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Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company identifies operating segments based on components of the business for which discrete financial information is available and that are regularly reviewed by the Chief Operating Decision Maker (“CODM”) in allocating resources, assessing performance and monitoring budget versus actuals. The Company’s CODM is its founder and Chief Executive Officer.
The Company operates as a single operating and reportable segment, focused on the discovery, development, and commercialization of therapeutics for rare endocrine diseases and endocrine‑related tumors.
The segment derives revenue from product sales and licensing arrangements. The CODM evaluates performance using consolidated net loss, as presented in the consolidated statements of operations and comprehensive loss. Segment assets are represented by total consolidated assets reported in the consolidated balance sheets. Segment depreciation expense and capital expenditures are consistent with the consolidated amounts reported in the consolidated statements of cash flows due to the Company’s single‑segment structure.
Substantially all of the Company’s assets and revenues are generated in the United States. The segment amount of equity method investments is also consistent with the consolidated amount reported in the consolidated balance sheets.
Segment revenue and significant segment expenses which are regularly reported to the CODM are included within the table below and are reconciled to consolidated net loss:
Year ended December 31,
202520242023
Revenue:
Product revenue, net$5,420 $— $— 
Collaboration and license revenue2,276 1,039 4,013 
Total revenue, net7,696 1,039 4,013 
Less:
Cost of product revenue(1,076)— — 
Research and development expenses
Paltusotine(68,337)(51,229)(46,772)
Atumelnant(48,131)(24,524)(13,118)
Other research and development programs(33,322)(26,010)(20,421)
Research and development personnel expenses(102,677)(70,772)(53,446)
Research and development stock-based compensation(50,344)(40,667)(22,633)
Other research and development (1)(29,247)(26,954)(12,137)
Total research and development expenses(332,058)(240,156)(168,527)
Selling, general and administrative
External selling, general and administrative expenses(90,013)(38,733)(20,362)
Selling, general and administrative personnel expenses(60,638)(32,285)(19,428)
Selling, general and administrative stock-based compensation(40,680)(28,719)(18,304)
Total selling, general and administrative expenses(191,331)(99,737)(58,094)
Total other income, net51,632 40,916 13,277 
Income tax expense(180)— — 
Loss on equity method investment— (470)(5,198)
Segment and consolidated net loss$(465,317)$(298,408)$(214,529)
(1)Other research and development is comprised of non-personnel related research and development indirect costs incurred for the benefit of multiple research and development programs, including depreciation, and other facility-based expenses, such as rent expense.