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Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company operates as one reportable and operating segment, centered around its commercialized product, ORLADEYO, and its pipeline with the goal of developing first-in-class or best-in-class oral small-molecule and injectable protein therapeutics to target difficult-to-treat rare diseases. The determination of a single segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker (“CODM”). The Chief Executive Officer, as the CODM, uses consolidated, single-segment financial information for purposes of evaluating performance, making operating decisions, allocating resources, and planning and forecasting for future periods.
The CODM assesses performance and decides how to allocate resources based on consolidated net income (loss). This measure is used to monitor budget versus actual results to evaluate the performance of the segment. The CODM uses consolidated cash, cash equivalents and investments as the measure of segment assets. As of March 31, 2025 and December 31, 2024, the Company’s cash, cash equivalents, and investments were $315,640 and $341,173, respectively.
The following table illustrates information about segment revenues, significant segment expenses, and segment net income (loss) for the three months ended March 31, 2025 and 2024 (in thousands):
Three Months Ended March 31,
20252024
Revenues$145,534 $92,761 
Less1:
Cost of product sales4,568 1,265 
Research and development
Berotralstat7,825 11,958 
Factor D Program1,489 10,480 
BCX177257,308 7,759 
Other research, preclinical and development costs20,648 16,296 
Selling, general and administrative82,469 59,491 
Foreign currency (gains) losses, net(1)51 
Interest income(3,024)(4,031)
Interest expense23,494 24,506 
Income tax expense726 365 
Segment net income (loss)32 (35,379)
Reconciliation of segment profit or loss:
Adjustments and reconciling items— — 
Consolidated net income (loss)$32 $(35,379)
1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
All material long-lived assets of the Company reside in the U.S. For geographic information about the Company’s product revenues, see “Note 2—Revenue”.