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Segment Information | 9 Months Ended
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Sep. 30, 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 September 30, 2025 the Company’s cash, cash equivalents, and investments were $267,382, of which $14,840 was considered held for sale (see Note 2 - Assets Held for Sale”). As of December 31, 2024 the Company’s cash, cash equivalents, and investments were $341,173. The following table illustrates information about segment revenues, significant segment expenses, and segment net income (loss) for the three and nine months ended September 30, 2025 and 2024 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues | $ | 159,395 |  |  | $ | 117,085 |  |  | $ | 468,282 |  |  | $ | 319,178 |
Less 1: |  |  |  |  |  |  |
Cost of product sales | 2,187 |  |  | 3,211 |  |  | 9,553 |  |  | 6,175 |
Research and development |  |  |  |  |  |  |
Berotralstat | 2,575 |  |  | 2,954 |  |  | 9,214 |  |  | 10,504 |
BCX17725 | 7,574 |  |  | 1,154 |  |  | 13,346 |  |  | 6,591 |
Avoralstat | 1,800 |  |  | 2,104 |  |  | 7,584 |  |  | 4,960 |
Factor D Program | 35 |  |  | 1,193 |  |  | 454 |  |  | 7,299 |
Research, discovery and preclinical programs | 5,457 |  |  | 3,309 |  |  | 11,641 |  |  | 8,325 |
Compensation and related personnel costs | 13,313 |  |  | 14,257 |  |  | 38,025 |  |  | 42,630 |
Stock-based compensation | 6,520 |  |  | 8,530 |  |  | 24,374 |  |  | 20,923 |
Other non-program specific and indirect costs | 7,329 |  |  | 7,580 |  |  | 20,621 |  |  | 23,965 |
Selling, general and administrative | 83,014 |  |  | 65,101 |  |  | 252,866 |  |  | 185,841 |
Interest income | (2,238) |  |  | (3,591) |  |  | (7,778) |  |  | (11,176) |
Interest expense | 19,661 |  |  | 24,828 |  |  | 64,737 |  |  | 74,067 |
Foreign currency (gains) losses, net | (35) |  |  | (98) |  |  | 27 |  |  | 37 |
Loss on extinguishment of debt | 2,740 |  |  | — |  |  | 6,911 |  |  | — |
Other income | (2,667) |  |  | — |  |  | (2,667) |  |  | — |
Income tax (benefit) expense | (769) |  |  | 586 |  |  | 1,358 |  |  | 1,123 |
Segment net income (loss) | 12,899 |  |  | (14,033) |  |  | 18,016 |  |  | (62,086) |
Reconciliation of segment profit or loss: |  |  |  |  |  |  |
Adjustments and reconciling items | — |  |  | — |  |  | — |  |  | — |
Consolidated net income (loss) | $ | 12,899 |  |  | $ | (14,033) |  |  | $ | 18,016 |  |  | $ | (62,086) |
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 3—Revenue”.

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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