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SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The following table presents segment revenue and significant segment expenses (in thousands) for the three and nine months ended September 30, 2025 and 2024:
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
2025202420252024
REVENUE:
Total segment revenue14,262 388 243,676 508 
LESS:
KER-065 program expenses(1,345)(4,935)(4,293)(12,225)
Elritercept program expenses(3,341)(13,576)(37,872)(33,161)
Cibotercept program expenses(1,218)(8,618)(11,185)(20,820)
Preclinical & development expenses(1,700)(4,206)(5,425)(10,322)
Compensation costs (excluding stock based compensation)(9,568)(11,830)(37,187)(35,186)
Stock-based compensation(3,986)(8,817)(21,391)(25,672)
Depreciation expense(395)(315)(1,109)(897)
Other segment items2(8,346)(6,840)(29,187)(20,529)
Dividend income6,933 5,793 20,845 16,977 
Income tax (provision) benefit1,424 — (6,397)— 
Net income (loss)(7,280)(52,956)110,475 (141,327)

The Company manages its operations as a single reportable segment focused on developing novel therapeutics. Segment revenue above is 100 percent attributed to the Company’s agreements with Takeda and Hansoh and is equal to consolidated total revenue. All revenues are derived in the United States where the agreements originated. The Company manages expenses on a program level. The significant expense categories outlined above align with the segment-level information that is regularly provided to the chief operating decision maker (“CODM”) to allocate resources, assess performance of the reportable segment, and make key operating decisions. On a quarterly basis, the Company's CODM, who is its Chief Executive Officer, reviews financial information, including consolidated net income, clinical expenses by program, other company expenses and a long-range cash flow projection, to make resource decisions for the Company’s programs to achieve the approved corporate goals. No segment asset information is provided above as the CODM is focused on how expenses impact ending cash by period and overall cash runway. Any review of segment assets, which would focus on cash and cash equivalents, would be at the same level as the consolidated balance sheet. All long-lived assets are held in the United States.