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Research and Development Funding Expense (Tables)

3 Months Ended

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.

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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

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