 million and have the option to provide up to an additional $425 million to co-fund the Phase 3 development program based on the results of the Phase 2b study. In the first quarter of 2026, we accrued $14.3 million of R&D funding expense for our portion of estimated costs incurred for the Phase 2b study, which is recorded within Other current liabilities on the condensed consolidated balance sheet and is expected to be paid in the second quarter of 2026.

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- Definition Tabular disclosure of significant agreements under research and development arrangements accounted for as a contract to perform research and development for others (including royalty arrangements, purchase provisions, license agreements, and commitments to provide additional funding), aggregated by similar arrangements or individually if necessary to understand the effects on the financial statements. Include also the amount of costs incurred under a research and development arrangement accounted for as a contract to perform research and development for others. Aggregation of similar arrangements by type may be appropriate. Include also the amount of compensation earned (contract income) under a research and development arrangement accounted for as a contract to perform research and development for others. Aggregation of similar arrangements by type may be appropriate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 730 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483041/730-20-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 730 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483041/730-20-50-1 + Details
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