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SEGMENT REPORTING | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING The following table presents segment revenue and significant segment expenses (in thousands) for the years ended December 31, 2025 and 2024:
| YEAR ENDED DECEMBER 31,
| 2025 |  | 2024 |  |
REVENUE: |  |  |  |  |
Total segment revenue | $ | 244,061 |  |  | $ | 3,550 |  |  |
LESS: |  |  |  |  |
Rinvatercept program expenses | (7,081) |  |  | (16,090) |  |  |
Elritercept program expenses | (38,030) |  |  | (44,319) |  |  |
Cibotercept program expenses | (12,562) |  |  | (29,777) |  |  |
Preclinical & development expenses | (6,847) |  |  | (12,008) |  |  |
Compensation costs (excluding stock based compensation) | (45,331) |  |  | (48,084) |  |  |
Other external costs | (35,095) |  |  | (26,708) |  |  |
Other segment items3 | (12,101) |  |  | (13,917) |  |  |
Net income (loss) | $ | 87,014 |  |  | $ | (187,353) |  |  |
The Company manages operations on a consolidated basis as a single reportable and single operating 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 CODM to allocate resources, assess performance of the reportable segment, and make key operating decisions. On a quarterly basis, the CODM 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.

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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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