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Segment Reporting | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting The Company operates under a single operating and reportable segment, which is the development of biopharmaceutical products for the treatment of patients with IBD and rheumatic diseases. The Company's Chief Operating Decision Maker ("CODM") is the Company's Chief Executive Officer. The Company's CODM uses consolidated Net loss as the measure of segment profit or loss and uses consolidated Total Assets as reported on the balance sheet as the measure of segment assets. The Company's CODM compares Net loss against budgeted and/or forecasted amounts to track the Company's financial performance against expectations and to inform, along with development timelines and scientific and commercial considerations, their decisions regarding resource allocations to fund the Company's development of its pipeline. The following table sets forth the significant expenses provided to the CODM on a regular basis (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Compensation | $ | 9,397 |  |  | $ | 5,960 |  |  | $ | 24,507 |  |  | $ | 15,015 |
Stock-based compensation (1) | 9,566 |  |  | 13,100 |  |  | 27,803 |  |  | 35,617 |
Research and development, excluding compensation and stock-based compensation (2) (3) | 34,769 |  |  | 32,920 |  |  | 99,069 |  |  | 85,831 |
Other segment items (4) (5) | (42,549) |  |  | 17,048 |  |  | (58,706) |  |  | 15,259 |
Segment net loss | $ | 11,183 |  |  | $ | 69,028 |  |  | $ | 92,673 |  |  | $ | 151,722 |
Reconciliation of net loss |  |  |  |  |  |  |
Adjustments and reconciling items | — |  |  | — |  |  | — |  |  | — |
Consolidated net loss | $ | 11,183 |  |  | $ | 69,028 |  |  | $ | 92,673 |  |  | $ | 151,722 |
(1) Includes $0.3 million and $6.4 million in related party expenses for the three months ended September 30, 2025 and 2024, respectively. Includes $0.8 million and $13.8 million in related party expenses for the nine months ended September 30, 2025 and 2024, respectively. (2) Includes non-clinical study, clinical trial, and manufacturing expenses. (3) Includes $7.0 million and $1.6 million in related party expenses for the three months ended September 30, 2025 and 2024, respectively. Includes $9.6 million and $21.2 million in related party expenses for the nine months ended September 30, 2025 and 2024, respectively. (4) Includes general and administrative expenses such as audit, legal, and other professional fees, interest income, and other expense, net. Additionally, includes a $10.0 million gain recognized in connection with the sale of pegzilarginase to Immedica for the nine months ended September 30, 2025. (5) Includes $40.4 million decrease and a $18.7 million increase in fair value of CVR liability for the three months ended September 30, 2025 and 2024, respectively; and a $42.2 million decrease and a $19.6 million increase in fair value of CVR liability for the nine months ended September 30, 2025 and 2024, respectively.

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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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