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v3.26.1

SEGMENT REPORTING (Tables) | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Schedule of Segment Reporting | The following table presents segment revenue and significant segment expenses (in thousands) for the three and six months ended June 30, 2026 and 2025:
| THREE MONTHS ENDED JUNE 30, |  | SIX MONTHS ENDED JUNE 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
REVENUE: |  |  |  |  |  |  |
Total segment revenue | — |  |  | 18,168 |  |  | 367 |  |  | 229,414 |
LESS: |  |  |  |  |  |  |
Rinvatercept program expenses | (4,101) |  |  | (1,431) |  |  | (6,751) |  |  | (2,948) |
Elritercept program expenses | (14) |  |  | (15,636) |  |  | (17) |  |  | (34,531) |
Cibotercept program expenses | (267) |  |  | (4,059) |  |  | 57 |  |  | (9,967) |
Preclinical & development expenses | (6,111) |  |  | (1,981) |  |  | (8,117) |  |  | (3,725) |
Compensation costs (excluding stock based compensation) | (7,725) |  |  | (13,842) |  |  | (15,915) |  |  | (27,619) |
Other external costs | (6,874) |  |  | (11,737) |  |  | (13,921) |  |  | (19,533) |
Other segment items2 | (3,618) |  |  | (178) |  |  | (8,121) |  |  | (13,336) |
Net income (loss) | (28,710) |  |  | (30,696) |  |  | (52,418) |  |  | 117,755 |
Schedule of Accrued Compensation and Benefits Costs | 2 Other segment items include other expense, income tax provision, bank fees, depreciation expense, dividend income and stock-based compensation. Accrued compensation and benefits costs as of June 30, 2026 is as follows (in thousands):
| RESTRUCTURING LIABILITY
Balance as of December 31, 2025 | 145 |
Expenses incurred | — |
Cash payments | (145) |
Balance as of June 30, 2026 | — |

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- Definition Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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- Definition Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 + Details
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