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Segment Information and Geographic Data

12 Months Ended

Dec. 31, 2025

Segment Information and Geographic Data

Segment Information and Geographic Data

17. Segment Information and Geographic Data

The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions. The Company’s singular focus is on developing and commercializing novel therapies that target cardiovascular diseases with significant unmet medical need. The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The Company’s CODM reviews consolidated operating results and decides how to allocate resources based on net income that also is reported on the income statement as consolidated net income. The measure of segment assets is reported on the balance sheet as total consolidated assets. The CODM utilizes net income to make key decisions about how to allocate resources across the Company’s commercial product and development programs.

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The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 31, 2025, 2024 and 2023:

​	​	​	​	​	​	​	​	​	​
​	​	Years Ended
​	​	December 31,
​	​ ​ ​	2025		​	2024		​ ​ ​	2023
Revenue:	​	​	​	​	​	​	​	​	​
Product revenue, net	​	$	677,564	​	$	417,029	​	$	233,176
License and collaboration revenue	​	​	-	​	​	6,210	​	​	37,083
Total revenue	​	​	677,564	​	​	423,239	​	​	270,259
Operating expenses:	​	​	​	​	​	​	​	​	​
Cost of goods sold	​	​	77,673	​	​	60,910	​	​	33,407
Collaboration expenses	​	​	229,545	​	​	128,311	​	​	56,524
Direct research and development expenses by program:	​	​	​	​	​	​	​	​	​
ARCALYST	​	​	1,040	​	​	1,080	​	​	2,628
KPL-387	​	​	47,265	​	​	11,221	​	​	2,537
KPL-1161	​	​	4,198	​	​	581	​	​	-
Abiprubart	​	​	6,122	​	​	59,459	​	​	28,388
Vixarelimab	​	​	44	​	​	1,530	​	​	7,717
Unallocated research and development expenses	​	​	38,184	​	​	37,752	​	​	34,827
Selling, general and administrative	​	​	196,272	​	​	168,011	​	​	129,427
Total operating expenses	​	​	600,343	​	​	468,855	​	​	295,455
Other income, net (1)	​	​	11,647	​	​	9,464	​	​	8,544
Income (loss) before income taxes	​	​	88,868	​	​	(36,152)	​	​	(16,652)
Benefit (provision) for income taxes	​	​	(29,863)	​	​	(7,041)	​	​	30,736
Net income (loss)	​	$	59,005	​	$	(43,193)	​	$	14,084
​	​	​	​	​	​	​	​	​	​
Other significant non-cash items:	​		​	​		​	​		​
Share-based compensation expense	​	$	37,003	​	$	30,693	​	$	27,149
Non-cash lease expense	​	​	3,666	​	​	3,136	​	​	3,054
Deferred income taxes	​	​	13,002	​	​	8,132	​	​	(33,788)

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(1) Includes interest income of $11,636, $9,036 and $8,227 for the years ended December 31, 2025, 2024 and 2023 respectively.

​

The following table presents total revenue by geographic region of the customer for years ended December 31, 2025, 2024 and 2023:

​

​	​	​	​	​	​	​	​	​	​
​	​	Years Ended
​	​	December 31,
​	​	2025		​	2024		​ ​ ​	2023
Revenue:	​	​	​	​	​	​	​	​	​
United States	​	$	676,750	​	$	421,434	​	$	269,772
United Kingdom	​	​	814	​	​	930	​	​	487
Rest of world	​	​	-	​	​	875	​	​	-
Total revenue	​	$	677,564	​	$	423,239	​	$	270,259

​

The following table presents property and equipment, net by geographic region:

​

​	​	​	​	​	​	​
​	​	Years Ended
​	​	December 31,
​	​	2025		​	2024
Property and Equipment, net	​	​	​	​	​	​
United States	​	$	1,608	​	$	313
United Kingdom	​	​	76	​	​	99
Rest of world	​	​	259	​	​	250
Total property and equipment, net	​	$	1,943	​	$	662

​

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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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